9 .
BUILD YOUR TRIPLE BOTTOM LINE ( TBL )
A business ’ s moral purpose and mission is not only part of business development – and the associated benefits – but it is also part of what consumers are expecting to see ( or read about ). A company should commit to focus as much on social and environmental concerns as they do on profits . In other words , instead of one bottom line , there should be three : PROFIT , PEOPLE , and the PLANET .
PROFIT : This is the traditional measure of corporate profit ( P & L ) PEOPLE : This measures how socially responsible an organization has been PLANET : This measures how environmentally responsible a firm has been
Definition : The triple bottom line is an accounting network with three parts : social , environmental and financial . Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value . Business writer John Elkington claims to have coined the phrase in 1994 . ( Wikipedia )
Companies ( of all types and sizes ), both publicly and privately held , can be managed in a way that not only makes money , but which also improves people ' s lives and the planet . The number of firms that subscribe to the TBL concept today is staggering ! And this is great news !
Contributes to achieving :
SDG # 5 Gender Equality SDG # 8 Decent Work and Economic Growth SDG # 9 Industry , Innovation and Infrastructure SDG # 10 Reduced Inequalities SDG # 12 Responsible Consumption and Production SDG # 13 Climate Action