Many companies have become more and more aware of the fact that sustainability is not necessarily a new trend that will go away, but rather a new concept that more and more individuals are likely to embrace. With that in mind, companies look to sustainable business development as a way to diversify their markets and enter new ones, markets that are likely to become very profitable in the next period of time.
There is also the internal aspect of sustainable business development. A sustainable business development concept could be judged against the company's own resources and internal capacities. If it develops in a sustainable manner, it can mean that it is not overstretched, that it is using its resources in a way that is rational and that it has a long-term strategy for that. It can also mean that it is allocating its resources properly, depending on the activities it is following and the new markets that it is aiming to establish.
As one can see from this presentation, the definitions for the concept of sustainable business development vary depending on the perspective that is used for interpretation. There are several such perspective, including the consumers' perspective, the business perspective, the external perspective (including the governmental perspective, such as the legislation that needs to be implemented and abided by) etc. All tend to point out towards a common denominator: sustainable business development places the company into an ecosystem that includes human beings, the environment and communities. It cannot act unsustainably in such an ecosystem, because it is part of it and, as such, acting unsustainably would affect the company as well.
As such, my definition would be that sustainable business development is a concept...
In my opinion, the resource perspective is the best to give an overarching definition of what sustainable business development is about. Caring for one's resources, looking at what resources are available now and what resources could be available over time also means that the company has a long-term approach, when that looks at several variables when it decides on a project over another and on the way to move ahead.
Sustainable business development is no longer a concept today, it is more of a necessary way forward. As previously mentioned, consumers are no longer interested in buying the cheapest or the best quality product. More and more, they are taking into consideration a third essential value: the way that product is made and the way its production has an impact on the environment (human or natural) and, in the end, on the consumer himself. This is the primary reason why companies are incorporating sustainability into their strategies.
Bibliography
1. Kulongoski, Ted. August 2010. Catching the next wave of business development. Portland Business Journal. On the Internet at http://www.sustainablebusinessoregon.com/columns/2010/08/catching_the_next_wave_of_business_development.html. Last retrieved on January 15, 2012
2. Stigson, Bjorn. 2000. Sustainable Development and Business. OECD Observer. On the Internet at http://www.oecdobserver.org/news/fullstory.php/aid/334/Sustainable_development_and_business.html. Last retrieved on January 15, 2012
3. Sustainable Marketing Development. On the Internet at www.savantcreativegroup.com. Last retrieved on January 15, 2012
