For a company to survive today’s ever-changing economy, it is important to prioritize sustainability. By looking for more sustainable ways to do business, a company can ensure it continues to operate in the foreseeable future and beyond. Sustainable practices allow it to outlive its competitors and even absorb the customers those competitors leave behind when they fail to exercise sustainable business practices. Let’s take a deeper look at what corporate sustainability is.

How Does It Differ From Corporate Social Responsibility?

“Sustainability” is a buzzword that companies often throw around in marketing ads and product brochures. It generally refers to prioritizing the needs of the environment over commerce by turning to practices that do not deplete or damage natural resources. This is one of the many aims of corporate social responsibility, but sustainable corporate plans are a little different.

Whereas environmental preservation is one of the main goals of corporate social responsibility, it is just a byproduct of sustainable corporate plans. AZ Central explains that business sustainability refers specifically to managers of a company finding ways to outlive the current business owners and its competitors.

Some business leaders may decide to embrace corporate social responsibility as part of that goal, but not all do. The good news is that market shifts may continue to push social responsibility into business plans. Customers are holding companies more accountable for their roles in socio-political and environmental issues.

What Are Elements of Corporate Sustainability?

Ultimately, how owners and managers decide to create a sustainable business comes down to personal opinions and preferences. After all, not all business owners believe in climate change or that human activities have adverse effects on the environment. Even so, here are some of the main inclusions in a good business sustainability plan:

When businesses begin to work on remaining sustainable in the long term instead of just making a profit in the here and now, everyone benefits. However, until the focus shifts further away from cash flow and more toward causes, corporate social responsibility may continue to fall by the wayside for many companies.

What do you think is more important…corporate sustainability or corporate social responsibility? Drop us your input below!