Updated: Dec 23, 2022
Businesses traditionally think about "bottom line" profits, but these often fail to measure external costs, like harm to people or the planet. Triple Bottom Lines take these into account. Here is a good primer:
Summary: In 1994, John Elkington coined the term “triple bottom line” as a challenge for business leaders to rethink capitalism. It was supposed to offer a radical new way forward, as businesses learned to stop focusing solely on profits and expand their focus to include improving the lives people and the health of the planet. But 25 years later, this radical goal has been largely forgotten, and “triple bottom line” thinking has been reduced to a mere accounting tool, a way of balancing tradeoffs instead of actually doing things differently. Today, we continue to outstrip our planetary boundaries with no sign of slowing down. And so Elkington offers a management concept “recall.” Because when it comes to sustainability, the time has come to either step up, or to get out of the way.
And this is a 10-minute interview with Lisa Geason-Bauer of Evolution Marketing, and discusses companies adopting TBL's and B Corp Certification demonstrates a company's entire social and environmental impact. (bcorporation.net)