Taking a three-pronged approach to achieving business sustainability

Business sustainability has been increasingly conceptualised in terms of corporate social responsibility (CSR) from a stakeholder perspective.

The fundamental idea is that socially responsible enterprises tend to sustain a longer life span in business operation than those that are not socially responsible.

There is growing evidence to show that enterprises that are committed to CSR are more likely to build a positive corporate image, nurture high employee commitment, cultivate customer loyalty, gain community popularity, be environmentally friendly, forge partnerships with government and, ultimately, reduce business risks.

In addition, research on corporate social performance has generally found that being responsible to stakeholders helps to strengthen enterprises' competitive advantage and financial performance in the long run. In this way, CSR provides an avenue for enterprises to achieve economic, social and environmental sustainability - the so-called triple bottom line.

This CSR perspective of business sustainability puts CSR at the core of business sustainability and requires that it be integrated with business strategy and operation practices. In the process of doing business, not only should economic profit be considered, but also the greater need to be concerned with social development and protecting the environment.