Businesses are transforming themselves rapidly by following sustainable practices as environmental and societal aspects are becoming highly prominent in the business world. Within this ever-changing context, theoretical and practical approaches, including innovation and process improvement, aim at unravelling environmental concerns. Execution of innovative approaches in a sustainable way needs the ability to improve business capabilities on a systematic basis. The growing environmental awareness from consumers is also a drive for businesses to apply sustainable practices, as it is vital for satisfying market needs and stakeholders’ expectations in an environmentally sensitive ecosystem. Similar to businesses, governments make an endeavor towards protecting the environment as well as fulfilling economic objectives. In this chapter, an overview of strategic avenues and managerial approaches is disclosed, towards achieving sustainable business development.