{"id":9028,"date":"2016-02-03T06:36:26","date_gmt":"2016-02-03T06:36:26","guid":{"rendered":"http:\/\/localhost:8080\/uk-blog\/?p=9028"},"modified":"2021-03-18T12:52:30","modified_gmt":"2021-03-18T12:52:30","slug":"triple-bottom-line-concept","status":"publish","type":"post","link":"https:\/\/www.answerconnect.co.uk\/blog\/mission-values\/triple-bottom-line-concept\/","title":{"rendered":"Triple Bottom Line Concept"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/sustainablitychart.jpg\" alt=\"Venn diagram with three interlinking circles; People, Planet and Profit, emphasising the triple bottom line concept.\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Three \u201cP\u2019s \u201d of The Triple Bottom Line<\/strong><\/h2>\n\n\n\n<p>Here at AnswerConnect, we believe businesses are responsible for more than just making money. People and Planet are equally as important as Profit as a measure of success as a business. That\u2019s why we adhere to what\u2019s known as the Triple Bottom Line.<\/p>\n\n\n\n<p>Never heard of the triple bottom line concept? Let\u2019s look at some examples of the triple bottom line, and how it affects you, your business and the planet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Embrace the triple bottom line to grow<\/h2>\n\n\n\n<p>Companies that follow the triple bottom line concept of doing business consider the impact their actions have on everyone associated with them.<\/p>\n\n\n\n<p>That includes everyone from:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The suppliers who provide raw materials to your business.<\/li><li>The intermediaries involved in selling and distributing your products and services.<\/li><li>The CEO, managers and team leaders who define the structure of your organisation.<\/li><\/ul>\n\n\n\n<p>These companies offer:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Health care plans.<\/li><li>Good working hours.<\/li><li>A healthy, safe place to work.<\/li><li>Opportunities for progression and education.<\/li><li>A work environment free of exploitation.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/Tree-planting-.jpg\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/u3vwHvJHVtAjW8rvmIOlWnj0Lhjnn1lOykV1WoQCs2HdQhzW1OTw_ebKnucC9vmVGvM0TTR7SKEhceiJFjhRT_J40ht-X593zg=s1024\" alt=\"Planting a tree as part of the triple bottom line strategy\" class=\"wp-image-634\"\/><\/a><\/figure><\/div>\n\n\n\n<p>In some cases, the \u201csocial\u201d bottom line also includes the community where the company is based.<\/p>\n\n\n\n<p>In 1994 John Elkington coined the phrase \u201cThe Triple Bottom Line\u201d.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Economy \u2013&nbsp; Profit, growth, revenue and cost.<\/li><li>Social \u2013&nbsp; People, employee welfare, fair trade and charitable contributions.<\/li><li>Environment \u2013 Planet, resource consumption, land use and waste management.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Profit<\/h2>\n\n\n\n<p>All of which make up the sustainability of a company. Every business needs to make a profit. Economic growth \u2013 a significant factor in social wellbeing \u2013 relies on continued, sustainable growth.<\/p>\n\n\n\n<p>For businesses, there are several indirect cost savings to adopting sustainable work practices. Chief among these is the move to a flexible working model. Stanford University conducted&nbsp;<a href=\"https:\/\/www.inc.com\/scott-mautz\/a-2-year-stanford-study-shows-astonishing-productivity-boost-of-working-from-home.html\" target=\"_blank\" rel=\"noreferrer noopener\">a study<\/a>&nbsp;of 500 people who worked both remotely and in a traditional setting. The research found that home-based workers enjoyed a full day\u2019s worth of increased productivity over their office counterparts. That added productivity translates to better performance and greater gains for the business.<\/p>\n\n\n\n<p>A sustainable business policy is essential to the survival of the planet, but it can also have a profound impact on the survival of your company. In the UK, for example, the decline of the steel and coal industries was envisaged long before it began. Yet many companies struggled&nbsp;to adapt.<\/p>\n\n\n\n<p>Thousands of people lost their livelihoods. Whole communities \u2013 including local businesses \u2013 were hit by the fallout. The effects are still felt in communities across the UK. But this short-sighted approach to business is only just being questioned.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/Documents-on-desk-work-from-home-policy.jpg\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/rq-va5-oQZaFqLgwQjY6SW8oqrBqhRwH_4A05E7MMc9J4ZyB3HH1pt3QGHJ4QUqNQJhTKj-E2NwVSd7D6AkPlTaCFXX8100D0Q=s1024\" alt=\"Harnessing profit in your triple bottom line\" class=\"wp-image-635\"\/><\/a><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">People<\/h2>\n\n\n\n<p>It\u2019s also vital that businesses develop policies to create an ethical and responsible social code. With a robust social code \u2013 including the ethical sourcing of materials, the equitable treatment of employees and a commitment to invest back into the local community through education and social programs \u2013 organisations can create a harmonious cycle of reciprocal growth.<\/p>\n\n\n\n<p>Just as importantly, however, is the impact on employee happiness. A&nbsp;<a href=\"https:\/\/www.citrix.com\/content\/dam\/citrix\/en_us\/documents\/white-paper\/economic-impacts-flexible-working-us-2019.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2019 study by Citrix<\/a>&nbsp;found that \u201c73% of current remote workers report that flexible working improves personal wellbeing and the ability to balance work with outside activities.\u201d<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/Smiling-woman-writing-with-headset-in-home-office.jpg\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/cOZ7YTxx83XOEJtrMi-l0TiWb0e_nuUjgV0DbmMJ8xmEZA-n18xxs3xfxg2VbcHCHxv1ZRrB7_H1NJ8JcjkaXizKKikv5nFnwQ=s1024\" alt=\"Looking after people as part of your triple bottom line\" class=\"wp-image-637\"\/><\/a><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Planet<\/h2>\n\n\n\n<p>With modern government initiatives designed to incentivise waste and pollution reduction, it also makes sound fiscal sense to shift to the triple bottom line model. The UK offers a number of&nbsp;<a href=\"https:\/\/www.gov.uk\/government\/publications\/environmental-and-sustainability-policy\" target=\"_blank\" rel=\"noreferrer noopener\">tax incentives<\/a>&nbsp;to companies that adopt sustainable working practices.<\/p>\n\n\n\n<p>Adding green features \u2013 including energy-efficient heating and lighting for your office, paperless processes, and carpool schemes can all net organisations\u2019 savings. Of course, distributed work \u2013 where employees can work from anywhere without the burden of a daily commute \u2013 is another highly effective policy. Not only does it save employees time and money on travel \u2013 but it also cuts your team\u2019s collective carbon output.<\/p>\n\n\n\n<p>And this shift couldn\u2019t come a moment too soon. A&nbsp;<a href=\"https:\/\/www.nytimes.com\/2019\/11\/26\/climate\/greenhouse-gas-emissions-carbon.html?smid=nytcore-ios-share\" target=\"_blank\" rel=\"noreferrer noopener\">recent UN report<\/a>&nbsp;stated that \u201cTo stay within relatively safe limits, emissions must decline sharply, by 7.6% every year, between 2020 and 2030.\u201d<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/Earth-there-is-no-planet-B.jpg\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/werKIHVI1D42fXw3WGC5WAq7zkPtRmcXQ__8mJWwkwLSEFvpdaMoj_66tCrPZ3F0vCSWq4BdFg1Dre8bjxON-NVj_agC6baWt3w=s1024\" alt=\"Protecting the pale blue dot in your business via triple bottom line concept\" class=\"wp-image-636\"\/><\/a><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Trust the process<\/h2>\n\n\n\n<p>As more companies embrace the triple bottom line concept, there is a chance to redefine the purpose of business in society. More importantly, it\u2019s an opportunity to build robust business models that respond to the needs of everyone rather than a select few. The three values are mutually dependent on each other \u2013 and can be mutually beneficial. To create a truly sustainable company \u2013 you have to put your faith in all three.<\/p>\n\n\n\n<p>There are so many ways we can help, and with just a little research we can improve the triple bottom line for your company. For AnswerConnect, our mission to help businesses is also entwined with our mission to help people and the planet.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/answerconnectbloguk.storage.googleapis.com\/People-working-around-desk-on-work-from-home-policy-probably-small.jpg\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/hbopo49EkBKFgh7fYQaCenQ_3osrXalBFtVAzpBhw4dmd2imj1D7l45NJu5aiMCtGyg8TsKlUQuF8cDWkpEQFfMdwQsgPnr0KQ=s1024\" alt=\"People sat around table discussing triple bottom line policies\" class=\"wp-image-638\"\/><\/a><\/figure><\/div>\n\n\n\n<p>Working with&nbsp;<a href=\"https:\/\/www.answerconnect.co.uk\/onetree\" target=\"_blank\" rel=\"noreferrer noopener\">1 Tree 1 Planet<\/a>, we plant a tree for every customer and every employee every month. Around 15 billion trees are cut down annually. But trees are the lungs of our planet, and trees are also essential to absorb excess CO2 from the atmosphere.<\/p>\n\n\n\n<p>Through this initiative (coupled with a move to working anywhere and cutting the commute), we can offset carbon emissions levels and build a brighter future for people and the planet.<\/p>\n\n\n\n<p>Call AnswerConnect at&nbsp;<strong>0800 802 1609<\/strong>&nbsp;or register&nbsp;<a href=\"https:\/\/www.answerconnect.co.uk\/view-pricing\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>&nbsp;today to ensure your clients are greeted by capable, responsive professionals 24\/7\/365.<\/p>\n\n\n\n<div class=\"wp-block-group ui__takeaway\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Quick takeaways.<\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>Here at AnswerConnect, we believe businesses are responsible for more than just making money. People and Planet are equally as important as Profit as a measure of success as a business.<\/li><li>As more companies embrace the triple bottom line concept, there is a chance to redefine the purpose of business in society.<\/li><li>At AnswerConnect, our mission to help businesses is also entwined with our mission to help people and the planet.<\/li><\/ol>\n<\/div><\/div>\n\n\n\n<p><em>This article was originally developed by Gerry McColl. It was updated on 30.01.2020&nbsp; by Ben Graham<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Three \u201cP\u2019s \u201d of The Triple Bottom Line Here at AnswerConnect, we believe businesses are responsible for more than just making money. People and Planet are equally as important&#8230;<\/p>\n","protected":false},"author":6,"featured_media":9046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-9028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mission-values"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Triple Bottom Line Concept: What Does It Mean And How Does It Work?<\/title>\n<meta name=\"description\" content=\"Never heard of the Triple Bottom Line concept? 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