Are You a Triple Bottom Line Entrepreneur
Triple Bottom Line (TBL) entrepreneurs are committed to building businesses which have a three-fold benefit model. TBL businesses look beyond mere profitability by focusing on two additional factors of People and the Planet. TBL businesses are built, managed and operated under the premise that if you run your company always keeping in mind the 3 bottom lines of People, Planets and Profit the enterprise will succeed and endure over the long term.
TBL is as much about attitude as it is about action. As a TBL entrepreneur, you operate your business under the premise that it is not here just to serve your needs and the needs of your customer, but also the needs of the environment, the investors and the people who are impacted by the business and its operations.
The three components of the Triple Bottom Line are: People, Planet and Profits.
1) People – this segment encompasses your business’s internal and external impact on people:
- Internal: This is the human resource component of the TBL business. How do you value the people in your business? What are your hiring practices, work environment, raise and bonus policies, employee benefits and perks, etc?
- External: How does your business enhance the community around you? How do you give back to the community? Do you sponsor the local sports team, adopt a local highway, maintain a reputation as an ethical and trustworthy member of the business community, contribute to charity, buy your equipment and supplies from reputable and ethical companies and importers who are also committed to ethical business practices? Do you stand behind your products and services so your customers know you care about them as much as their dollar?
2) Planet-this segment encompasses your business’s impact on the planet.
- Materials Related: Do you maintain and follow a recycling plan? Do you recycle cardboard, paper, plastics, bottles and cans? Do you purchase green or recycled materials if they are available?
- Energy Related: Do you maintain and follow an energy management policy? Have you contacted your local power company for a free energy audit to determine methods of reducing power consumption? Are you proactively minimizing your company’s negative impact on the environment by using energy efficient light bulbs and fixtures?
- Environmental Related: How do you maintain the physical environment of your facility or business? Do you take steps to ensure you are not polluting the air and water?
3) Profits- this segment encompasses your profitability. Do you strive for a strong bottom line through sales, profits and return on investment for your investors?
Triple bottom line businesses are built, managed and operated under the premise that your company will grow and endure over the long term if you always keep in mind people, planet and profit. In an economic environment where resources are scarce and human capital is increasingly more valuable having a TBL focus is good business.
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