Reconceptualising sustainability and sustainable business practices in contemporary management
DOI:
https://doi.org/10.64171/JSRD.5.3.26-31Keywords:
Sustainability, Sustainable business practices, Globalisation, Environmental stewardship, ESG, Brand loyalty, Competitive advantageAbstract
Sustainability has become an essential pillar of business strategy in the contemporary business landscape of globalisation. Businesses are increasingly expected to balance between economic performance alongside social responsibility and environmental stewardship to optimise long-run business growth and value creation for stakeholders. Sustainability is an integrated approach in business, which involves incorporating principles of environmental, social and governance (ESG) into business decisions and operations.
The present study highlights the role of sustainability and sustainable business practices as a multidimensional framework that includes environmental stewardship, social responsibility, and economic viability in improving corporate reputation, customer trust, brand loyalty, corporate efficiency and long-run competitive advantage. The present study also explore the rising significance of sustainability in consumer decision-making, as today’s consumers are more likely to choose companies that shows ethical behaviour and environmental responsibility.
Moreover, the strategic significance of sustainability in relation to current issues like climate change, scarcity of resources, government regulations, and stakeholder expectations are also discussed. It further provides directions on how to create and execute sustainable business strategies, such as engaging with stakeholders, adopting technology and technology-driven innovations, good governance, and circular economy practices.
Furthermore, the research highlights the key challenges to sustainability adoption, including implementation costs, lack of expertise, knowledge and resistance to change. The present study is based on the existing literature and real-life business illustrations and the authors conclude that sustainability is not only a moral duty, but also a strategic one, necessary for being resilient, profitable, and gaining a sustainable competitive advantage.
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