This paper explores the tensions exhibited within the use of sustainability in relation to organizational activities such as strategic management and measurement of performance. Three different sustainability approaches are identified. It is argued that these approaches are based on different standpoints, which may result in misunderstandings and ambiguity. For this reason it is suggested to differentiate between business for sustainability, sustainable organization and sustainable business. Recognition of different organizational standpoints and approaches to sustainability is one step towards more comprehensive studies on sustainability in relation to organizational issues.