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    Week 5 Notes 1

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    Jilyn roque
    The document discusses sustainability in business. It defines sustainability as the ability to maintain a process over time without negatively impacting the environment, community, or society. A sustainable business must consider environmental, social, and economic factors ("planet, people, profits"). Specific activities that promote sustainability include using renewable energy, reducing waste, and fair labor practices. Benefits of sustainable business include improved environment, community welfare, and long-term financial viability. The document provides steps to create a sustainable business strategy and notes that sustainable businesses attract investors and employees.

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    Week 5 Notes 1

    Uploaded by

    Jilyn roque
    38 views1 page
    The document discusses sustainability in business. It defines sustainability as the ability to maintain a process over time without negatively impacting the environment, community, or society. A sustainable business must consider environmental, social, and economic factors ("planet, people, profits"). Specific activities that promote sustainability include using renewable energy, reducing waste, and fair labor practices. Benefits of sustainable business include improved environment, community welfare, and long-term financial viability. The document provides steps to create a sustainable business strategy and notes that sustainable businesses attract investors and employees.

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    The document discusses sustainability in business. It defines sustainability as the ability to maintain a process over time without negatively impacting the environment, community, or society. A sustainable business must consider environmental, social, and economic factors ("planet, people, profits"). Specific activities that promote sustainability include using renewable energy, reducing waste, and fair labor practices. Benefits of sustainable business include improved environment, community welfare, and long-term financial viability. The document provides steps to create a sustainable business strategy and notes that sustainable businesses attract investors and employees.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    38 views1 page

    Week 5 Notes 1

    Uploaded by

    Jilyn roque
    The document discusses sustainability in business. It defines sustainability as the ability to maintain a process over time without negatively impacting the environment, community, or society. A sustainable business must consider environmental, social, and economic factors ("planet, people, profits"). Specific activities that promote sustainability include using renewable energy, reducing waste, and fair labor practices. Benefits of sustainable business include improved environment, community welfare, and long-term financial viability. The document provides steps to create a sustainable business strategy and notes that sustainable businesses attract investors and employees.

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    © All Rights Reserved
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    4th Quarter – Week 5

    Lesson: Sustainability in Business


    Learning Objectives:
    1. Define business sustainability and its importance,
    2. Explain the importance of sustainable businesses,
    3. Cite ways to create more sustainable business strategies

    What is Sustainability?
    • Sustainability refers to the ability to maintain or support a process continuously over time
    • In business, sustainability refers to doing business without adversely impacting the environment, community, or society
    • Sustainability in business is important to ensure responsible, ethical & ongoing success of the business

    What are the 3 Principles of Sustainability?


    • The idea of sustainability is often broken down into three principles: environmental, social and economic – also known as "planet, people and
    profits"
    • This means that in order to be considered sustainable, a business must be able to conserve natural resources (environment/planet), support a
    healthy community and workforce (social/people), and earn enough revenue to remain financially viable (economic/profits) for the long-term.

    What Activities Promote Sustainability?


    1. Environmental Aspect
    ➢ using renewable energy
    ➢ 3Rs: Reduce, recycle, reuse
    ➢ “Go Green” and other environmental-friendly practices (preventing pollution, using sustainable materials, etc.)
    2. Social Aspect
    ➢ promoting fairness in the workplace and observing fair labor practices
    ➢ promoting the health, safety & wellness of the employees
    ➢ enacting policies that benefit the local community
    3. Economic/Financial Aspect
    ➢ making sure the business meets the following economic indicators: employment, increasing sales, income stability and profitability
    ➢ “Doing well and doing good” (achieving financial success and at the same time behaving in a socially responsible manner)

    Benefits of Business Sustainability


    1. Improving the environment
    ➢ cutting emissions, lowering energy usage, sourcing products from fair-trade organizations, ensuring their proper waste disposal
    2. Improving the welfare of the people and the community
    ➢ a sustainable company retains and attracts employees, customers and investors because they positively affect the society/community
    3. Financial benefits
    ➢ using resources sustainability can improve the long-term viability of a business concern, just as cutting waste and pollution can also help
    a company save money
    ➢ For example, using more efficient lighting and plumbing fixtures can help a company save on utility bills, as well as improve its public
    image.
    ➢ There may also be government tax incentives (reduction in tax payments) for companies that adopt certain sustainability practices

    ===================================
    The following are some stages to follow to create a more sustainable business strategy:
    1. Review the problem and define objectives
    In reviewing the problem, the company must consider the big problems each group thinks is a priority
    2. Create the company’s mission
    A clear mission statement is an important part of becoming a more suitable business.
    3. Create the company’s strategy
    In creating a sustainable business strategy, it is important to ensure that the company remains profitable.
    4. Implement strategy and evaluate results
    Once strategy is implemented, always re-examine the process regularly to guarantee the company’s objectives, mission, and improvement
    remain supported

    A sustainable business creates more job opportunities. There will be a lot of investors to invest in the company’s products which are the
    necessities of people. Sustainable business attracts investors and employees.

    What is Financial Freedom?


    • It is an objective/goal for most companies and even individuals
    • It means having enough savings, financial investments, and cash to afford the kind of life we desire for ourselves & for our families
    • Take care of your belongings—maintenance is cheaper than replacement—most importantly, take care of your health.

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