Sustainability is all about striving and thriving for the future which is the core foundation of any business. Thus sustainability is the ability to achieve success without sacrificing the future needs of a business. As a result the organisations focuses on the fulfilling current customer demands at the same time taking into accord the desires and wants of the future generation in order to achieve sustainability. Organisational sustainability thus revolves around the core principle of keeping the business obtainable. The essence of organisational sustainability is based on the principle of enhancing the social, economic and environmental conditions in which the business operates. Hence the sustainability policy of any business is based on articulating
…show more content…
Besides understanding the impacts and implication of sustainability on business models and the ability of the business to grow and perform well in the long term is very much essential. Hence as the new management of Wearing Well (WW) our main focus was to formulate a strategy that would transform WW into a leading retailer specialized in UK clothing retail industry. The strategy formulation process was one of the most challenging aspects of the business, because we as a team had to take various factors into consideration for the integration and implementation of our strategy. Our strategy development process began with indentifying the key assets of WW which included identifying their customers, their needs, habits etc as well as identifying WW’S core competencies, assets and resources, and further evaluating the future trends and dynamics of the fashion retail industry. Our next step of action was to assess WW’s potential in terms of market positioning, highlighting competitive threats and commercial potential, assessing stakeholders relation by highlighting any opportunity or challenge for responsible and ethical business, assessing prospects for greater sustainability in our operations that would highlight our strength and weakness for the future and finally assessing short, medium and long term risk in the business. Keeping all these touch points in mind our final step of action was to communicate a definitive five year strategy for the success of WW’s business from 2015 to 2020, with metrics for social, environmental and economic performance as well as providing a comprehensive financial plan with estimates of inflows and outflows, identifying all the cost, investment and expected income for 2015 - 2020. In order to carry out this plan of action we as a board team got together to
Besides understanding the impacts and implication of sustainability on business models and the ability of the business to grow and perform well in the long term is very much essential. Hence as the new management of Wearing Well (WW) our main focus was to formulate a strategy that would transform WW into a leading retailer specialized in UK clothing retail industry. The strategy formulation process was one of the most challenging aspects of the business, because we as a team had to take various factors into consideration for the integration and implementation of our strategy. Our strategy development process began with indentifying the key assets of WW which included identifying their customers, their needs, habits etc as well as identifying WW’S core competencies, assets and resources, and further evaluating the future trends and dynamics of the fashion retail industry. Our next step of action was to assess WW’s potential in terms of market positioning, highlighting competitive threats and commercial potential, assessing stakeholders relation by highlighting any opportunity or challenge for responsible and ethical business, assessing prospects for greater sustainability in our operations that would highlight our strength and weakness for the future and finally assessing short, medium and long term risk in the business. Keeping all these touch points in mind our final step of action was to communicate a definitive five year strategy for the success of WW’s business from 2015 to 2020, with metrics for social, environmental and economic performance as well as providing a comprehensive financial plan with estimates of inflows and outflows, identifying all the cost, investment and expected income for 2015 - 2020. In order to carry out this plan of action we as a board team got together to