Business and Society Environment

Question: Discuss about the Business and Societyfor Environment. Answer: Introduction Sustainability is a broad discipline now with important implication for environment, business, technology as well as social science. It is process of achieving balance between diverse natural system function and conserve the environment from damage. We live in a consumerist society where lot of natural resource is consumed for personal and work interest related activities. Sustainable development is possible when individual or organization tries to balance the fine line between competing needs and the need to protect the environment (Holden, Linnerud, Banister, 2016). However, with unprecedented growth, technological revolution and energy needs, this balance has been disrupted and many issues are arising. This reflective journal particularly explores the sustainability related issues and their interaction in the world of business. Reflection on Sustainability Related Issues and their Impact on Business Triple Bottom Line Triple Bottom Line is an important concept in understanding sustainability related issues. This idea given by John Elkington proposes that every action undertaken at home and work has an impact on our society, economy and environment (Milne Gray, 2013). In order to understand why this happens, we need to analyse how our action to achieve certain goals creates negative or positive impact on other areas. Socio-economic challenges to sustainability is created by means of wide gap between rich and poor and rise in poverty and equality. Poor people are most exposed to natural resource degradation. Developing countries and business are involved in their own business interest and they have failed to diminish poverty and remove the obstacles to agricultural development (Awasthi, 2012). In such situation, we need to plan ways to overcome this issue. One effective step that can be taken includes improving the social capital of the country to achieve sustainable development. Environmental challenges in sustainability may also have an impact on business. There is rise in demand of solar power, recycling and scaling up food production to match the needs of a growing population. Different products have an impact of the environment. The environmental issues related to sustainability have an impact on business (Hansen Wethal, 2014). This is creating extra pressure for business organization, because in that case they need to change their equipments and products to meet imposed standards of sustainable development. This is not only an additional cost for business, it also means managing different forms of capital in business. Some of the possible solution to overcome the challenges in business due to sustainability related issues is to work on the areas of challenges such as technical, policy, finance and customer. For example in order to shift people to solar power, the industry needs easily reach customers and provide word of mouth referrals. Secondlly, util ity infrastrucuture is needed to maintain a sustainable procedure in business. Other environmental issues affecting sustainable development include climate change, land clearing for urban development, habitat degradation and invasive species. Business world is challenged by the ways to take a new approach to sustainability and develop innovative design and procedure. In consideration of climate change, business organizations have to build their resilience to climate impacts and decarbonize the economy. Secondly, sustainability issues can have impact on the collaboration process and relationship with stakeholders. In such situation, make systemic changes in business in accordance with goals of sustainable development will be a challenge for managers. There is also chances of high redundancy and inconsistencies in business which needs to be resolved as soon as possible (Smit, 2016). Hence, as stated by Ban Ki-Moon ON 11 Novement 2009, business as usual is longer an option for business organization and building a sustainable world is the key responsibility of the business enterprises. The business community can contribute to sustainability by engaging in organizational change for corporate sustainability. Once businesses accept the requirement to chances, they can minimize risk by complying with relevant environmental laws during the production phase. Efficient consumption of raw material and resource will also be an important prerequisite to sustainable business goals (Eccles, Ioannou, Serafeim, 2014). Other typical actions include modification in the companys supply chain, participation in international agreement and building a constructive culture (Epstein, Buhovac, 2014). The potential benefit of sustainable action for business is that it will reduce expense on waste, materials and energy, increase profitability, reduce operational risk and reduce productivity. Five Forms of Capital A business organization uses five type of capital to deliver its products or services. These are social, human, natural, financial and manufactured capital. However, with adverse impact of sustainability issues on business, there is need for an additional capital called the intellectual capital to build a sustainable organization. An individual like me who is aspiring for a career in business world can well realize the importance of intellectual capital due to evidence of pressure on business to meet sustainable goals and improve the quality of life. Appropriate integration of all six capital is necessary to develop a sustainable organization. While the natural capital is the basis for production and services, human capital is central to maximizing the economy. Social capital like engagement with international countries and institution facilitates sustainable action and manufactured capital add to the value of product. The last and the most important is the intellectual capital such as knowledge based intangibles which creates greater values by developing appropriate communication and information technologies, building efficient customer relationship and increasing competency of employee (Kurucz et al. 2017). Therefore, analysis of the potential impact of all these capital will have an impact on business process and sustainability goals. Conclusion The reflective journal presented different forms of sustainability issues and their impact on business. The sustainability issues related to climate change and environmental degradation are increasing day by day due to high population growth, increased consumption of natural resource and engagement in unsustainable ways of production. As this has an impact on the overall quality of life and peoples ability to meet their needs, sustainability should be made a priority. This is reflected by the United Nations sustainable development goals where they agreed to take action to create a better world by 2030. The relevant sustainable development goals include no poverty, zero hunger, gender equality, good health, clean water, affordable and clean energy, climate action, partnership for goals and many others. Furthermore, business organization will have to identify priority areas to overcome challenges and maximize profitability too. Reference Awasthi, P. (2012). Socio-Economic Challenges and Sustainable Development in Developing Countries.Management Insight,7(2). Eccles, R. G., Ioannou, I., Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance.Management Science,60(11), 2835-2857. Epstein, M. J., Buhovac, A. R. 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