Business Sustainabilit Society and Planet

Question: Discuss about the Business Sustainabilit Society and Planet. Answer: Introduction: Business sustainability can be defined as managing triple bottom line, which is a process used by the organisation in order to manage and handle the social, environmental and financial risks, opportunities and obligations. All of these mentioned impacts can be referred to as planet, people and profit (Boons et al., 2013). Being a student in the class, I have learned the sustainability related themes in proper manner. The lecturer of our class has mentioned the potential issues, and challenges, which may influence the business within a particular industry. Even he has mentioned the appropriate approaches to the sustainable business. The approach solely relies on the accounting based perspectives, which fail to capture the exact time element, which is inherent in the business sustainability. From this course, I have come to know only those businesses, which are closely interlinked with the healthy economic, environmental and social system are successful in todays competitive business w orld. Schoenherr (2012) has referred that the sustainable businesses contribute to the healthy ecosystems, economic values and strong communities. The entire discussion session has been changed my ideas and concepts on the subject of sustainability. It is an interesting fact that my class members also possess completely different view on this particular topic. I have clearly understood the triple bottom line, which is an accounting framework with three important aspects of business and an organisation. These factors are social, financial and environmental factors. I was unaware of this triple bottom line framework for evaluating its performance in the broader perspective for creating a suitable business value. The ecological footprint can be considered as a resource accounting tool. The lecturer provides lecture on the global footprint and asks our ways to reduce it. I have considered myself as a concerning person of the waste management, recycling used products before evaluating my ecological footprint. However, I was ashamed after know the result of my ecological footprint as I came to know that there will be shortage of resources in order to maintain my usual lifestyle. I will take some effective measure to reduce the issues that are revealed after reviewing my ecological footprint. I will change my food habits and will become vegetarian for supporting the green environment. This step will reduce the practice of over fishing in rivers, lake and oceans. Our concepts and ideas of business have been shaped by our education, relationships, thoughts and culture. The lecturer has focussed on the five forms of capital, which an organisation will employ for delivering heir services and products, human and social, financial and manufactured and natural. As the entire business world moves towards the maintenance of Corporate Social Responsibility (CSR) and create a sustainable business organisation, therefore, the management should enhance their existing stocks of capital assets (Vom Brocke et al., 2012). The lecturer has mentioned that it is very hard to maintain a perfect balance in between the sustainable practices and successful outcome of the business operations. This tutorial class clearly illustrates the impish link of starting and ending scopes of CSR. The lecturer has provided relevant notes and lectures on the related theories, approaches of CSR. There are huge differences in the maintenance of sustainable business practices within the large corporations and small companies. The phase model of Dunphy suggests a perfect model of the corporate evolution and an accelerated sustainability management (Benn et al., 2014). Dunphys six phases of the business approaches to sustainability involve the rejection, non-responsiveness, efficiency, compliance, strategic sustainability and the sustaining corporation. We have learned how the companies can employ this specific model for accelerating the sustainable business practices within the industry. This model can be clearly understood as a survival model and it can help an organisation to improve its basic level of profit by minimum 50%. Telstra is considered as the largest media and telecommunication company in Australia, which follow sustainable business practices in efficient manner (Telstra.com.au. 2016). The commitment of this particular company focuses on the employee involvement, environmental leadership and interconnection of the stakeholders. Telstra is committed of being accountable and transparent for continuing its business operation in the telecommunication industry of Australia. The organisational policies and practices of Telstra never stop strive for improving their traditional business practices and always maintain fair, sustainable, ethical and environmentally sound business in potential manner. Osborne et al., (2014) have depicted that ethical, sustainable and socially responsible business practices are important for modern business. After completion of this particular class, I am confident enough to choose excellent process of business operation with a proper maintenance of CSR and sustainability. This class will help me in future in potential manner for understanding the necessity of maintaining the sustainable business. It will also help me to take effective decisions regarding my future business activities. Three weeks discusses completely different matters in order to provide a detailed overview on the sustainable business practices of organisations. No single education system is suitable to design our knowledge and concepts of the sustainable business practices. However, this particular tutorial has transformed my concepts and I have realised the actual importance of sustainability in the business practices. The theories we have learned in this tutorial should be employed after determining the range of the regional business of an organisation. I have understood that alone the business community cannot creat e sustainability. References Benn, S., Dunphy, D., Griffiths, A. (2014).Organizational change for corporate sustainability. Routledge. Boons, F., Montalvo, C., Quist, J., Wagner, M. (2013). Sustainable innovation, business models and economic performance: an overview.Journal of Cleaner Production,45, 1-8. Osborne, S. P., Radnor, Z., Vidal, I., Kinder, T. (2014). A sustainable business model for public service organizations?.Public Management Review,16(2), 165-172. Schoenherr, T. (2012). The role of environmental management in sustainable business development: a multi-country investigation.International Journal of Production Economics,140(1), 116-128. Telstra.com.au. (2016). Retrieved 5 December 2016, from https://www.telstra.com.au Vom Brocke, J., Seidel, S., Recker, J. (Eds.). (2012).Green business process management: towards the sustainable enterprise. Springer Science Business Media.