In the world of myths, there is one more myth that lies, which states that every businessperson is nothing but selfish and self-centered. Indeed, when a businessperson establishes their firm, the only idea that brews in their mind and grows with time is to ensure their company achieves milestones that weren't accomplished yet. From a businessperson’s perspective, you will notice nothing wrong with that. However, from the world's perspective, being self-esteemed isn't right. If a business is thriving and has made a remarkable place in the market, then now, it is the company's responsibility to commit to focusing on social and environmental concerns as much as they do on profits.
The Triple Bottom Line consists of three essential elements: profit, people and the planet. Currently, you are an undergraduate student whose only tension for now is to get management assignment help. However, in your course of studies, you will undoubtedly interact with much-related information that will enhance your knowledge. So, for now, rather than staying focused on your tension, let's try to expand your knowledge wagon for a change. Here's everything you need to know about the Triple Bottom Line.
Invented in 1994 by the corporate responsibility strategist John Elkington, he stated that instead of focusing on the company's profit, an organization should focus on three, profit, people and the planet. The concept of the Triple Bottom Line is to make companies understand the value of the environment and know their social responsibilities as well.
By the late 1990s, companies started to understand their responsibilities towards the surroundings, society, and environment, and that's where the changes started taking place. Additionally, the environmental, social, and governance (ECS) started embedding and became part of business strategies.
Moreover, from the business perspective, the triple bottom line doesn't emphasize focusing only on environmental and social concerns rather than profit. However, the TBL suggests that the three Ps are interlinked. With time, it has been noticed that focusing on sustainability, ethics, and business integrity can enhance corporate performance without denoting it as an additional expense.
The complete form suggests that the three Ps are Profit, People, and the Planet. Now, as a student for you, your only concern is to get assignment help. However, if you care about the planet and the environment you breathe in, you can see why change is essential. Moreover, the three P's stand for the following:
From a business perspective, there is no doubt in understanding why the profit for any business is essential. If a business is running in profits and the returns show an improving graph every financial year, the company remains sustainable, and so is employment. Before the TBL, profit had only one definition, a company making profits in monetary terms. However, the thinking and meaning have been trimmed after the triple bottom line. Some people also stated that profit is not only for a company but also those surrounded by it. And indeed, this statement is wrong because a businessperson who owns a company must pay many people connected to the organization. Therefore, for a company, the TBL is essential so that they can help others, including charities and fundraising events.
Discussing the triple bottom line and how it has affected the organizations and people connected to it. Well, as you must know, an idea and a plan aren’t the only thing for a company's successful run, and it requires resources and people for flawless execution. Suppose there is a clothing manufacturing unit; for that company's successful run, besides money and plan, the vendors, labor, supervisors, and customers are essential to get the profit. And once the profit is in, the assets are helpful enough to pay the vendors and employees of the company. Before the TBL, the companies prioritize paying investors and shareholders first. However, since the triple bottom line, every individual attached to a company holds the same importance as an investor.
No need to tell how much a factory affects the environment and what impact it leaves on the planet. Factories are responsible for air and water pollution, including the waste material it invades. The constant use of electricity and the 24/7 running of mills and factories are damaging the environment and the planet. To save the environment and help the planet to heal from all the damage that has been done until now. The company owners are taking charge under the consideration of the triple bottom line as they are now focused on eco-friendly materials. The first change made and seen is in the packaging material. Several companies have said no to plastic packaging and are now focused on paper packaging, a fancy and highest-selling product.
However, as you read above, the triple bottom line is helping people and the planet to heal, which is very important. But the new sustainable changes are indeed costly, and so, as there are some advantages of the TBL, there are some disadvantages too; let's move forward to know the same.
Along with advantages and disadvantages, there are some challenges with the TBL method; below are some challenges faced by organizations due to the triple bottom line.
And here ends everything you need to know about the triple bottom line. For now, you should return to your studies, and your assignments are still waiting to be completed. So, if you need assignment help, here we are at Online Assignment Expert.
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