What is the “Triple Bottom Line?”
- Money talks, and the idea that business exists only to serve the bottom line is still commonly held. Yet we can’t deny that a broader view of corporate responsibility has been gaining momentum. Many of the ideas and activities associated with The Triple Bottom Line aren’t new, but we like how it gives private enterprise a way to change how and why it exists by simply expanding its focus. Businesses that are based on the principle of the Triple Bottom Line aim to boost benefits to three areas:
- This includes taking holistic care of employees, benefiting customers beyond the product or service provided by supporting the communities and causes important to them, and looking for ways to help society in general.
- Naturally, this means not only addressing environmental concerns related to your business by reducing your carbon footprint, but also participating in pro-active preservation efforts.
- Simple. Aim to grow your business and meet your numbers while being a force for positive change.
- Sound to good to be true? After all, corporations have long made a show of giving to charity and posing as good corporate citizens. Often this backfires, giving the public the impression of a “wolf in granny’s glasses.” (All the better to eat you with my dear!)
- This is why the concept of the “Triple Bottom Line” is a real game changer. The goal is to incorporate the idea of social responsibility into a company’s mission statement, practices and product right from the business’ inception, through all touch points of the business, its place in its industry and the supply chain.
- That is a major shift. But why is it no longer enough just to tack on a big donation cheque at the end of the business day? Read on in 4 BIG WAYS THE TRIPLE BOTTOM LINE PAYS.