The Developing Business Essay Example | Topics and Well Written Essays - 3000 words

The Developing Business - Essay Example 20). Apparently, more corporations are getting aware of the necessities of integrating better corporate governance, improved risk management methods, and sufficient business social, financial, and environmental responsibilities that are a pre-requisite for enhanced sustainability. Commercial firms play a fundamental role in the concept of sustainable development, and this is due to their potential to enhance sustainable development and their deleterious effects on the community and ecosystem. Within the essential role that business firms play to achieve sustainable development, social and environmental responsibility has emerged to concretize the paradigm of sustainable development (Schneider, 2014, p. 526). As aforementioned, the three forms of sustainability remains imperative in the maintenance of both societal and organizational needs. Financial sustainability, for instance, ensures that an organization develops structures that focuses on creating significant profit from investments made. Moreover, financial sustainability must focus on embracing the continuous provision of positive outcomes from investment by developing sustainable long-term objectives. On the contrary, environmental sustainability defines an organization’s initiatives and establishment of the structures aimed at significant reduction of causing effects to the surrounding. A business that focuses on environmental sustainability ensures that its operations and daily activities remain friendly to the environment and do not cause climate change, pollution, or degradation. Such environmental sustainable corporations also contribute towards creation and development of policies and initiatives that would enhance e nvironmental safety. On the contrary, social sustainability entails community or societal initiatives aimed at establishing frameworks that ensure