Effective delivery of the finance function and sustainable business models in hotels in the British Isles

摘要

This chapter reviews the professional accountancy literature to gain an overview of extant definitions of sustainability and value, starting with the Brundtland report and the Triple bottom line (TBL) report on “people, planet and profit”. Sustainability or social accounting is traced up to the most recent Integrated Reporting (IR) initiative. The Accountability framework called Enterprise Governance devised by the International Federation of Accountants (IFAC) is discussed. The two dimensions of conformance or governance and performance are explained and the value creation imperative is shown to rest within the performance dimension. udUsing recent literature, the debate moves on to show that value is created through the business model of the organisation and the six capital sources and is retained through knowing when to change the model to avoid erosion of value in the face of a fast-changing world. Using academic and professional literature, the key role of the finance function in sourcing, delivering and retaining value is discussed. To unlock, measure and maximise the value from sustainable business models is a challenge. Some Irish case evidence of sustainable business models and environmental practices is presented. The chapter concludes noting that sustainability is about smart business as well as about social conscience. The importance of people, in particular the finance professional, in creating value is noted. ud