4 BIG WAYS THE TRIPLE BOTTOM LINE PAYS
- So why are companies, large and small, new and established, adopting the Triple Bottom Line philosophy? Eco- consciousness shift? Maybe. Growing global awareness? Perhaps. But more likely this trend is being driven by evidence that the Triple Bottom Line makes good business sense. It may seem like too big or deep an investment to make- but here are 4 big reasons that investing in people and the planet can result in positive returns:
1. Investing in people pays off.
- Smart employers know that happy employees are more productive and more loyal to the company. An added bonus is that working for a company that does good feels good- employees who believe that their job is part of something bigger will be that much more likely to put in the extra effort to promote your service or company.
2. Reducing waste means reducing costs.
- In the early days of his car production line, Henry Ford specified the size of the wooden crates his auto components should be delivered to the factory in. He then re-used the wood from the crates in the floor boards of the cars! (True story. My Dad told me.)
3. Sustainable business attracts investment.
- The growing socially responsible investment community is looking for organizations that can prove they deliver goods and services responsibly while acting as true benefactors to their communities. And many socially responsible investors have deep, deep pockets. It’s a win-win-win!
4. Consumers care.
- Today’s increasingly savvy customer is aware of the issues and recognizes the difference between companies who only pay lip service to “giving back” and companies who truly embody corporate social responsibility. Awareness of a business’s reputation on social or environmental issue may be the tipping point for why a consumer chooses one product over another, and in such a competitive marketplace, serving the Triple Bottom Line could give your company the edge. The key to benefiting from consumer savviness? Communicate it! Make sure the Triple Bottom Line is part of your marketing, so that your potential customers know about your sustainable practices- or better yet, get them involved!
- So to sum up, in striving for the triple bottom line, you serve the bottom line.
- And of course, we all live in this world and want the best for our children’s children, right? So, you know, there’s that!