Sustainable Business Practice

Sustainable Business Practice

What is sustainable business practice?

A sustainable practice for any business is a long term view with the consideration of environment, economic and social impacts of business.

(Means business decisions more focus on reducing waste in the environment, conserving natural resources, serving the society and providing a better and healthier place to live)

Tata Steel definition of sustainability is ‘an enduring and balanced approach to economic activity, environmental responsibility and societal benefit’. Sustainability is meeting the challenges to ensure that future generations enjoy the same kind of lifestyle people enjoying today.

Why to develop sustainable business practice in one’s business:

These days, business is not just to provide good service or product however, how the product is delivered and how its impacting the environment and the society are of main concern. Stakeholders of the company are demanding corporate social responsibility as a condition to the business.

The tata steel sustainability policy states that:

‘Our policy is to conduct our activities in relation to economic progress, social responsibility and environment concerns in an integrated way in order to be more sustainable and to meet the expectations of our stakeholders’.

Benefits of applying sustainable practices in business:-

1) Customer Trust and Loyalty

2) Improve Brand Value of the company

3) Improvement in the company’s performance

4) Financial saving by using improve techniques

5) Strong community relations