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Sustainable Business Strategy

Various Sustainable Business Strategy in Organization

Introduction to Sustainable Business Strategy

Sustainable development can be termed as development strategy formed to satisfy present demand without affecting environmental factors. In simple terms, sustainable development means such a development which fulfills present needs and requirements of people or business organizations without compromising with the abilities to meet demand of future generation. There are two key things involved in sustainable development namely, the concept of needs and the idea of limitations. British Airways is the chosen industry in this report which aims at bringing sustainable development in the economy by compromising with number of issues and generating new ideas in the firm for better utilization of resources.

Analysis of global sustainability agenda

For the sustainability development of 21st century global action plan has been prepared by regulatory authorities. This plan is known as Agenda 21. Main objective of this action plan is to satisfy demand of present economy without hampering the ability of fulfillment of needs and expectation of future generation.

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There are number of chapters included in the agenda which helps to resolve the issues of various social entities. For this aspect, support is provided by both government and non-government authorities. However, as a matter of fact, in every area, activities performed by human resources of business firm impacts the environment to much deeper extent. Some of the key areas have been described with their basis for actions, objectives and means of implementation. They are explained below:

Promotion of sustainable development through trading activities

  • Approach of this action: - In this section, consistent trading system which are open and equitable, secure and non-discriminatory system with the main objective of sustainable development results in growth of optimal distribution of global production on the basis of competitive advantage. However, this approach needs commitment for the feasible implementation of economic policies for effective management. On the other hand, there are several developments which have provided new opportunities and threats that could had a great impact over international trading environment.
  • Objectives: - The main objective of such a sustainable development is to attain accessibility of market of developing countries for the exports activities.
  • Means of implementation: - Financing and cost evaluation terms which includes non-concessional, depends on the specific strategies and programmes governments decides on the implementation.

To develop mutual support of trading activities and environmental factors

  • Approach of this action: - According to this chapter, there should be coordination between trade policies and environmental factors. Furthermore, an open and multilateral trading system results in more effective as well as efficient allocation and utilization of resources. Simultaneously, it leads to increased production by minimizing demands on the environment.
  • Objectives: - Major objective of this chapter is to develop proper support between trading activities and environmental factors for the promotion of approach of sustainable development.
  • Means of implementation: - In this situation as well, the means of implementation of such a sustainable development is financing and cost evaluation.

To provide appropriate monetary funds to the developing nations for the sustainability development

  • Approach of this action: - For the economic development, growth and welfare of developing nations huge financial sources are required. With these monetary funds, investment will be made be regulatory authorities in development policies. Not only that but needs and requirements of the developing population can also be fulfilled with appropriate investment amount.
  • Activities: - Meeting international targets of official growth assistance funding and addressing the debt issue.
  • Means of implementation: - Financing and cost evaluation.

Current forces for the alteration in sustainable environment of business

Description of current forces for the alteration in sustainable environment of business is enumerated below:

Stakeholders

Stakeholders analysis is very crucial for identifying all the factors either directly or indirectly affects British Airway’s operations and procedures. Stakeholder analysis helps to define issues, concerns and information needs of stakeholders regarding cited firm’s organizational sustainable development activities. In this context, examining the parties that have vested huge sum of interest in the cited firm. This is the major aspect of concept of sustainable development. This aspect also enhances corporate accountability of organization.

Furthermore, it is considered as one of the key difference between sustainable and conservative management practice. On certain occasions, stakeholder analysis may result in conflicting expectation. For instance, in rare cases, customer’s demands for new and environment safety products and services but from the employees or manufacturer’s point of view, they are not well trained or efficient enough to deal with new technologies or techniques to provide environment safety services. British Airways is an aviation industry, and it is obvious that such business concerns emit lot of heat and pollution in the environment so it has become a major issue in the current market to safeguard environment. Stakeholders of the firm should have to make efforts for the firm in order to reduce huge amount of heat and dust particles in the environment.

Sustainable development policies and objectives

Such objectives are considered on the basis of core values which are expected by the workers of company with respect to sustainable development. With this aspect, target are set in order to ensure standard operating performance. In this regard, senior management of should take responsibility to initiate policies and objectives for British Airways regarding its sustainable development (Melville, 2010). Most of the economics are of the view that a policy on environmental responsibility is a very crucial as well as advantageous action to attain the objective of sustainable development. However, there are various advantages of involving BOD in policy of sustainable development. It is because; policies and objectives on sustainable development is defined by the board of directors in the cited business organization

Implementation plan

Designing and executing an implementation plan is very crucial for the management system changes that are needed in order to attain sustainable development objectives (Teece, 2010). Planning objectives through meetings and discussion is not well enough but implementing those plan and policies in the business organization affects the entire firm as it changes the operations of the firm. Sustainable development plans and policies designed by the border of directors should be communicated with all the stakeholders first before implementing them into action. It is necessary because without concerning with stakeholders, chances of disputes mat arise and it becomes even difficult for the firm to implement changes. Sometimes, it is observed that stakeholders resist changes if they feel it inappropriate so it can be said that it is very crucial to communicate with stakeholders before implementing changes.

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Supportive corporate culture

An appropriate corporate culture is very essential for successful implementation of plans and policies for sustainable development. Implementation of approach of sustainable development is not easy because most of the business organizations tend to experience a kind of renewal in the organization. In this aspect, organization can make increase in participation of employees. This approach had assisted not only in generating innovative ideas but it also helps the firm in generating enthusiasm in the decision making program itself. Most of the times, it has been seen that customers as well as workers were satisfied by being a part of the organization as management is committed to operate commercial activities in socially responsible manner. However, this may be attained only after retiring. In some organizations, manager finds it difficult to change their role and perceptions while developing sustainability with the workplace. In multinational companies, managers do not like to change their attitudes toward work but try to implement changes in pre-defined manner.

Development of standard measures for the assessment of performance

The implementation of sustainable development will be assisted by preparation of reports by monitoring performance of employees and requirement of appropriate means of measuring performance. Performance needs to be measured on continual basis in order to identify the effectiveness of implemented actions. If the sustainability development objectives do not work well, it can be identified with through measuring them. But in many of the cases, most of the organizations are well ahead of government in establishing sustainable development. Though government make lot of efforts in designing sustainable development in each and every business firm but in some cases, organizations do not take enough interest and in other cases, firms establishes sustainable development initiatives even better than the regulatory authorities.

Role of the board

Board of directors also play significant role in establishing sustainable development in British Airways. As they the only leaders of the firm who are responsible for maintain sustainable development.

Impact of current sustainability issues on business organization

Some of the issues which create huge impact on sustainable development of British Airways are enumerated below:

Metrics for the measurement of sustainability

It is very difficult to tackle with issues and goals without obvious metrics. However, it is often very difficult to measure sustainability initiatives as they affect people as well as societies at macro level. Moreover, there organizational implications are also unclear as well. Impact of this metrics cannot be immediately identified as it is directly affected by the aspect that who had implemented this policy and at what level.

Government policies are required to be developed by considering its integration with the objective of sustainable development

In this regard, the regulatory authorities have number of tools at their disposal such as taxes, rules and regulations, markets for the implementation of steward environmental resources in business.

Customers do not consistently factor sustainability into their purchase decisions

customers are likely to behave differently at the time of purchasing products and services from the firm. However, it is necessary for the firm to understand how consumer’s values sustainability in the context of other product attributes can help British Airways sin order to develop services that meet their needs.

Companies do not know how best motivate employees in to undertake sustainability initiatives

It is another major reason which creates impact on sustainability development of business organization. In most of the surveys, it has been identified that most of the workers prefers to work with organization having goal of sustainability. For this aspect, they are ready to compromise with their earnings. By considering this aspect. Organizations has major responsibility to make efforts for retention of their best employees in order to develop continuous sustainability in business.

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Implementation of sustainability in business strategies

In most of the business firms, managers find it difficult to fit sustainability in their firm. The main reason behind it is differences in the nature of business.

Organizations in some cases have trouble in communicating their good practices credibly and keep away themselves from being perceived as greenwashing.

Better guidelines are required in order to engage major stakeholders of the business.

There are no common set of rules for sourcing sustainability.

Extended boundaries of the sustainable business organization

There has been a great impact of business organizations on broad range of stakeholders either directly or indirectly in their course of actions. It is because; the cited firm British Airways has a responsibility towards staff members providing their level best efforts and investors who are contributing huge amount of money in the firm. British Airways managers should ensure that employees of the firm are receiving appropriate or fair wages, working under safe or risk free conditions, getting proper amount of respect from other colleagues, non-discriminatory treatment and help to develop skills and enhance their knowledge of work. Moreover, owner of the firm should receive excellent return on investment and along with that, they should properly disclose relevant information and their suggestions during the decision making programs should be respected by all the members. Sustainability principles must extend across the boundaries of the business in order to involve its customers, suppliers, regulatory authorities, competitors and society or community within which the firm operates its procedures.

In the extended boundaries of sustainability, customers should be given appropriate services. They should be treated fairly and with dignity. Their cultures and traditions should be respected by the firm for the purpose of retaining the for long term objectives. Along with that, proper health and safety measures should be considered and they should be provided the highest quality of services. Dealings about services by British Airways should be transparent and truthful so that the firm can gain trust or faith towards services as well as business organization. Moreover, relationships with suppliers should be based on long-terms objectives and should also be truthful without any biasness . Timely payment to suppliers is not the only important thing but including them in decision making procedures is also important for getting valuable suggestion from them for welfare of business. However, companies should be very careful at the time of choosing their suppliers and simultaneously should ensure that suppliers follow good employment and environmental practices. Furthermore, competition should be fair and respectful. There should not be involvement of any kind of biasness or unlawful activity practiced by the firm in order to gain competitive advantage. The society within which the company is operating its business should be supported by the firm and along with that, the cited firm should contribute to uplift the living standard of people existing in the society. Additionally, British Airways should operate in accordance with the regulatory guidelines and international bodies as well.

Impact of structure and objectives on sustainability aspects of business

Number of changes is required to be made in British Airways in order to make its operations and procedures even more sustainable. Basically, these changes can be initiated with change in leadership approach of the firm. The main reason behind that is, more “pro-sustainability” vision and culture can be developed with effective leadership management. However, alterations in business organizations are often made in the supply chain, where more suppliers and distributors become part of it and non-sustainable partners are being replaced. Employees of the firm are also trained and practiced sustainable development.

However, in most of the case, a distinct tam is developed by the firm in order to measure and analyze social as well as environmental impact of the organizations. Moreover, technological changes are required to be implemented and made more eco-efficient technology needs to be chosen by British Airways. In the short term, sustainable processes require essentially more expenditure. As a result, profitability decreases and stakeholders are disappointed as well. In long term aspect, sustainable business operations can be bring significant advantages such as enhanced operational efficiency, reduction in cost, positive publicity, conservation of the environment, employee satisfaction and loyalty because of better labour practices, Improved stakeholder’s relationships, development of better and advanced products, competitive advantage and reduced risk of lawsuits or obsolete technology.

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Conclusion

In accordance with the present study, conclusion can be drawn that sustainability development is very crucial for economic growth. British Airways is the chosen firm which needs to develop plans for accomplishing sustainability in the business organization. The report explains various efforts made by the firm in order to attain sustainable growth in business.

References

  • Bocken, N. M. P., 2014. A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production.
  • Boons, F., 2013. Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner Production.
  • Christersson, M. and Rothe, P., 2012. Impacts of organizational relocation: a conceptual framework. Journal of Corporate Real Estate.
  • Fowler, S. J., 2007. A critical review of sustainable business indices and their impact. Journal of Business Ethics.
  • Gamble, J. E. and Thompson Jr, A. A., 2014. Essentials of strategic management. Irwin Mcgraw-Hill.
 

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