Business sustainability is an economic component, which Romanian entrepreneurs are more and more considering. The reason is mainly the European Union, which points out that the idea is paramount in the development of any business. This is a mandatory condition in order to access any funds from this entity.
Business sustainability is a way to ensure sustainable business development in the community in which it operates. Its main purpose is connected to public relations activities that show concern for nature, but it should be more than that, by using innovative elements that help all three parties involved in economic activity.
In the article below you will find out what the sustainability of a company means, how it can help its sustainable development and what are some measures by which entrepreneurs can run their business towards this direction.
Table of contents:
1. What is sustainability – Brief history of the concept
The concept of sustainability appeared about 30 years ago in the economic thinking of specialists in Western Europe. This idea came in response to the opinion of most business people that only profit matters. One of the first specialists to try to find a solution to this destructive attitude was the English economist John Elkington who tried to find a way for business to grow sustainably and for corporations to be more accountable to people and the planet in general.
He proposed a concept which he called the ”triple bottom line”, by applying which business people had to approach their activity from a triple perspective, namely, that of risks to profit, social risks to people and environmental risks regarding the impact on the planet.
Business sustainability does not have an exact definition, but rather consists of a series of recommendations and actions, which pursue more than just immediate profit and leave a legacy for future generations a sustainable economic environment and a cleaner planet.
2. Methods of financial and economic sustainability
The sustainability of a business plan aims to develop a long-term strategy. Even if sustainable actions may seem like unnecessary expenses, protecting them from economic problems and crises in the future makes them worthwhile.
Some methods that are easy to implement and that could bring many benefits are the following:
- Adopting ecological attitudes towards the environment (changing incandescent light bulbs with LED bulbs, reusing and recycling materials, using electric cars, solar heating etc.);
- Concern for employees´ health (through private health insurance, gym memberships, information on various risks);
- Sponsorship of some schools and faculties;
- Ensuring a fair level of pay for attracting qualified staff and retaining good workers;
- Improving the level of education by offering specialization courses, participating in symposiums, congresses, etc.
3. The electric car, an essential element for the sustainability of a project
Modern technologies are essential for sustainable development goals. One of the most efficient innovations in recent years is the electric car. It is clear to everyone that cars with internal combustion engines are not sustainable, first of all, by the pollution they produce, but also by the possible depletion of hydrocarbon resources.
Unfortunately, the costs of purchasing electric cars are prohibitive for most entrepreneurs, which is a shame because they are an ideal way to save money, but also to protect the planet at the same time. There is a solution to avoid this shortcoming, namely, resorting to specialized companies , which offers the possibility of operational leasing, namely the medium and long term rental of this type of vehicle. Thus, companies can enjoy the benefits offered by electric car , but without making very large investments in this regard.
In conclusion, the sustainability of the business can also have positive effects on profit and does not only involve expenses that many believe are unnecessary. Investing in the future must start today so that future generations can live in a natural and economic environment conducive to a quality human life.
4. Frequently asked questions and answers about business sustainability and sustainable development
What is sustainability?
Sustainability is an economic concept that emphasizes the importance of profit, community and environment.
How can you make a business sustainable?
A business becomes sustainable through the use of innovative techniques, the transition to green technologies and investment in the future.
In what area of the economy is sustainability appropriate?
Sustainability is suitable in all areas of the economy, regardless of the field of activity.