It was the old time when business companies were only concerned about their profits and revenues. With the change in time, many innovations and modifications cropped up. We have begun caring about our environment and become aware of its present conditions. Since the emergence of this concept at the end of the 20th century, a multitude of theories, conceptualizations, studies, and business systems were introduced by management scientists. A popular phenomenon becomes so crucial in the business world, that without this, no company set its foot in the industry. With the numerous NGOs and not-for-profit organizations being phased in the market, environmental concerns are given substantial significance.
Sustainable Business Strategies — The Triple Bottom Line
Get PDF of this article. Sustainability has been an often mentioned goal of businesses, nonprofits and governments in the past decade, yet measuring the degree to which an organization is being sustainable or pursuing sustainable growth can be difficult. John Elkington strove to measure sustainability during the mids by encompassing a new framework to measure performance in corporate America. By focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of profits, people and the planet—triple bottom line reporting can be an important tool to support sustainability goals.
CSR Strategies That Deliver on the Triple Bottom Line
When Patagonia Inc. Patagonia is a consistent example of what the phrase "doing well by doing good" can mean, but it's not alone in that pursuit. Indeed, even in a political climate where some leaders in Washington, D.
The triple bottom line or otherwise noted as TBL or 3BL is an accounting framework with three parts: social, environmental or ecological and financial. Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value. In traditional business accounting and common usage, the " bottom line " refers to either the "profit" or "loss", which is usually recorded at the very bottom line on a statement of revenue and expenses.