Triple Bottom Line Aspects

Subject: Business Ethics
Pages: 1
Words: 287
Reading time:
2 min
Study level: College

According to the triple bottom line (TBL) concept, the project’s financial, social, and environmental indicators must be taken into account. While commercial companies consider financial success as the main indicator of performance, companies with the TBL approach consider it only as part of the business plan. Socially responsible companies take care of both their employees and customers, providing them with full information about their products and services (Gillis, 2021). Taking environmental performance into account means that companies should strive to reduce their environmental footprint as much as possible. At the intersection of environmental, economic, and social components, sustainable development of projects and companies is when benefits are achieved without compromising the interests of future generations.

In only 3 hours we’ll deliver a custom Triple Bottom Line Aspects essay written 100% from scratch Get help

Companies need to maintain stable development for both the service and manufacturing sectors. This means creating and multiplying long-term economic, social, and environmental benefits. For a service company, the key component will still be customers, while for a manufacturing firm, it is the environmental aspect – this emphasis is the fundamental difference between them. For both areas, it would make sense to use a resource efficiency strategy. Increasing the cultural and technical level of personnel, mechanization of processes, and rational use of equipment are universal ways to improve the enterprise’s activity. It seems that the strategy of sustainable land use will apply exclusively to the sphere of production. This concept implies using land to meet changing human needs while ensuring the land’s long-term socio-economic and ecological functions (D’Amato et al., 2019). Focusing on the ecological aspect of doing business will help minimize the impact on the environment. Certainly, the service industry also requires the use of territory, but in most cases, it is not affected as much as it is in manufacturing.

References

D’Amato, D., Korhonen, J., & Toppinen, A. (2019). Circular, green, and bio economy: How do companies in land-use intensive sectors align with sustainability concepts? Ecological Economics, 158, 116-133. Web.

Gillis, A. S. (2021). What is triple bottom line (TBL) and why is it important? TechTarget. Web.