Business Sustainability Managing The Triple Bottom Line

Business sustainability is managing the triple bottom line. It’s a process that companies manage their financial, social, and environmental risks, obligations, and opportunities. There are three different types of sustainability. There is financial sustainability which is also known as economical or profit. There is environmental sustainability which is also known as planet, and then there is social sustainability which is also known as people. It is important for long-term sustainability and long-term improvements for continuing success. The first sustainability that I will talk about is environmental sustainability. Environmental sustainability involves making decision and taking certain actions that are in the interests of protecting and preserving the natural world, with certain emphasis on supporting human life. It is important to realize how large of an impact businesses and individuals can have on the environment. An example of a company that practices environmental sus tainability is Patagonia. Their mission statement states, â€Å"Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.† Patagonia is a business is silent sports. That means a sport that does not require a motor, and does not have a crowd to cheer. The only rewards come from the connection between person and nature. Patagonia is a company with strong moral and ethical values for the environment, and contribute solutions toShow MoreRelatedTriple Bottom Line Model Analysis1743 Words   |  7 Pages Triple Bottom Line [Name] [Institution] Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. 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(2011) and John (1994) established the term â€Å"Triple Bottom Line† as an approach for measuring sustainability performance. Govindan et al. (2013) explains that TBL consists of three words ‘Profit, Planet and People’ which implies measuring the company’s performance on three parameters ‘Economic, Environmental and Social’. It is an approach for evaluating management performance. In addition, the concept of TBL proposes that economic performance cannot be achieved alone at the expense