A "standpoint" is a certain way of seeing things or a way of thinking about the world.
For example, you can explain why you can't take someone's suggestion for a proposed construction project for your company:
It would be nice to have, I agree. But it just doesn't make sense from a business standpoint.
The "business standpoint" means thinking about the project as a businessperson.
Other common "standpoints" include:
a political standpoint
a legal standpoint
a practical standpoint
a technical standpoint