Sustainability Of The Triple Bottom Line - 1817 Words

Sustainability can be defined as ‘Adopting business strategies and activities that meet the needs of the enterprise and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future.’ (Labuschagne, et al., 2005) This essay will look at sustainability with the view of the triple bottom line, which is in some ways expressed in this definition with ‘human and natural resources’. By looking at the triple bottom line as concept developed by John Elkington, and cited by many scholars, the essay will look at the importance of each of the three elements (economic, social and environmental impact) to business. The Triple bottom line, a principle largely advocated by Elkington, is considered by scholars as a fundamental if a corporation is to succeed in the ever changing business world. It is seen to be no longer acceptable to expect success within business by only focusing on the profitability of a company (the bottom line). However, it has been proven in several cases that a company’s reputation and profitability can be damaged in an instant by not taking into account the impact on sustainability a business decision has. For example the social issues Google and Facebook faced in the form of ‘Cyber-bullying’ and government censorship for data protection. (Savitz Weber, 2013) This damage to a company’s reputation already goes some way to saying how important sustainability is to business. Today, brand image andShow MoreRelatedSustainability and Triple Bottom Line Reporting Essay1628 Words   |  7 Pagesfocus on the longevity of the organization. The successful business understands the concept of sustainability and sustainable development. Due to the competition in the various markets, businesses must not only be concerned with well-being of the organization but are encouraged to look at their business from the entire perspective in order to see their impact on the world around them. Sustainability is being considered by an increasing number of businesses due to the increase in environmental awarenessRead MoreBusiness Sustainability : Managing The Triple Bottom Line1124 Words   |  5 PagesBusiness sustainability is managing the triple bottom line. It’s a process that companies manage their financial, social, and environmental risks, obligations, and opportunities. There are three different types of sustainability. There is financial sustainability which is also known as economical or profit. There is environmental sustainability which is also known as planet, and then there is social sustainability which is also known as people. It is important for long-term sustainability and long-termRead MoreThe Triple Bottom Line Is A Global Authority On Corporate Social Responsibility And Sustainability1005 Words   |  5 PagesIf we were to ask 5 different people the definition of sustainability, we would receive 5 different answers. 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As our understanding and knowledge continues to grow, we continue to see just how important and closely tied our environment is to us. There have been policies made by governments all around the world in order to achieve a sustainable living style, as well as many smaller organizations in comparisonRead MoreA Lecture On International Sustainable Tourism1218 Words   |  5 PagesTriple Bottom Line During a lecture in International Sustainable Tourism, we discussed the Triple Bottom Line or Triple Bottom Line Reporting, which means expanding the traditional reporting framework to take into account environmental and social performance in addition to financial performance. This framework is becoming an accepted approach for organizations to demonstrate they have strategies for Sustainable Growth. It focuses on decision-making and reporting, which explicitly considers an organization’sRead MoreTriple Bottom Line Model Analysis1743 Words   |  7 Pages Triple Bottom Line [Name] [Institution] Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a moreRead MoreThe Triple Bottom Line Model1745 Words   |  7 PagesThe Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a more sustainable business whereas demonstrating to local communities togetherRead MoreBuilding A Sustainable Plan For A Business Model870 Words   |  4 Pagesaround sustainability, caring about mother earth, and still able to make money. The framework we will evaluate these organizations is through the triple bottom line method, process improvement, economic development, and giving back (altruism), as well as, build a sustainable plan for a company that had not implemented one in the past and is failing to accept any environmental responsibility. Beginning with the triple bottom line approach, we see this phenomenon discards the notion of top-line revenue/bottom-line