Open AccessTHE MANAGEMENT OF SUSTAINABLE DEVELOPMENT AS PERMANENT STRATEGY OF SUSTAINABLE DEVELOPMENT
Author(s) -
Jovana Radulović,
Ivana Erić,
Marko Vučičević
Publication year - 2021
Publication title -
fbim transactions
Language(s) - English
Resource type - Journals
eISSN - 2334-718X
pISSN - 2334-704X
DOI - 10.12709/fbim.09.09.01.11
Subject(s) - rationalization (economics) , sustainability , business , business transformation , sustainable development , corporate governance , corporate social responsibility , corporate sustainability , new business development , industrial organization , economic system , economics , business model , market economy , business relationship management , marketing , electronic business , public relations , management , finance , political science , ecology , law , biology
A firm’s competitiveness in markets is not any more valued only by profit and other aspects of business results, but also by the ability for change. Unavoidable business transformation means adjustment. Features of the strong modern economy are economic sustainability and development. Business perspective focused on financial goals as the only one result, today is considered as too conservative and not flexible enough for actual market’s requests - which are not anymore ruled by rigid supply/demand relation, yet the focus of business success is exceeding, to fields of renewability, sustainability, circular economy patterns so as changes prediction. While external and inner business – influential factors have been known since forever, still, a contemporary business entity is today recognized more as an ecosystem. Since the 50s of the XX century, the modern business agility of an enterprise is constantly in process of development, improvement, and valorization via three central factors for surveying sustainability and social impact: environmental, social, and corporate governance (ESG). Strictly corporately focused firm ambition is seen as indispensable overcoming, because no matter how much international or global is the nature of business – right now business sphere is irreversibly and with purpose in the process of transformation into the green business. This process means rationalization of its production, but not a rationalization of its productivity too, because the business plan is not presenting just the firm’s ID anymore, but the social effect, economic efforts, and ecological enthusiasm of its management for global improvement of life. In 2008. year, all firms which did not adjust their business with upper mentioned modern aspects didn’t make it, while the 2020 year brings new challenges to contemporary management in way of business politics, crucial business factors, and business trends implementation.