The concept of sustainable development has received growing recognition, but it is a novelty idea for many entrepreneurs. The concept remains largely abstract and theoretically not realistic. Protecting a company’s capital base is a generally accepted business principle. More organizations generally do not recognize the possibility of this concept that natural and human resources of the world must be taken care of. If sustainable development is to reach its potential, it must be in the planning and measuring systems for retail companies. And therefor the concept must be articulated to business leaders in familiar terms.
The following definition is suggested: For society, sustainable development means accepting trading strategies and activities that today meet the needs of society and its stakeholders, protecting, preserving and improving the human and natural resources needed in the future. This definition summarizes the spirit of the concept as originally proposed by the world committee on the Environment and Development and recognizes it. Development must meet the needs of a business and its stakeholders. To include shareholders, lenders, customers, employees, suppliers and communities who are influenced by the activities of the organization. It also highlights the dependence of companies on human and natural resources as well both physically and financially. It emphasizes that economic activities should not be irreparable or degraded or destroy these natural and human resources.
Implications for Business:
It has become a cliché that environmental issues are important and that growth opportunities that contributes to this. A general answer is stricter environmental regulation, which often inhibits growth. The result can be a compromise between a healthy environment on the one hand and healthy growth on the other. As a result, there are opportunities for the activity which can be limited. However, there are some forms of development, with both socially sustainable. They do not lead to a compromise, but to a better environment, with a development that does not attract our environmental capital. This means that what is sustainable development – a revolutionary change in the way we do it to tackle these problems.
Companies can find approaches that develop into the three goals: environmental protection, social welfare and economic development – at the same time. Sustainable development is good in itself. This creates opportunities for suppliers as “green consumers”, environmentally friendly materials and process developers, businesses investment in eco-efficiency to promote social well-being. These businesses will generally have a competitive advantage. They will win their venue in the good will of the community and see their efforts reflected at the bottom line.
The Nexus of Business Laws and Its key Emphasis on Business Legal Services:
Business Legal services are really essential for any business owner. Especially for small business owners, who from time to time, come face to face with a number of legal hurdles.These legal services do their utmost best to ensurethe owner’s personal assets from lawsuits against the business.Safeguarding the business against any lawsuits charging discrimination or wrongful termination. Even sexual harassment, and handling employee contracts, copyright claims, and incorporation are just a few of the other legal issues that normally are being faced by small business owners.
Practical Considerations of The Idea:
While companies traditionally seek accuracy and practicality as the basis for their planning efforts, sustainable development is a concept that does not fit into simple and universal definition. It is fluid and changes with time in response to increased information and the changing priorities of society.
The role of the company as a contribution to sustainable development remains indefinite. While all companies can help to realize the difference depends on the sector and the size of the organization. Some executives believe that the main purpose of a business is to make money.
More recognize a broader social role. There is no consensus among managers about a better balance between close personal interests and action taken for the benefit of society. Businesses are constantly faced with the need to share what they “want” and what they do must “do” to pursue financial survival.