Nowadays the concept of sustainability Is widely recognized In many corporations, organizations, government sectors and even in school or university. From my opinion, Sustainability is needed on a global (macro) scale, on macro-micro scale (government, No’s and business) and also on an individual level. The causes are: Greed and rent seeking, scarcity of resources, misuse of power, wrong moral and ethical standards. The Effects are: Climate change, rising inequality In almost all parts of the world (GIN Index), consumerism, corruption, abuse of ecosystems, etc..
Call societies, governments and some businesses are asking for change and the creation of a “balanced social justice”. In case of abuse of social justice by one of the three major “participants” of the system (business, governments, Nags), a vicious circle will occur and the organism is doomed to fail. To make business, industry, nation, and the world sustainable, we have to consider the balance between People, Planet, and Profit, (or Social, Environment, and Economic) when making any decision, not for today or tomorrow, but for the future.
However, most of the cases In real life, businesses e economic return as a must with highest priority, then legal requirements as something it has to do, but ethical conduct and discretionary responsibility as something they might do if they can or want to. However, a lack of ethical and social responsibility may result in increased government regulations, which could, in return, reduce company’s efficiency and flexibility.
It is avoidable truth that most companies, especially those at start-up stage would have to mainly focus on the profit and economic stability of its entity first, before It will have capacity to care about social ND environment. Social and environmental considerations are factors that potentially create more costs or require technology and innovation to deal with it. Otherwise, it would mean cutting company’s profit margin to keep society happy and environment intact. This is a tough choice.
But I believe that all decisions should be made with long-term perspective, for any business plan, policy, or strategy of any company. All the risks and consequences of short-term profit minimization should be taken Into account. There will always be a way to meet the needs of the present thou compromising the future. One philosophy that can help building the framework and decision making criteria for sustainability is The Sufficient Economy Principles which has been invented by His Majesty King Bimodal more than 30 years ago.
The Sufficiency Economy is a philosophy that stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels. This applies to conduct starting from the level of females to communities and to the nation in terms of development and administration, so as to modernize in line with the forces of globalization. Sufficiency” means moderation, reasonableness, and the need for self-immunity to protect from impacts arising from internal and external change.
To achieve sufficiency, an application of knowledge with due consideration and prudence is essential. We can achieve sustainability if we do not seek too much too soon or try to get In excess (Moderation), If we do only that and if we make sure that we have contingency plan and immunity to negative turn of events (Risk-Resilience). And to be able to use these criteria properly and correctly, we also need good level of knowledge, as well as integrity at every step of life.
I still believe that nowadays sustainability management is what we all should try to achieve, even though it is extremely difficult to achieve in the scale that can really result in true sustainability. To truly achieve sustainability sustainable, we need everybody in the community and the world to understand the right virtues, to have the right values, frame of mind, honor, and integrity. This is the real fundamental that can only be achieved not only by learning in business school or university, but has to be built into the mind and belief since the young age in school and in family.