As I stated before, sustainability is often referred to as the triple bottom line. John Elkington, the founder of a British consultancy called SustainAbility, first coined the phrase in 1994. He argued that companies should be preparing three “bottom lines”. The first bottom line is the bottom line of the profit and loss account. The second bottom line is that of the company’s people account, which is a measure of how socially responsible an organization has been. The third bottom line Elkington stated is the company’s planet account, which is a measure of how environmentally responsible a compa...
... middle of paper ...
...y do so because of the cost of it. Which is understandable but in the years to come, not investing in sustainability could hurt in the long run. They could end up going out of business in years to come. In the 21st century, sustainability is emphasized more and more for reasons such as the depletion of fossil fuels and the erratic climate patterns. “Organizations are aspiring to adopt a sustainability philosophy that guides every aspect of business operations” (Cullen., n.d). Sustainability used to be viewed at as cost but now it is being viewed as a source of undergoing value. One goal a company wants to meet is to remain competitive. Transitioning to sustainability will allow them to remain competitive. It may cost to transition the company but it will benefit in the long run. Sustainability is growing. It is being researched more and it is being taught in schools.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- A declared goal of multiple corporations, non-profit organizations, and local/state/federal governments in the past ten to fifteen years has been sustainability. Although sustainability is a goal for many, measuring the degree to which a business is being sustainable or tracking sustainable growth can be challenging. A man by the name of John Elkington saw the need for a sustainable growth measurement system, and strove to measure sustainability by bringing to view a new outline to measure sustainable performance in corporate America.... [tags: Sustainability, Triple bottom line]
1143 words (3.3 pages)
- A declared goal of multiple corporations, non-profit organizations, and local/state/federal governments in the past ten to fifteen years has been sustainability. Although sustainability is a goal for many, measuring the degree to which a business is being sustainable or tracking sustainable growth can be challenging. A man by the name of John Elkington saw the need for a sustainable growth measurement system, and strove to measure sustainability by bringing to view a new outline to measure sustainable performance in corporate America.... [tags: Sustainability, Management, Triple bottom line]
721 words (2.1 pages)
- Triple bottom line- Building a roadmap for responsible and sustainable business “Champions of sustainable development like to use a triple bottom line approach based on the tripod of Ecology, Equity and Economy…” – William McDonough In the centuries earlier, a business was perceived to be efficient if it was successful in earning profits for its owners, thereby serving their pecuniary interests well.... [tags: Sustainability, Triple bottom line]
1046 words (3 pages)
- In recent years, there has been a push for companies to look further than the traditional bottom line. While profit metrics such as net income seem to have some of the strongest reaction in the market, firms have now begun to see that their value should extend past that. As a KPMG report on corporate sustainability defined, “…corporate sustainability is defined as: ‘adopting business strategies that meet the needs of the enterprise and its stakeholders today while sustaining the resources, both human and natural, that will be needed in the future.” (pg.12) It shouldn’t be taken to mean that corporate sustainability is simply a “green”, or environmentally friendly, strategy.... [tags: natural environment, business practice]
942 words (2.7 pages)
- Today’s world is extremely complex in the sense that it is constantly changing. Not only is the world itself changing, but societies and the environment are consistently growing and developing. This constant fluctuation between these two categories is affecting all types of organizations, especially businesses. Due to the constant changes in today’s world, shareholders and stakeholders expect information about the financial, operational and investing activities of a business. Businesses are either flourishing or failing, but all the businesses that are most successful do not only owe their success to the products or services that they provide but also dedicate a portion of that success towar... [tags: Global Reporting Initiative, Internal Control]
1638 words (4.7 pages)
- . The idea that they need to consider stakeholders’ expectations and be more responsible towards the resources they depend upon has been raising lately (Steurer et al., 2005). As so, the concept of sustainability and more precisely the one of sustainability management have been gaining weight. Sustainability management can be defined as the integration of sustainable practices within the business to achieve the Triple Bottom line objectives, enunciated by John Elkington. These objectives encompass environmental and social considerations on top of the single economic goal of adding economic value.... [tags: Sustainability, Triple bottom line]
988 words (2.8 pages)
- In a Harvard Business Review (HBR) article, “Why Sustainability is now the Key Driver of Innovation”, the contributors argue against the common view: that as businesses become more environmentally friendly they become less competitive and profitable (Nidumolu, Prahalad, & Rangaswami, 2009) The contributors go on to say that companies who initiate environmental sustainability will develop competencies that competitors won’t be able to match and that ultimately, “sustainability will always be an integral part of development” (Nidumolu et al., 2009).... [tags: Sustainability, Recycling, Triple bottom line]
1210 words (3.5 pages)
- 1. Introduction Nowadays, the business world has demonstrated essentials of intense competition and globalisation as well as the requirement for high standards of sustainable development. This is due to that the ever-increasing resource consumption bringing massive products and services are rapidly depleted in order to satisfy the needs and wants from consumers. The crisis that the world including each single human being on the plant faces today regarding the climate change, resources depletion and social well-being sharply decreased and so on.... [tags: Sustainability, Triple bottom line]
928 words (2.7 pages)
- Explore Nike’s Corporate Strategy: What Contributions and Conflicts Among Different Stakeholders Nike is ranked as the most innovative company in 2013 (Carr, 2013) and one of the most sustainable firms by Innvest (Epstein et al., 2010). There is no doubt that Nike has a strong reputation and innovation image in the sport business industry. However, before 1990, Nike was marked as a symbol of slave salary, work over time and environmental shortcuts (The Guardian, 2013c; Balch, 2012). Moreover, climate change had become a global issue.... [tags: Sustainability, Triple bottom line]
1749 words (5 pages)
- 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.... [tags: Sustainability, Environment, Environmentalism]
769 words (2.2 pages)