Evaluation Model of Business Sustainability: Analysis and Consolidation of Existing Approaches

Abstract

The concept and practicalities of sustainable business development attract increasing interest of general public, companies, legislators, activists, academics and many others. Our understanding of what constitutes sustainability is evolving, especially nowadays when the pandemic and digitalization caused major shifts globally. In such conditions, it is no wonder that managers and business owners may face difficulties in implementation and evaluation of sustainable practices. Therefore, The objective: of the paper is to examine theoretical foundations of the concept of business sustainability and propose an up-to-date model for its appraisal. The paper is divided into two primary parts in addition to introduction and conclusion. The first part is dedicated to the examination of the terms ‘stability’ and ‘sustainability’ universally and in business environment. The second part includes description of our suggested evaluation model of economic, social and environmental sustainability perspectives using relevant indicators. Methods/Analysis: the research includes review of academic literature and empirical research on the topic of business sustainability and analytical consolidation of existing approaches to its appraisal. Findings: theoretical contribution to perception and development of the conditions of business stability and sustainability, and evaluation model including specific indicators across the three primary sustainability directions. Application/Improvements: the research is useful to general public, but is of special interest to business leaders interested in implementation of sustainable practices.