The Triple Bottom Line Is A Measurement Of Performance Essay

The Triple Bottom Line Is A Measurement Of Performance Essay

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The triple bottom line is a measurement of performance which includes social, environmental, and financial aspects. These are also referred to as the 3 P’s known as: people, planet and profit. Andrew Savitz explains the triple bottom line as “captures the essence of sustainability by measuring the impact of an organization 's activities on the world ... including both its profitability and shareholder values and its social, human and environmental capital” (Slaper, T. & Hall, T. 2011). The hospitality industry has many practices that include being socially responsible and environmentally conservative. Some of these practices include cost savings and reducing their impact on the environment in the following areas: Energy, Water, Waste, Green Building Practices, Purchasing in Bulk, Employee Engagement, Customer Education, etc. Many large chains include these practices in their hotels and some bed and breakfasts do as well. So how does an up and coming Bed and Breakfast compete or find their niche? Colorado Springs Historic Mansion already plans to include many of these practices in their establishment such as using fans instead of air condition when possible, giving guests the option to use their towels more than once, having a garden to offer fresh produce, and partnering with local businesses. Colorado Springs Historic Mansion also partners with a non-profit and offers jobs to people staying at the non-profit. These individuals may not have prior work experience, but have been abused and are trying to get out of a bad situation. Colorado Springs Historic Mansion offers them jobs to help these individuals or caretakers get back on their feet regardless of background. Colorado Springs Historic Mansion would like to make ...


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...o measure its initiatives in the following ways:
Social
• Charitable Contributions and Volunteer hours
Environmental
• Water consumption
• Energy Consumption

Conclusion
“In the 2010, Hospitality 2015 Game Changers paper, the consulting firm Deloitte states that hotels must develop an environmentally responsible brand and embed a 360-degree view of sustainability within the business model.” (How to Increase Your Bottom Line by Going Green, 2015). Business owners must understand the importance of sustainability to their business plan. Sustainability is important to customers, shareholders, and employees and can affect the bottom line positively if customers agree with your efforts and negatively if you aren’t doing the right thing and you receive bad publicity. Staying on top of sustainability efforts in the industry or having a niche in the industry is crucial.

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