The triple bottom line theory helps the organisation focus on its social and environmental issues. These points will consider in mind if the company will not be able to make a profit. TBL's theory defines whether the company will focus on their particular finance section. On the other hand, they did not give importance to their company's social platforms. Due to this, the company will be unable to understand the whole market picture. The company also face difficulties while doing business at full cost. Based on the theory of TBL, the company have to work on its 3 Ps in these three bottom lines:
Profit: In the corporate industry, profit is the traditional term to maintain and gain. The motive of the company is to implement the company strategy for profit earning.
People: This is the responsibility of the company to understand the importance of people in the market. Organizations have to examine social platforms to check the demand of people and company value from the public point of view.
Planet: The company must take care of its environment and surrounding areas. These are the important details that they have to consider in their mind while working in the company.
What is Triple Bottom Line
Triple Bottom Line will provide the company with a sustainability framework. Under this procedure, the company will be able to measure the business and its success. The triple bottom line concept is to expand the business's success. This procedure will include the metrics, and it will also include environmental health. John Elkington introduced this term in 1994. The importance of the triple bottom line in the company is to give priority to financial performance.
On the other hand, this will help the organization maximise the company's profit. This term is sustainability based on the accounting method that will focus on the people, profit and planet. Most companies, business non-profits and government companies use this TBL term in the market. This will help them to gain funds and improve their financial gains. Moreover, the company will be able to get the environmental impact to improve the image of the company on social platforms.
How to implement triple bottom line?
The implementation of the triple bottom line will focus on the three kinds of the framework. Under this procedure, the company will focus on people, the planet and profit for the company. On the other hand, they examine each element to focus on the demand for company products in the market.
The main motive of this triple bottom line is to maintain the demand for company products in the market. Tesla is the most famous company in the automobile industry that applies triple bottom line terms in its development. This company has introduced the novelties idea of introducing 100% electric vehicles. This is the best example to define their marketing strategies as they have been focusing on increasing the brand value of the company in the market on international level.
This benefits the triple bottom line term in the company and for implementation. The company must check people's demands and take care of the planet. Due to this electronic innovation, Tesla will be able to protect the environment and attract consumers towards their brand.
How to measure the triple bottom line?
The triple bottom line measurement can be checked based on the company's profit. If the organization is able to maximize the profit of the company. On the other hand, if the company is able to manage the profit, people and planet terms and conditions in one direction. Then it will define that the company will be able to give the best measurement of the triple bottom line.
The triple bottom line's importance is to examine everyone's effects towards the company brand and value. Moreover, this is not just the element, the business and corporate leaders will be able to check the demand for their products on social media platforms. During the time of measurement, the triple bottom line of the company, the social communities will make an impact on business and the planet.
This will help the company to focus on its environmental sustainability and develop the value of its products in the market. This is the importance of measuring the triple bottom line in the organization.
Triple bottom-line reporting
The triple bottom line report defines the company's accounting framework. Based on it, the company will be able to incorporate three types of dimensions. This will include the social, environmental and financial performance of the company. The triple bottom line report includes the frameworks that examined the ecological, environmental and social measurement.
These are all the terms and measurements that are defined in this report. Moreover, this report defines the company to check their working policy and procedures. If the company is able to get positive results. Then it defines that the company has been doing great in their brand development. The triple bottom line report will help the company improve their marketing strategies and brand value in the market. Moreover, this report suggests the company make changes in its marketing strategies.
These are the benefits the company will get from the help of the triple bottom line report. This report will focus on the social platforms and people activities in the market. This data can help the company to check its product market value and demand in the market.
How to complete triple bottom line Assignment in Australia
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