Principles of Responsible Business
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Principles of Responsible Business
Businesses should display acceptable corporate behavior and ethical norms that are feasible to the business world and helpful to the world in general. There are many roles played by businesses in the society. It is important to note that a business cannot perform in a failing society or environment. Therefore, responsible businesses need to have sustainable business practices that would ensure the businesses safeguard welfare of all human beings and not only their customers. Businesses not only need to focus on being responsible for their customers, suppliers, employees, shareholders, competitors and community but also the sustainability of the whole world.
As noted, a business cannot survive in a failing society. There is interdependence of people, planet and profits in today’s society (Crane and Matten, 2010). The society is faced with a wide range of social, economic and environmental challenges. These three challenges pose a threat to the security and existence of future generations. Businesses are drivers of economies of nations, societies and the world in general. There is a necessity for businesses to adopt measures that are sustainable and socially responsible to humanity. All over the world, governments, businesses, families, communities and individuals are required to shift to more sustainable ways of living and working.
Sustainability is a word that has vast meanings and definitions. It is defined as ensuring the world is in a steady state and the environment is maintained for future generations. Sustainable development ensures there are positive impacts on the environment and society while meeting the needs of the present without compromising the ability of future generations (Sanford, 2011). Responsible businesses have the duty of creating economies that have the potential of sustaining a healthy economy, society and environment. In today’s society, there are many challenges that hinder the development of individuals. For instance, climate change and environmental pollution are some of the challenges experienced all over the world. Some social challenges such as poverty and overpopulation hinder development of a healthy society. Furthermore, there are economic challenges such as global financial crisis and debt that are threatening sustainability of future generations.
The environmental challenge is a wide subject affecting the world. Humans have induced changes in the ecological system. There are factors that led to environmental changes. Some of the factors include, water scarcity, deforestation, poor management, loss of biodiversity, harmful introduced species, climate change, consumption of finite natural resources and pollution of air, water and land (Sanford, 2011). These environmental hazards are threatening sustainability of future generations. Businesses contribute to some of these hazards. Consequently, responsible businesses should adopt measures that would ensure the environmental is safeguarded. Businesses should lay objectives that aim at eliminating waste efficiently, reduce resource use, redesign buildings to reduce the ecological footprint and create adaptable spaces. Additionally, recycling is a tool that would ensure efficient use or resources, also redesigning products to meet the required standards are some of the measures that would ensure good environmental strategies. Businesses should work with the community around them to plants trees and initiate projects that will ensure the environmental is safeguarded.
A responsible business should be socially sustainable to its community. There are vast social challenges facing the society today. There is food crisis, diseases such as diabetes and cancer, social exclusion, plight of women, drugs and poverty. Socially sustainable businesses should be in the forefront in fighting these social challenges. A responsible business should give back to the community to ensure its reputation and success. Nevertheless, businesses are the world enterprises that steer economies. There is need for the businesses to adopt practices that would curb some of the economic challenges (Blowfield and Murray, 2011). For instance, they can participate in building infrastructure, submitting their taxes in due time to raise sufficient government revenue. Although, businesses face the challenge of losing financially there are encouraged to adopt sustainable development that ensures revenue maximization.
Building a greener economy is one of the important practices of responsible businesses. Enterprises that are aimed to have minimal negative impacts to the global or local environment, economy, society and community are sustainable. Therefore, businesses should adopt progressive environmental, human rights policies that ensure sustainability. Businesses should comply with all environmental rules and regulations to ensure contribution to social progress in all global operations. Responsible business practices ensure sustainability of the present world without compromising the development of future generations (Crane and Matten, 2010).
References
Blowfield, M & Murray, A. (2011). Corporate Responsibility (2nd Ed.) Oxford: Oxford University Press
Crane, A & Matten, D (2010). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization (3rd Ed.) Oxford: Oxford University Press
Sanford, C. (2011). The responsible business: Reimagining sustainability and success. San Francisco: Jossey-Bass.