Sustainable business practices are increasingly becoming overarching strategies for leveraging businesses a competitive advantage. Business today is not as normal as it was a decade ago; new trends are emerging frequently that have a significant impact on business decision making and practices hence a need for business needs to effectively and sustainably embrace and adapt to the changes; two of the trends are discussed. Kchinka, Balazs, Gavriletea, and Djokic (2018) points out one of the critical trends in the business world today is anchored to consumer attitudes toward environmental protection and sustainability to combat and adapt to climate change menace. Today brand loyalty and consumer purchasing behaviors are significantly influenced by both corporate social and environmental responsibility. An organization or company’s commitment to sustainable business practices such as eco-friendly practices to leverage on its brand loyalty and competitive advantage.
Economic recessions and depressions substantially affect the business practices, finances and employment relations among others. Economic depressions of result from extreme financialization, market manipulation, excessive debt and irrational exuberance affecting the inflation rates, the value of currencies and the general stability of the economy (Bordo & Levin, 2017). A new trend of decentralized digital currencies is increasingly being advocated and embrace by governments and business as a panacea and buffer to economic recessions hence promoting business sustainability. Even though the blockchain technologies still has its limitations is argued as a key trend to transform and revolutionize the global financial and economic networks for an economically and ecologically sustainable future.
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Leadership is central to the adaptation and promotion of the inevitable changes in the business world. Visser and Courtice (2011) note that sustainability and sustainable leadership is a perquisite sustainable business practice. Leaders should have skills to address critical global changes and trends. Some of the individual characteristics for leaders to address and drive sustainable change include being morally driven, holistic thinkers, open-minded, empathetic, and visionary while employing transformational leadership skills, and inclusivity.
References
Bordo, M. D., & Levin, A. T. (2017). Central Bank Digital Currency and the Future of Monetary Policy. National Bureau of Economic Research (NBER) Working Paper Series (Working Paper 23711), 1-32.
Kchinka, D. G., Balazs, S., Gavriletea, M. D., & Djokic, B. B. (2018). Consumer Attitudes toward Sustainable Development and Risk to Brand Loyalty. Sustainability , 10(4), 997-121.
Visser, W., & Courtice, P. (2011). Sustainability leadership: linking theory and practice . Cambridge, UK: University of Cambridge Institute for Sustainability.
