The concept behind sustainability is as simple as it is compelling: resources may only be used at a rate at which they can be replenished.

When most people see the word "resources," they think immediately of natural resources. But in order to thrive businesses actually need three types of resources: environmental (e.g., natural resources), social (including employees, customers and general societal goodwill) and economic (money).

In fact, these three factors comprise a common definition of business sustainability: increasing short- and long-term profitability by holistically managing economic, social and environmental risks and opportunities.

This definition is relevant both in times of recession and economic growth because the main drivers of sustainability don't change. The three factors have been the drivers of business success since mankind has been engaged in business endeavors. While sustainability may seem to run counter to the profit-maximizing doctrine of running a company, this concept of creating sustainable business processes is increasingly seen as a key to long-term success. 

Organizations can work toward sustainability in many ways, but to be truly effective sustainability initiatives cannot stand alone. They must transform the organization as a whole. This takes individual and coordinated efforts from many segments of a company.

Look at Sustainability Strategically

Nike, Coca-Cola, and Nestle are examples of companies that go about this strategically. They have figured out that if you do not change the way you operate -- and the way your supply chain operates -- you're potentially putting your entire business model at risk. They know that risk encompasses more than financial risk. If a company loses its societal mandate to do business then it faces as much risk as if it were struggling financially.

Nestle understands that to continue making very high-quality food products requires a planet that can produce a reliable supply of natural products. Its "Creating Shared Value" approach focuses on specific areas of the company's core business activities -- water, nutrition, and rural development.

Coca-Cola has been very aggressive around water development and protection, both for agriculture as well as in communities. Although the company does not own farms, it realizes that it has "significant opportunities within [its] global supply chain to develop and encourage more sustainable practices to benefit suppliers, customers and consumers."