What is a sustainable business?

Business sustainability refers to the ability of a company to operate in a way that meets the needs of the present without compromising the ability of future generations to meet their own needs.

In simpler terms, it means conducting business in a way that doesn't harm the environment, society, or the economy. A sustainable business strives to minimise its negative impacts on the planet and its people while maximising its positive impacts.

This involves implementing sustainable practices such as reducing waste and emissions, conserving natural resources, treating employees and communities fairly, and ensuring long-term profitability. By prioritising sustainability, businesses can create value not just for themselves but also for society and the environment.

Key Principles

1. Environmental stewardship: Businesses have a responsibility to minimise their impact on the environment by reducing their use of natural resources, minimizing waste, and adopting sustainable practices.

2. Social responsibility: Businesses have a responsibility to contribute positively to society by supporting communities, respecting human rights, and promoting diversity, equity and inclusion.

3. Economic viability: Businesses must be financially sustainable in order to survive and thrive in the long term. This means managing costs, generating revenue, and creating value for customers, shareholders, and other stakeholders.

4. Innovation and continuous improvement: Businesses must continuously innovate and improve their operations to stay competitive and address evolving sustainability challenges.

5. Stakeholder engagement: Businesses must engage with their stakeholders, including customers, employees, investors, and communities, to understand their needs and priorities and to build trust and credibility.

6. Collaboration and partnerships: Businesses must collaborate with other organizations, including governments, NGOs, and other businesses, to address sustainability challenges that cannot be solved by one organization alone.

By following these principles, businesses can create value for all stakeholders while minimising their impact on the environment and contributing positively to society.