Sustainable Business Development
Sustainable business, responsible business, Corporate Social Responsibility (CSR) or simply Corporate Responsibility are all about the same concept on how to maximize the positive contributions of businesses, while minimising their negative impacts across the sphere of influence. It also signifies that the benefits of the business flow down to all stakeholders and respect stakeholders rights.
CSR tools or responsible business practices are increasingly becoming a matter of strategic importance for businesses to ensure their long-term competitive advantage and continuity of business operations in a sustainable way. Key drivers triggering such paradigm shift are globalization of trade, private sector influence on public policy, repositioning of government role and responsibility and the rise in strategic importance of consumer movements.
A CSR framework or tool helps in balancing the interests of various stakeholders and strategically managing the interconnected social, environmental and economic impacts of business activities. Besides being a competitive parameter, CSR may also contribute positively to the business environment in terms of operational cost savings. Operational cost savings typically result from environmental process improvements such as less waste, less energy and material inputs, increased resource efficiency, etc. Other positive effects of CSR are enhanced staff loyalty, better compliance, risk minimization and improved brand reputation.