The concept of sustainable development poses new challenges to every firm and new social, ethical, economic and environmental problems. At the same time, it is the new driving force aimed at implementing a sustainable strategy that allows the creation, offering and realization of additional economic, social and environmental value for the client, stakeholders and society as a whole, and building competitive advantages. According to the author, these problems can be solved more easily if managers build a system of dynamic capabilities, oriented towards the sustainability of the firm. Therefore, the main goal of the research is: 1) How can building dynamic capabilities support this process in the firm and what components should they include?, and 2) To develop a practically applicable model that includes recognizable, understandable and measurable for the firm and managers components of dynamic capabilities that ensure sustainable development and the realization of competitive advantages and firm's goals in the three dimensions - economic, environmental and social, taking into account the specifics and dynamics of the environment

Keywords : Dynamic Capabilities, Ensuring Sustainability, Functional Competencies, Competitive Advantages, Sustainable Development of the Firm.