Businesses that thrive over the long term tend to focus on more than just profits. They often have developed unique cultures perhaps based on the values of a founder or of an influential subsequent leader or material shareholder. As well as seeking to please customers they look to facilitate a happy and fulfilled workforce, a healthy supply chain and a thriving local community. As companies have grown larger and more global, they take on additional responsibilities to both the sustainability of the environment and social coherence notably through equality. This is perhaps best summed up in the following statement by the Generation Foundation:
“A sustainable business does not borrow its current earnings from its future earnings and provides goods and services in a manner that is consistent with the transition to a low-carbon, prosperous, equitable, healthy and safe society.”
Management should aim to nurture such a culture if it exists and if not look to address these wider stakeholders through their strategic planning and staff incentivisation.
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