Social And The Environment Impact On Business

Sustainability, within the business context, has transitioned from a pecuniary model to an ecological modernised ideology. However, such dynamic perspective from external and internal stakeholders, refurbished the sustainable development of businesses, incorporating a more intricate measure of economic, social and ecological perspective. Therefore, management has refurbished practices, incorporating the dimensional homogenisation of the Triple Bottom line theory through a model aspect to a practical development. In contrast, economic models solely incorporated in “special events” are noted as valid by governments. However, discussion from Sherwood, Jago, and Derry (2016: pg 16) suggest government reporting consist of “deceptiveness.” Thus,

Sustainability from a strategic business perspective is the potential for the long-term well-being of the natural environment, including all biological entities, as mutually beneficial interactions among nature and individuals, organizations, and business strategies. (O.C Ferrell, Fraedrich, Ferrell, 2015). Business sustainably is often defined as managing the triple bottom line – a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet. (Business sustainability definition from financial times lexicon, no date). This essay will discuss the idea of sustainability being an important element within a businesses and its core strategies and the importance of it within different businesses. Secondly, this study will look at how different stakeholders are affected and influenced by sustainability as this could be seen as a catalyst to improving the environment as a whole and. Then this study will look at how businesses not focusing

Table of Contents Introduction............................................................................................................................ 2 I. The development of global, European and national policies relating to sustainability. 2 1. Changing attitudes of public, politicians and businesses to the environment since 1945 .................................................................................................................................... 2 2. Brundtland definition of ‘sustainable development’ .................................................. 4 3. The international and UK policies to sustainable development since Earth Summit of 1992

The nonprofit sector is gaining popularity around the world and for a very good reason. It employs nearly 2 million people and there are roughly 162,000 nonprofit organizations. There are many categories of the nonprofit sector, but during this paper, we are going to concentrate on the social enterprise aspect. Social enterprises can take form of 4 different structures. Social enterprises can take the form of a registered charity, A NPO, A for profit organization, or a hybrid organization. Throughout this paper, we will discuss and inform the reader on : what a social enterprise is, an example of a social enterprise, what are the advantages

Social entrepreneurship is gaining such strong interest in nonprofit world because of the economic challenges that have plagued this sector with cuts in philanthropic and government funding. According to Nash (2010) not only are there cuts, there are many organizations vying for the limited funding. Studies support, the attitudes in capitalistic America, and the ease of nonprofits to embrace this concept; evidenced by their ability to sell their once free services, to meet the demands of the consumer. According to the IRS (2010) nonprofits have increased their selling power on unrelated business income, to the tune of 184% increase, in a sixteen-year time frame. This writer, believes these numbers are evidence which support this trend is

A new role for corporations has evolved worldwide. This role is responsible to handle the wants of the present generation, while simultaneously being able to consider the wants of the future generations. Organizations are indirectly obliged to take initiatives and responsibility for their operational actions that have an impact on the natural environment and society.

The first thing in relation to this topic is to ask what sustainability is. Well according to the oxford English dictionary Sustainability Is ‘the ability to be maintained at a certain rate or level.’ But how is this relatable to a business context? According to Business world Inc. they define sustainability as ‘Business sustainability is often defined as managing the triple bottom line - a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet.’ (Gatley, 2010)

The world faces many issues, but the most important which will affect people living on this planet is that it is slowly deteriorating. Pollution, excessive greenhouse gases, and the ozone layer depletion are causing the environment to slowly degrade and cause chronic and fatal health issues such as cancer. One of the main ways to help the environment be a better place is by having businesses be more environmentally friendly. Businesses don’t have to put a lot of effort in helping the environment, but instead small changes can make a big difference. Businesses can help the environment by reducing their carbon emissions, reducing carbon capping, reducing pollution, and reducing the amount of greenhouse gasses that are being emitted into the air. Businesses helping the environment could also save money for the company and make the world a better place.

This development in interest in sustainability in business practices and its growing awareness creates a both side happy for business and humanity. (Hopwood, Mellor, & O 'Brien, 2005). Traditionally, most businesses had strong focus on factors that are directly effecting their economic performance. This was often examined by their overheads such as material costs, amount of sale and profit margin, which most Businesses did not consider the long term impacts. In fact, it is some sense true for short term aspect, however in contemporary society, companies play a vital role and should approach as it is also their responsibility to contribute to society and the environment also referred to as a planet, people and profit the triple bottom line. (Elkington 1997) and at the end every single investment business contributed will return in value to the business. (Kuehn, K. 2014). The Economic impact is not solely internally about local wage, jobs opportunities, investment in the economy but also looks at externally at suppliers to ensure they are involved in company’s similar practices and value. This will eventually lead to a healthier future for business while boosting its economy and local economy likewise economic component is the driver behind a company’s activity aimed at supporting business sustainability. (Svensson, Göran; Wagner,

Should firms try to meet the expectations to enhance the the environment and support the community and still meet the financial interest of the shareholders or are they just to focus on the profits of a firm? Consumers and society believe that the firm hold a Corporate Social Responsibility to use their resources to benefit society. Then there are others that feel like the firms have already met their social responsible by providing the community with job and tax revenue that they did not have before. It is very easy to see both sides and argue either way. This debate begun in 1932 with opposing articles (Dodd 1932; Berle 1932) in a Harvard Law Review symposium on “For Whom Are Corporate Managers Trustees?’ (Reinhardt, F., Stavins, R., & Vietor, R, 2016).

The article that I choose to read and discuss for my module 2 SLP is titled, “Is there a Market for Virtue?” According to

Social entrepreneurs often seem to be possessed by their ideas, committing their lives to changing the direction of their field. They are both visionaries and ultimate realists, concerned with the practical implementation of their vision above all

Personally, I am far from a social entrepreneur. I contribute to the millions of people who

there were internal failures, more could have been done to ensure that the directors who were not acting ‘illegally’ acted with more consideration for their non-shareholders.

Stakeholder model is important for a successful company that pursues sustainable development. Most of the companies do not know how to implement the stakeholder model even though they have described the different aspects of the stakeholder model.