Title: Sustainable Business Practices: A Case of Issues and Approaches
Authors: Chibuzoma Richard Arungwa Mbagwu Ignatius Nwabudo
Volume: 9
Issue: 4
Pages: 32-40
Publication Date: 2025/04/28
Abstract:
This study examines the significance of sustainable business practices in promoting environmental responsibility and social accountability, guided by Stakeholder Theory, which posits that businesses have a responsibility to various stakeholders, including shareholders, employees, customers, and the environment. This theoretical framework emphasizes the importance of adopting a holistic approach that integrates social, environmental, and economic considerations, recognizing the interdependence of these factors. As the global community grapples with climate change, resource depletion, and social inequities, embracing sustainability has become crucial for businesses. The study identifies prospects and challenges of sustainable business practices, offering recommendations for sustainability. Despite the significance of sustainable business practices, various challenges hinder their adoption, including the lack of a universally accepted definition of sustainable development, energy deficits, environmental pollution, and inadequate waste management. To overcome these challenges, the study recommends adopting a stakeholder approach to sustainability, promoting sustainable consumption through education and awareness, and encouraging policy and regulatory support for sustainable business practices. By implementing these strategies, businesses, governments, and civil society organizations can work together to create a more sustainable and equitable future.