In business, sustainability refers to doing business without negatively impacting the environment, community, or society as a whole.
Sustainability in business generally addresses two main categories:
- The effect business has on the environment
- The effect business has on society
The goal of a sustainable business strategy is to make a positive impact on at least one of those areas.
When companies fail to assume responsibility, the opposite can happen, leading to issues like environmental degradation, inequality, and social injustice.
Sustainable businesses consider a wide array of environmental, economic, and social factors when making business decisions.
These organizations monitor the impact of their operations to ensure that short-term profits don’t turn into long-term liabilities.