Sustainable Business Strategies: Implementing Sustainability In Business Models Assignment Sample

Sustainable Business Strategies: Implementing Sustainability in Business Models

Task 1

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Source 1

Position of source

Sources finding process is associated with searching key works regarding "sustainability in business" based on previous research based journals and articles published from 2019  or onward. This serving process has to conduct by Google scholars for identifying effective and authentic journals and articles relevant to "sustainable in business". Google Scholar has delivered a journal regarding "How to Create Value(s) in the Sharing Economy: Business Models, Scalability, and Sustainability" for conducting this review processwhile choosing a journal concerning literature review. This journal includes identical information regarding sustainability, sharing economy and scalability in business with a strong research methodology. 

Methodology

The empirical research of this journal has been conducted through conducting 30 semi-structured interviews with the effective participation of founders of 27 collaborative projects. This search method has developed an idea based on respect for the founders of 27 collaborative projects Moreover, interviewing 11 managers for establishing a researcher to conduct this empirical research followed a data set (Acquier et al. 2019).  Moreover, the literature review parts include a broad definition and narrow dedication based on “sharing goods", sharing economy, sustainability and stability in business considering different perspectives and viewpoints of different authors.

Reliability of the sources

Source 2

Position of source

"Sustainability as a business strategy in community supported agriculture social, environmental and economic benefits for producers and consumers" is another journal that was searched on Google scholar. The searching process was conducted through customise searching years from 2019 or onward and searching them was "suitability in business". This journal is concerned with providing information regarding  "Education for sustainability", "Community-supported agriculture", "Healthy food", "Sustainability", "Short supply chain” and "Community shared agriculture".

Methodology

This research has been conducted by analysing a case study regarding the initiative of CSA that is located in Brazil. The research method is based on participant observation, the application of ethnography techniques as well as in-depth interviews. Moreover, secondary data has been accessed and assessed each aspect for reaching findings in this research project.  Interviews have been conducted with 32 participants those were in the dairy field.  Making videos and photos has followed in this research method (Matzembacher and Meira, 2019). Around 100 files have been created in the research data set and 324 files have been deleted during the sampling process. The descriptive research method has been used for conducting a data analysis process to evaluate possible statements regarding sustainability in business.  This study has required consistency due to the increasing rate of possibilities in inconsistency concerning the long-term observation process. Moreover, a survey of two customers has been conducted to develop this research project and reach the ultimate findings. 

Reliability of the sources

Source 3

Position of source

The name of the selected source is "Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact" that has a search in Google scholar. The searching process was first searching the keyword "sustainability in business" on Google scholar and customising published years from 2019 or onward. This article's review is concerned with identifying societal goals and investor impacts concerning sustainability in business. 

Methodology

This research project has been conducted by reviewing literature and articles based on previous research. The literature review process of this research process is associated with analysing key terms namely Investor Impact, Mechanisms of Investor Impact, Capital allocation, Shareholder engagement and Indirect Impacts (Kölbel et al. 2020). The literature review process of this research project has followed to developing a verbal understanding and reaching the ultimate decision based on sustainability in business.  

Reliability of the sources

Note taking technique

Outline method

Outline method this study is considered to deliver specifications regarding note-taking techniques that includes identification of research topic, point development and understanding of the purpose and relevant materials of articles. 

• The research topic is recognised as "suitability in business" and prevents factors from enhancing suitable business in a strategic manner.  
• Points: "Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact", "Sustainability as a business strategy in community supported agriculture social, environmental and economic benefits for producers and consumers"  and "How to Create Value(s) in the Sharing Economy: Business Models, Scalability, and Sustainability"  
• This research will use different phrases namely "For example, however, in addition, such as, whereas, and in respect with". 

Task 2:

Introduction

The study has been focused on the topic "Sustainability in Business" based on three different sources. It has been observed that sustainability plays a major role in any kind of business model. Discussing the meaning of sustainability in business can be concluded that it has two main categories of business, which are the effect of business on the environment and the effect of business on society. The aim of a business must be to make a positive business strategy in one of the given areas (Acquier et al. 2019). When companies were not able to meet the responsibilities allotted then the opposite can happen like environmental degradation, inequality and social injustice. A sustainable business considers all the environmental, social and economic factors while making any decisions. All these factors are taken into consideration as with the consideration along with monitoring the impact of the operation continuously together helps in ensuring that the short-term profits are not going to be converted into long-term, liabilities.

Background

In this section, the creation of a more sustainable business is going to be discussed (Matzembacher and Meira, 2019). The steps to make a business more sustainable are stated below:

1. " Access the problem and define the objectives" - The first step of any organization must be assessing the meaning of sustainability to its team members, industry, and clients. Moreover, to guide this, asking the following questions can be considered such as - 

"What is the quantity of waste created by the industry?

Is the culture of the company struggling hard?

Are the hiring practices attractive enough to sustain diversity among job candidates?

What is the target product of the company and is it for the particular target audience?

What is the impact of the company on the local audience?"

All these questions will conclude the company's sustainable objective after being answered. Apart from this taking help of the "SMART" goal approach will save the time in future if covered in the beginning only. "SMART" goal objectives state the specific, measurable, achievable, relevant and time-bound goals that need to be identified by every organization before imposing any project for the benefit of the economy.

1. "Establish your mission"- After identifying the solid or real objective of the company, the mission of the company should be defined with a distinction to make the company more sustainable in comparison to others. As the distinct mission statement will outline the company's focus on doing by capturing the organization's value, and purpose and serve as a light guide to define the company's five W's: Who, What, When, Where and Why.

"Taking into consideration the example of the mission statement of 'Patagonia' the following objectives can be identified: build the best product, no unnecessary harm should be there, a business can be used to protect nature and will not be bound by convention". With this, it can be concluded that a mission statement must be made in such a way that it can evolve with the market. 

1. "Craft your strategy" - Once the mission statement has been established, then the company should go forward with the aligning of sustainable business strategy with it. With a mindset of "triple bottom line" (Profit, People, Planet), measuring the impact of the actions made by the company will be helpful as it will help in identifying the impact created socially, economically, and personally. With a small number of changes, a company can move forward in achieving large-scale benefits. Taking a small example, of turning off the lights and fan by the last person to leave the office. This will help save both the cost and energy resources. Another improvement that can take place in the organization for saving energy and cost resources can be the use of time and motion sensors where the lights and fans can be closed after the exit of the last person from the office premises so it can sense the motion of the last one. There should be consideration of both internal and external opportunities, as it will help in creating value around the mission statement that has been created before creating the strategy. Two questions can be asked of the team members before beginning as per the strategy:

“Will the customers pay more for the products produced more sustainably?" and

"Can an enhanced business process decrease our emissions?" 

If the answer to any one of the above, goes with a "Yes", then can proceed with increasing productivity and profitability.

1. "Implement strategy and access results" - The last step after all the decisions will be the implementation of the strategy identified and the step forward by measuring the results from the outcomes of the process implemented. Taking into consideration, the areas where the mission statement can quickly have a great impact and making a partnership with an organization with a similar mission statement will be beneficial. As this will help in driving progress fast and if partnered with a well-established company, then the credit will be enhanced.

Conclusion

From the above discussion, it can be concluded that, to make a business sustainable one needs to convert the objectives to purpose (Kölbel et al. 2020). This will help in achieving the goal more quickly as turning out objectives into purpose will be like turning short-term goals into a long-term meaningful one. The way to achieve the goal must be treated as a purpose as the purpose is the one, which is achieved for self-happiness whereas an objective is met to fulfil the purpose (Hanaoka, 2022). This transfer will help in enhancing the mission statement with lots of effort and will be able to serve better for the benefit of society with an increasing productivity and profit margin. As the purpose is an intended desire and the objective is more concrete and can be clearly defined by certain steps that will be eventually used to fulfil the goal.

Reflection

As per the discussion meeting in the above sections, I have learnt that running a business with sustainable measures will last longer in future in a competitive marketplace also. The above content was an exploration of the concerned research topic with respect to three distinct articles where a broad reflection has been developed upon the research of "Sustainability in business". 

It can be stated that the research on the topic allocated is necessary, as with the changing world sustainability is essential in every aspect keeping in mind the social, economic and personal benefits. I have observed that the research has shed light on the maintenance of sustainability in the internal as well as external business environment.

This concludes the importance of sustainability in the workplace. 

The most interesting thing I have understood while accomplishing the assignment that is the conversion of objectives into purpose. This is a great knowledgeable thought that can be useful in every step of making a decision. As the purpose is the reason, for which the work is to be done and after completion, it will give mental satisfaction whereas objectives state the ways to achieve the goal effectively and efficiently.

Let us understand the basic difference between the two with the help of a simple example:

Purpose: Maintaining sustainability in the workplace to provide the best quality output to the customers so that the reputation of the company sustains in the target market with increasing profit and productivity.

Objective: Creating a specific budget for making quality products step by step to avoid wastage of resources and to provide better service to the customers so that the profitability of the company increases and sustain in the market. 

Apart from this, the steps to make the organization a sustainable one are also stated above. Through those, I have understood that the first step towards sustainability is the identification of the problem and those creating of objectives to mitigate those issues. The second step states that the mission statement should be so strong and unique enough that from this the consumers can identify only the objectives of the company. This means the mission must be in favour of sustainable development and for the benefit of the consumers. The third step is the creation of a strategy with respect to the three bottom lines, which are profit, people and the planet. This can be met with small and sustainable steps taken forward to serve the economy in a better way. Moreover, the last step concludes the implementation and the performance appraisal where one needs to identify whether the implemented strategy is working as per the expectation or not. If there is a need for any kind of change then it can be implemented as per the performance measurement and as per the feedback derived by the customers to meet the mission statement. This will help in employee retention and make the reputation of the company more sustainable in the target market.

References

Selected Article 1:

Acquier, A., Carbone, V. and Massé, D., 2019. How to create value (s) in the sharing economy: Business models, scalability, and sustainability. Technology Innovation Management Review, 9(2). https://www.timreview.ca/article/1215

Selected Article 2:

Matzembacher, D.E. and Meira, F.B., 2019. Sustainability as business strategy in community supported agriculture: Social, environmental and economic benefits for producers and consumers. British Food Journal, 121(2), pp.616-632. https://doi.org/10.1108/BFJ-03-2018-0207

Selected Article 3:

Kölbel, J.F., Heeb, F., Paetzold, F. and Busch, T., 2020. Can sustainable investing save the world? Reviewing the mechanisms of investor impact. Organization & Environment, 33(4), pp.554-574. 10.1177/1086026620919202

Other References

Hanaoka, K., 2022. Comparison of conceptually different multi-objective Bayesian optimization methods for material design problems. Materials Today Communications, 31, p.103440.  https://doi.org/10.1016/j.mtcomm.2022.103440