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Creating a competitive business model is a primary aim of any businessman since it is vital to make a profit and contribute to sustainable development. Many organizations strive to obtain a competitive advantage and pay attention to financial, marketing, and resource planning ( How startups can benefit from a virtuous cycle, 2021). Despite the fact that some companies are successful, their virtuous cycle is still underdeveloped, which does not let the company go forward.
A virtuous cycle presumes the sequence of events that allows one to receive beneficial effects from them. This cycle has a snowball effect; for instance, when demand increases, the prices soar, raising the companys profit. This method underlies systematic thinking, which presumes that every step should be planned carefully to not ruin the entire business system ( How startups can benefit from a virtuous cycle, 2021). For example, Twitter has many followers, which makes its creators develop new app features; then, the latest developments attract more users to the platform ( How startups can benefit from a virtuous cycle, 2021). This chain loop affects the companys value and its impact in the field.
The virtuous cycle method also promotes responsible consumption and production. Since the modern world supports ecological sustainability, at least global companies must engage in related campaigns. Consumption and production are among the major engines of the world economy. It presupposes the utilization of natural resources and reducing the devastating impact on the environment. Additionally, it is targeted at improving resource efficiency and establishing a more sustainable lifestyle. Its ultimate goal is to provide stable economic growth and avoid environmental degradation.
When it comes to developing a sustainable business model, there are various ways to reduce waste production. Major food companies try not to throw away food leftovers and cut down on the amount of plastic used for production. Sustainable producers also offer reusable bags, use paper straws instead of plastic ones, and recycle plastic to halt contamination. What is more, the manufacturers can offer sustainable solutions for improving production. For instance, they may install solar panels instead of traditional electrical sources. These simple steps contribute to reputation growth because caring for the environment is vital for modern society.
The idea of sustainable consumption is that consumers will demand more green alternatives in various industries, thereby provoking new solutions and the gradual replacement of goods on the market. For example, people may start collecting garbage and turn it into artistic works (Imamura, 2022). Through recycling, individuals can come up with the materials that can be used, creating art pieces that can be further sold at the auction.
In conclusion, the virtuous cycle is indispensable for creating a sustainable business. When one even stimulates another and doubles the benefit, overall company growth is possible. All this should lead to changes in the economic model as well. Reasonable consumption and production should be a part of this virtuous cycle because they would boost the businesss reputation and revenue and make it more competitive.
References
How startups can benefit from a virtuous cycle. (2021). Hunt Club.
Imamura, H. (2022). Goal 12 responsible consumption and production; Goal 13 climate action [Lecture notes].
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