Successful entrepreneurs monitor the changes recorded locally and internationally to adjust their business concepts and investments accordingly. Most of the emerging trends in the world of business have the potential to affect the overall performance of every organization. Leaders who remain prepared for such developments will find it easier to readjust their models and identify new processes for maximizing profitability. The selected trend for this analysis is the increasing level of awareness and demand for sustainability among customers.
Sustainability in Business
The global community is presently facing numerous predicaments that are a result of environmental destruction. For several centuries, capitalists and industrialists have been engaging in a wide range of business activities that are intended to maximize both productivity and profitability. These entrepreneurs do so without considering the level of effluents and emissions released to the atmosphere or rivers. Such malpractices have affected the integrity of biological cycles and ecological systems (Nosratabadi et al., 2019). Similarly, the depletion of the ozone layer has become one of the leading causes of climate change in the world today. Industrial plants and automobiles that release greenhouse gases contribute to this problem. Consequently, these malpractices have made the natural environment uninhabitable and capable of affecting the experiences of wildlife and human beings.
Many experts have been keen to provide evidence-based suggestions that can guide organizational leaders to address most of these issues. For instance, international agencies have implemented different conventions and protocols to compel countries and some of the leading corporations to minimize their carbon footprints and emissions (Dyllick & Muff, 2016). Members of the public receive timely guidelines and updates that are intended to encourage them to conserve energy, plant more trees, and avoid the use of unsustainable products. They also should engage in campaigns that can deliver overall benefits to the integrity of the environment.
Within the past three decades, different countries have recorded several events and disasters that are attributable to climate change. For example, Marioka and de Carvalho (2017) reveal that typhoons, hurricanes, and floods have become the norm in every continent. Glaciers have been melting at an unprecedented rate, thereby resulting in increasing seawater levels (Dyllick & Muff, 2016). The depletion of the ozone layer has led to extreme weather conditions that are capable of affecting the lives of animals and people. These observations have compelled many individuals to start focusing on new concepts that have the potential to conserve the world for posterity.
These emerging issues are presently compelling potential customers to change their behaviors and expectations. For instance, past studies have revealed that many people are keen to use renewable energy sources and conserve them efficiently. Others are focusing on automobiles that are reliable or do not pollute the environment. These concerns are a result of the challenges affecting the global society. When more people think about these issues, chances are high that many companies will have to redesign their business models and consider superior strategies to meet their respective demands (Dyllick & Muff, 2016). The damages and disasters recorded in different parts of the world explain why human beings might encounter additional challenges in the future unless evidence-based strategies are implemented.
Due to the nature of these critical concerns, many consumers have shifted their behaviors and practices in such a way that they promote sustainable and environmentally-friendly ideas.. According to Dyllick and Muff (2016), buyers are currently keen to purchase clothes and household items that will last longer. The understanding that such materials would reduce the need for buying them frequently guides such a decision. The concept of quality has become more meaningful than ever before since it allows customers to use their items without the need to replace spare parts frequently or acquire new ones. This observation arises from the fact that past behaviors and production procedures have been ineffective or unsustainable.
In different industries and sectors, customers are becoming more conscious whenever identifying the best products that resonate with their demands. One of the key issues such individuals consider serious is whether the product is capable of supporting their environmental expectations. Marioka and de Carvalho (2017) believe that the increasing level of exposure to information regarding the issue of climate change and problems associated with it is impacting more citizens at the global level in a positive manner. Such individuals acknowledge that the world might be unable to address most of the predicaments unless governments implement evidence-based measures to protect the integrity of the natural environment.
The undeniable trend in business, therefore, is that more consumers are preferring associate with companies that are implementing sustainable and minimalistic concepts to their business models. This approach means that such corporations will be willing to avoid engaging in activities that can damage the natural environment (Dyllick & Muff, 2016). For example, the use of renewable energy sources to produce the targeted finished products is a plus for firms that want to allure more clients. Many companies in the fashion industry are considering some of the best initiatives to ensure that the marketed clothes are admirable and durable. These elements amount to sustainability and are capable of attracting more customers.
Business entities that incorporate an element of sustainability in their respective models will find it easier to attract more customers and eventually maximize their profits. This observation is supported by the fact that different communities have experienced the devastating impacts of climatic change and global warming (Nosratabadi et al., 2019). The move not to consider some of these issues means that corporations will continue to engage in activities that are unsustainable and eventually destroy the available natural resources. The absence of effective mechanisms and policies to prosecute businesses for their actions means that greenhouse gases will continue to be released in the future. The capitalistic tendencies of some of the leading corporations will also significantly impact the integrity of the natural environment. This outcome is possible since many companies rely on natural resources to acquire their raw materials and eventually produce and market their finished products to the anticipated customers.
The selected trend explains why companies should be on the frontline to implement such a concept in every aspect of their business operations. For instance, many entrepreneurs can consider the importance of streamlining procedures in such a way that they are sustainable and capable of protecting the natural environment. Investors can rely on the power of green accounting practices and logistical operations (Schaltegger, Hansen, & Lüdeke-Freund, 2016). Such measures will minimize the overall destruction of the environment and eventually deliver the intended sustainable goals. Successful firms will also think about the issue of corporate social responsibility (CSR) seriously and engage in activities that have the potential to support and empower local communities. Some of these initiatives include planting trees, providing career guidelines, and sensitizing more people about the importance of pursuing sustainable tendencies and behaviors in their lives.
Companies that consider this trend will be a step further towards becoming sustainable and admirable in their respective industries. The fact that many people are willing to safeguard the integrity of the natural environment means that more businesspeople should be supportive of their ambitions. They can achieve this aim by remaining engaged and delivering products that are sustainable and capable of protecting nature (Dyllick & Muff, 2016). Such corporations will be in a position to attract and retain additional customers and eventually remain profitable. Unfortunately, entrepreneurs who ignore this emerging trend in the world of business will have higher chances of losing their business partners and, in the end, become obsolete (Marioka & de Carvalho, 2017). Such responsibilities are also essential since they will support the integrity of the environment and minimize most of the recorded challenges.
The above discussion has revealed that the concept of sustainability is gaining momentum in different parts of the world. Businesses that want to succeed in their respective fields should consider this trend and rely on it to deliver high-quality and durable products to their respective customers. Their leaders should implement additional actions that have the potential to safeguard the integrity of the natural environment. Such efforts will, therefore, deliver positive returns to these organizations and encourage more people to be part of the process.
Dyllick, T., & Muff, K. (2016). Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability. Organization & Environment, 29(2), 156–174. Web.
Marioka, S. N., & de Carvalho, M. M. (2017). Discussing sustainability in business context and in performance disclosures: Analysis of Brazilian case studies. Gestão & Produção, 24(3), 514–525. Web.
Nosratabadi, S., Mosavi, A., Shamshirband, S., Zavadskas, E. K., Rakotonirainy, A., & Chau, K. W. (2019). Sustainable business models: A review. Sustainability, 11(6), 1663–1692. Web.
Schaltegger, S., Hansen, E. G., & Lüdeke-Freund, F. (2016). Business models for sustainability: Origins, present research, and future avenues. Organization & Environment, 29(1), 3–10. Web.