The pandemic has made us reconsider the various fundamental aspects of the economy and business. Society is moving more recently than it was in the past six months. It was mainly due to our responses to the covid crises and climate change. Finding sustainability is the way to go for businesses to withstand such seasonal disasters.
Did you know that the word "sustainability" is actually etymologically descended from Latin roots? It translates to hold, preserve or support.
This unit aims at developing your independent research ability focusing on strategic decision-making for the sustainability of a business. You will improve your information synthesising skills and develop answers that help improve the long-term sustainability and effectiveness of the firm.
You will use your research skills to solve the various management issues in your chosen business strategy field. Identify the planning challenges and curate suggestions that align with sustainable development goals put out by the United Nations. Your suggestions must be rigorous yet systematic, analysing the relevancy of academic literature.
Let’s learn more about this unit with some strategic solutions examples.
Sustainability generally means maintaining a certain level or avoiding the effect on natural resources. Hence, a sustainable business strategy ranges from transforming vehicles to reduce carbon emissions to properly disposing of e-waste. Such strategies establish the scope for the business and sustain them for a long time.
The core elements of a sustainable business strategy are:
The local and global sustainability are the ones that impact the organisation adversely. Recognising the material issues that require developing strategy and management intervention must be addressed.
The company must develop an ambitious long-term strategy that helps businesses get past social, economic, environmental, and other issues that disturb the natural ecosystem or resources. Such issues are also very important to maintain a business, per the unit MGMT20148 Strategic solutions.
An action plan is the most important for maintaining the business. A sustainable plan lays down a detailed description of the goals that must be achieved to establish a sustainable policy. The plan has to be specific and measurable.
The action plan has to be relevant to the trends and the environmental-social issues. The strategy must abide within a timeline and be effective in the long term.
The goals should be measurable, consistent, authentic, transparent, and progressive to meet the needs of all stakeholders - internal and external.
By utilising more water-efficient items and devices, Australians will save over 600 million AUD by the latter half of 2021 on their water and electricity costs. - ABS (Australian Bureau of Statistics)
Business sustainability depends on these many factors. Planning an effective strategy comes with business longevity. You need to research while seeking the prospective resolve for the issues in the business. To be a good leader and manager requires researching strategically significant company issues. You can learn more from some strategic solutions examples we'll discuss further in this blog. Use both your field of expertise and your broader understanding of business and community contexts.
Such concepts may seem mundane yet are relevant for effective management. Working through your assignments will require you to go through the various stages of researching, drafting, compiling your research papers, ect. It can get overwhelming to do all of it, get management assignment help, free resources, and affordable live guided sessions. Our experts can help you throughout the process of compiling your assignment.
Most businesses, regardless of whether publicly traded or looking for funding from banking institutions or investment funds, require a plan to draw in shareholders. To achieve the specified company goals, the plan translates firm capabilities and industry presence into activities to be taken over time.
Shareholders and investors primarily evaluate a company's plan and capacity to perform it. They next assess if the firm represents a strong option for capital (i.e., whether it will provide the necessary "financial return" in a period). As we previously discussed, you would find in-depth knowledge on the same in MGMT20148 Strategic solutions.
Firms that want to influence change and move forward with sustainable business conduct must consequently pay close attention to strategic planning. The corporate strategy is its purest expression, and if it doesn't include or reflect that company's mission is to deliver sustainability.
Did you know that a dripping tap loses over 12,000 l of water per year?
Business practices and financial drivers will only be focused on slender profitability, not exemplify and recompense sustainability actions. Also, they may fail to be able to address society's challenges and ambitions. Let’s learn about some sustainable plans that firms globally plan to introduce in times to come.
The necessity for sustainable strategies in all their forms and guises was never greater as communities worldwide began to escalate. The climate problem becomes more grave by the day, which indicates that we require innovative, sustainable construction techniques, materials, and approaches. Five such essential solutions that are discussed in the Global Sustainability Summit 2020 are:
“A route of 1.5 ° C. Supporting a seamless transition to a reduced carbon-emission, sustainable economy is our main objective.” - Global Sustainability Summit 2020
The coronavirus has already affected the momentum of various business sectors, especially in the finance mandating declarations, environmental testing for equity borrowers, and methods to evaluate climate risk. However, we will still need to include creativity, cooperation, and flexibility to change to effectively map out a credible route to meet a sustainable future.
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