According to research conducted, 77% of consumers are more inclined to purchase from companies when the companies themselves have responsible and ethically correct policies. Also, 25% of consumers and 22% of investors have a zero-tolerance policy for those companies without responsible policies.

The Triple Bottom Line

The Triple Bottom Line encompasses 3 categories, Profit, People, and Planet, that firms are encouraged to consider to help make their environmental impact. The goal is to incorporate sustainability practices into their business operations and beyond their goal of making a profit. 

Profit

Sustainable and ethical business practices have proven to drive business success through carefully designed business decisions. It is possible to make positive changes without jeopardizing profit and businesses are learning that stakeholders play a key role in creating value, maybe even more than shareholders. 

People

The people who are impacted today, customers, employees, etc., can impact future generations. The future of a cohesive society and the survival of your business ultimately comes down to how these groups of people are treated. Creating safe working environments, expanding diversity, and providing fair pay are just some of the improvements that today’s society is just beginning to take on.

Planet

We have a responsibility to leave the planet better than it was for the future. Climate change and pollution are just a couple of the looming problems, which businesses have the power to combat. Eliminating harmful gasses and wastes not only secures a chance for a cleaner earth, but it lets others know that they can follow the same path. Businesses can make adjustments to the way they source their materials, use energy, and ship products. 

Overall, the Triple Bottom Line can help both the environment and your business thrive in the future, and it all starts with the individual. Adapting the mindset that sustainability is important to help build a community of people who think the same thing. 

References

Miller, Kelsey. “The Triple Bottom Line: What It Is & Why It’s Important.” Business Insights Blog, 8 Dec. 2020, online.hbs.edu/blog/post/what-is-the-triple-bottom-line.

Stedman, Craig, and Alexander S. Gillis. “What Is Triple Bottom Line (TBL) and Why Is It Important?” WhatIs.Com, TechTarget, 24 Mar. 2023, www.techtarget.com/whatis/definition/triple-bottom-line-3BL.

“Why Corporate Social Responsibility Matters in Today’s World.” Ledger, campuspress.yale.edu/ledger/why-corporate-social-responsibility-matters-in-todays-world/. Accessed 3 Dec. 2023.