Essay On Triple Bottom Line

The Triple Bottom-Line Concept Explained
The Triple Bottom Line (TBL) concept is a unique concept that is anticipated to develop the goal of sustainability and to measure environmental responsibility. It consists of the three Ps: Profits, People and the Planet. Together, the three Ps takes into account the use of sustainable environmental practices, measuring the social, environmental and financial strength of the firm.
The Triple Bottom-Line Concept’s Best Strength and Its Worst Weakness
The strength of the TBL is that it measures the social, financial, and environmental performance of the firm. It also takes into consideration sustainable practices as well as measures profitability and the reduction of environmental impacts. It also empowers

Environmental
3. Social
The economic measurement of a firm is used to decide how much is generated in monetary value. It takes into account the method of using traditional accounting principles that consider the inflow and outflow of capital from the firm which includes assets, liabilities and cash. Clearly, the TBL identifies that economic sustainable principles are the pillars that strengthen its ability to work pleasantly in its social and environmental backgrounds. That is why profits are calculated when employees’ movement and the costs of pollution are considered.
The social measurement of the firm is sometimes considered a difficult task to measure or define because it takes into account the impact that a firm has on people within the organization and the society at large. As a result of this, the TBL works in ways that create welfare or benefit the society by ensuring that it is not being demoralized or threatened by the firm’s operation. The TBL considers social factors that include labor utilization and pay rates, ethical principles, health and safety needs and contributions to the living standards of people within and outside of the

It is important to note that the TBL concept can be used by governmental agencies, national and international organizations, and the business community. The TBL concept can be used by corporations to make resolutions in a more transparent way by allowing society to gain an in-depth understanding of its commitment to corporate social responsibility. On the other hand, governments around the world can use the TBL concept to help society evaluate and compare corporate performance across all three measures against the firm’s goals and objectives in the long run.
How the Triple Bottom-Line Concept Applies to Your Current