The Sustainability Challenge: Developing Strategic Advantage

Nkemdilim Iheanachor ()
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Nkemdilim Iheanachor: Lagos Business School, Pan-Atlantic University

Chapter 4 in Sustainable and Responsible Business in Africa, 2024, pp 63-79 from Springer

Abstract: Abstract Sustainability is a serious issue that any business that wants to succeed with assured continuity must consider. Internal and external issues can contribute to a company’s ability to continue or cease to exist. Making strategic plans and taking critical steps to protect a business’s future within its operation’s industry and environment is what sustainability in business means. Although this may not be an immediate effect, an unhealthy environment results from unsustainable business practices, which will eventually affect the availability and supply of natural materials and the economy. Experts explained that unsustainable practices could reduce employees’ well-being and productivity, affecting a company’s competitiveness. Therefore, this chapter discusses the sustainability challenge, identifies sustainability practices, and makes valuable recommendations for strategic advantages in Africa. Consequently, the chapter concludes that sustainability is crucial to the continuity and growth of every organisation. Organisations need to gain a competitive advantage by achieving sustainability in their workforce through sustainable work conditions. Also, organisations must achieve financial stability by making a profit from which their shareholders can earn profit for their investments and workers would be paid for their work.

Keywords: Sustainability challenge; Strategic advantage; Business sustainability; Environmental sustainability; Financial sustainability (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35972-9_4

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DOI: 10.1007/978-3-031-35972-9_4

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