Triple Bottom Line
Triple Bottom Line
Business sustainability is one of the most challenging part in the current organizational affairs. In most cases, business fails to move to the next stage due to the lack of various components, which are crucial in the development and the sustainability of the business. However, today, with the introduction of the Triple Bottom Line concept (TBL), businesses can enjoy increased profitability, economic sustainability, and growth of markets.
Important of TBL in Today's Environment and Businesses
TBL is a concept which is deeply rooted in the environmental, social, and economic value of investments, and whose major aim is the sustainability and development of businesses (Hammer & Pivo, 2016). Notably, the sustainability of business entailed in the concept is long-term in nature. The triple bottom line has gained popularity and enhanced the economic development in a majority of the regions. There has also been an economic stabilization in a majority of the places and regions, where businesses had not been doing well before the introduction of the triple bottom line concept.
A majority of the areas where people have been struggling to ensure there are social, economic and environmental sustainability and development, have been forced to adopt the triple bottom line concept, so as to enhance their goals. The triple bottom line has also been used by businesses and organizations to enhance better financial gains for the companies, through the striking of goals which enhance the business profitability, market orientation, as well as a boost to the products produced (Jackson, Boswell, & Davis, 2011). The triple bottom line has also enhanced environmental profitability as well as social development.
Hammer, J., & Pivo, G., (2016). The triple bottom line and sustainable economic development theory and practice. Economic Development Quarterly, 31(1), 1-12.
No More Academic Problems! Place Your Order and Let the Pros Do It for You!