Introduction to Sustainable Business
This chapter will introduce you to how businesses are increasingly acting with concern for the environment and society. Read Chapter 1 to see how companies can play a positive role in sustainability, follow legal and regulatory concerns, lower costs and increase profits, and achieve competitive advantages in the marketplace.
How can businesses play a positive role in helping to solve environmental and social problems? What are some examples of sustainable business practices? What does the term "triple bottom line" mean?
1.6 A Strategic Approach to Sustainable Business Practice
Key Takeaways
- Sustainable business practices can be a source of competitive advantage. A sustainable business practice can position companies to have a cost or benefit (differentiation) advantage.
- Creating shared value means providing a meaningful benefit to society, which is also valuable to the business, through an organizational practice or initiative.
- Private companies can create self-sustaining solutions to environmental problems, and when many companies do this, society can benefit significantly.