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Sustainability In Business – For The Competitive Edge In Business
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As per a recent review in Harvard Business Magazine, it was noted that companies that work on a sustainable model will have a competitive edge over the others. As per the report, the companies that aren’t yet following the sustainability model need to reassess their business model and accordingly change their technology and procedure. So going by the report and the general tide in the Indian market, sustainability in business is the best way to sustain your business.
What is a Sustainable Business Model?
A sustainable business model is a venture that has a nominal negative impact on environment, society or the economy. More often sustainability in business is designed around ecological sustainability (green technology) and human rights programs. In other words it can also be called as corporate sustainability and it is centered on the following principles
• Every major decision to be planned around sustainable development
• Creating an alternative product for those that cause damage to environment (non-green)
• Ecological improvement and a commitment towards environmental development is the basis of their business functions
• They follow the green technology protocol
Corporate sustainability revolves around designing newer products that can be made with the available resources but without causing any damage to the resources that are meant to be preserved for the future generations. It also focuses on creating renewable resources so that the current non renewable resources do not deplete. At the same time, by doing so, a sustainable business unit also makes profit and offers value to its users, shareholders and the environment
Adapting Green Technology
A lot of major IT companies and other businesses in India follow the Green Technology module, which ensures that they cause no or minimum damage to the environment. Ecological sustainability is the core principle of Green Tech companies across India. They work on the following strategies.
• Sustainable Business structure – Indian sustainable business units reckon that switching to a sustainable business model can increase profits, reduce energy expenditures, reduce waste materials and increases productivity.
• Involving Shareholders and other external partners– The best way to promote sustainability is by explaining its impacts on an environmental and social level. It is easier to instill habits in the employees and educate them about waste management, energy efficiency etc. Similarly companies also include NGO’s, shareholders, customers, suppliers and sponsor events to create awareness in the community.
• Thinking Green – Green initiatives like reusing and recycling can help in reducing waste management. At the same time creating alternate and renewable energy sources are a perfect way to adapt the sustainable business model.
Most companies in the Indian Corporate Sector are adapting the newest mantra in sustainable marketing, which is corporate sustainability. This aspect of their business helps them in adding value to their company, doing their bit for the environment and giving back to the society. To help achieve their sustainability goals, CSR’s are coming up with programs like sustainability initiatives and sustainability reporting. As the business tide is changing, more and more companies in the Indian corporate sector are adapting the sustainable model of business.
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