A sustainable business meets the needs of the customers and considers the need of the environment as well. Creating a long-lasting value requires investment and sustainable models of business operations are nowadays bridging the gap between customer’s needs and environmental concerns. An unsustainable economy is likely to create havoc for the future generation.
We should consider the rising prices of commodities and daily necessities as it is likely to severely affect the quality of life of individuals. Hence, the need for incorporating the sustainable models arises.
The model has the potential to become successful commercially and capture value for the business. It can thrive in the modern economy and creates minimum environmental damage. It is essential for the business leaders to create sustainable strategies and stay ahead of the competition. Hence, executing the model without using unfair means and practices becomes a necessity. Nowadays, business leaders and managers need to ensure that they are conducting business practices ethically and sustainability has become the buzzword. The model minimizes the overall negative impact and maximizes fair means of trade (Evans et al., 2017). The stakeholders are more likely to trust the organization if they manage to execute their business without harming the natural, social and economic capital.
For example, largest modular carpet manufacturer, Interface, has successfully created a system-wide approach by using biomimicry and analysis of product life-cycle. It has successfully closed the manufacturing loop. Moreover, the company runs on 100% reusable energy and wasted a minimum amount of water while manufacturing its products (Jensen et al., 2019).
Similarly, the renowned electronics manufacturer, Phillips used the sustainable business model by offering “pay-for-use” service rather than directly selling equipments. It implies that customers now have the opportunity to buy energy and illumination services directly. I really feel that this is the right step towards building a sustainable future.
Nowadays, entrepreneurs, customers and employees are looking forward to positive change and environment-friendly practices. Consequently, the concept of CSR has been redefined. Leaders are making audacious choices and are willing to revolutionize the older or conventional ways of thinking and acting. Old models must be replaced by contemporary and coming-of-age models. Therefore, business leaders are embracing the sustainable models. This paradigm shift is necessary and it is driven by purpose rather than personal gain (Yang et al., 2017). Future industries need to get transformed and sustainable models have become the catalyst for change. The model can also reinforce transparency, solidarity and innovative usage of time and technology.
Finally, I would say that the usage of new and innovative business models is demonstrating the leadership styles and level of awareness among business leaders. Responsible business practices are more likely to generate long-term results and can create a value-driven rather than profit-making work culture. It can be rightly stated that the fundamental business structures have been getting transformed and internal decisions are now getting influenced by the greater good. The demand of increasing sustainable practices is rising in this global economy. Perceptions are now shaped by real purpose and mutual growth. This alternative movement is gradually and steadily gaining momentum.
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