From a strictly capitalist point of view, business tend to prioritise the revenues over the responsibility of the environmental and social expenses of their trade’s activities. Whilst some individuals are of the claim that social and environmental consequences is the most important factor to consider when choosing a business activities as the firms who continuously ignore such ones may even be harming their profits. From my perspective, I comprehensively advocate with this opinion based on some major reasons that are explained in this essay.
From a business point of view, it is undeniable that public awareness of green issue is at an all-time high and it is too hard for firms to restrict pollution and encourage recycling products are often looked on more favorably by consumers. This would result in development of brand recognition and long-term success. Moreover, environmentally friendly is not better for the earth, it could also give companies an advantage over competitors. For instance, if the proposal of alleviating their environmental impact, firms can tap into it to drive purchase and receive tax credits in return, so clearly there are also economic rewards to being environmentally friendly.
On the other hand, despite the idealistic nature of lessening the environmental issue, extremely few businesses opt for boost revenues regardless of environmental effects. In this day and age, there are still some factories emit hazardous substances, contaminated water and so on into the environment as they want to cut down on the waste treatment costs. If these actions are detected, the enterprises will provoke negative social reactions and be banned from trading within certain markets. On the contrary, those businesses who work hard to maintain the public trust and more likely to create the way of sales, leading to more revenue.
In a nutshell, I contend that companies should place as much importance on their social responsibilities as they do on their financial objectives. If they want to succeed, we will pay attention to these factors which is attributed to increased sales.