(see also Chapter 13)

 Sustainability is being able to endure and survive in an environment into the future.

 Environmental sustainability is an increasingly important aspect of modern business management.  Market pressure from regulators and consumers holds organisations accountable for their actions that may harm the environment.

 Is more than environmental sustainability!  Incorporates social, economic and environmental factors into business decisions.  It involves placing an emphasis on future, long term goals for the business rather than focusing on short term profits.

 Includes concepts such as corporate social responsibility and business ethics.  Takes into account the effects of globalisation - increased the level at which organisations rely on each other to deliver products and services to the market.  Takes into account the impact of improved technology, communications and distribution channels.

 Excellent corporate governance is considered to be a crucial part of managing a sustainable business.  Poor decision making processes and a lack of accountability eventually lead to the failure of a business.  In financially sustainable businesses, long term profitability takes priority over any short term gains

 Effective operations management is an important part of sustainability as it helps to ensure that the business is able to meet the needs of its customers over a sustained period of time.  Sustainability of operations involves improving efficiency to help reduce costs, utilise available capacity and achieve business objectives.  Efficiently using resources means that the business is getting as much positive return from them as possible.  Leads to lower prices to consumers while maintaining profit margins.

 You can use innovation to improve the sustainability of a business.  Businesses that offer innovative products and services are able to differentiate themselves from the competition and attract or maintain a share of the market.  Sustainable market share is crucial to the long term viability of your business.  Innovation can also lead to new opportunities in industries that have potential for strong future growth.