Triple Bottom Line

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The triple bottom line or (TBL) focuses to a how a business’s deal with and take records on how its business activities impact the following in respect to people, planet and profit. It also emphasizes the greater accountability it should have in public reporting, communication and disclosure in regard to how the business itself as whole performs in environmental, social and economic dimensions. While reading I came to conclude that it is corporate social responsibility, which also is related to sustainability. All these terms which include triple bottom line and sustainability focus on the three factors of environment, social and economic. By incorporating the triple bottom line the responsibility I believe they emphasize the benefits to social groups outside the business as it a way of measuring activities of the business. On the other hand sustainability gives an equal importance to the benefits enjoyed by the business itself. Sustainability in my definition still stays the same as another point, is the importance of the future for the company in correlation with the sustainability factors. Another term that comes into play is corporate social responsibility, this practice emphasizes how firms should not only profit, but they should monitor and operate their business with little to no harm done to the social, economical or environment. The concept of the Triple bottom line suggests that businesses need to measure their success not only by the financial performance & profit, but also by their impact on the broader economy, the environment and on the society in which they operate. While reading much was learned as it gave a clear picture of really how much businesses depend on the social, environmental and economic aspects for success. Companies use not only financial resources such as investment dollars or sales revenues, but also environmental resources which include water, energy and raw materials. Lastly social resources such as employee’s time and talents,...
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