Business Strategy Versus the Sustainability Development Concept

The paper follows on results of the survey that was conducted in an area of individual and legal entities operating in the Czech Republic's market and pointed to the increasing demands of stakeholders on environment protection and social responsibility. The current situation in a business management calls for the need of a uniform approach integrating social and environmental concerns into an existing business management. Application of the "triple bottom line concept" is a response to this need. One of the possible and at the same time effective ways is its integration into the Balanced Scorecard Concept, whose logical connection with financial and non-financial perspectives enables to share sustainable business strategy at different levels of the company. This paper develops Balanced Scorecard for Sustainability Management that is crucial for measurement and evaluation of day-to-day social and environmental operations from following four perspectives: finance, customer, internal business process and learning and growth. Balanced Scorecard has been developed further based on comprehensive analysis and extensive review of literature on Sustainability Concept into a Sustainability Balanced Scorecard and there is proposed a methodology that will enable the implementation of the sustainability principles into corporate strategy through the Balanced Scorecard. The Balanced Scorecard developed in this paper provides a useful guidance for the practical managers in evaluation and measuring of Sustainability in a balanced way and proposes a balanced performance measurement system. This means that this paper offers not only a systematic review, which is crucial for advancing an academic field, but should be also used to inform and to enhance management practice. The theoretical part is supplemented by a case study. In terms of research methodology the paper is based on the results of the survey, the literature search and the analysis of documents dealing with the issue, along with modelling and analogy. The paper was created on the basis of a project SGS- 2013-040 Paradigm of development in the 21st century and its impact on the behaviour of economic entities.