Did you know that you could equate sustainable development to reduction of unnecessary future expenditures on mitigating business risk and increasing business profits and competitive advantage? So how can sustainable development be defined? Sustainable development are words acquired from the word sustainability which basically means “utilisation of a specific resources and production of commodities in a Eco-friendly, sparing and economical manner to meet ones most immediate needs while still enabling one or another person to benefit from the same resource at a later future” a resource is a particular entity that a business may thrive on for its revenue, it may be natural or man-made.
The concept of sustainable development has of late become a ‘buzz word’ locally and internationally. It has been applied to different sectors of the economy including the well-known environmental sustainability. It’s in this website that you’ll find a great deal of information on how sustainable development can be defined or interpreted to apply to a business sector.
To understand what sustainable development is, we take a look at development itself. A key example is a production or manufacturing business where there are a lot of raw materials in use. In a simpler word, development is growth, and growth is determined by revenue generated from business sales and profits. Sustainable development takes into consideration the continuity of growth throughout the longer unseen future.
Sustainability in business growth hence checks on different aspects of a business operation and evaluates areas where expenditures can be cut, wastage of raw materials minimised and utilisation of alternative and renewable resources is enhance or promoted. For a business to achieve sustainable development it ought to reduce on its daily expenditure on resources. In turn, a business should adopt the use of alternative and renewable resources through ways like de-materialisation, recycling, use of alternative renewable energy, green building, and reduction of waste at the source among others. Sustainable development is hence important for a business since it opens up door of continuity to a longer business future and increasing profits through reduction of business expenditure on resources/raw materials.
In simpler term we can define sustainable development as the minimal and parsimonious resource input for higher benefits in a longer period of time. Benefits for sustainable development to a business is gaining a strong competitive edge through sale of ‘green’ products, increase in market value, ISO-certification of products hence increased sales and public recognition, increased shareholders value, reduced health and safety risk factors, in harmony with environment through business Eco-friendly practices among others. Try it now.