How Sustainability and Business are Co-Related?
In today’s complex business landscape, implementing sustainable practices has become crucial for businesses across all industries. What Does Sustainability Mean to Businesses? The sustainability concept is based on three factors: economic, social, and environmental. And that translates into three Ps--profit, people, and planet--in the business context. You can regard sustainability as a business approach to creating long-term value without negatively impacting the environment or society. The underlying objective is to cater to the needs of consumers while preserving resources for the future. The goal of sustainability in business also involves making a positive impact either on the environment or society while making a profit. If businesses do not implement sustainable practices, it can lead to harmful consequences, such as environmental degradation or social injustice. Businesses are increasingly adopting sustainable practices. In a recent survey, 70 per cent of respondents...