Every business aims to have a sustainable business that allows for growth and innovation. However, for many, this can be difficult to achieve. This is why the triple bottom line or 3 P’s of business sustainability are so important. The 3 P’s are fundamental principles of development and can help your business to achieve those sustainability goals.
When it comes to sustainable business the 3 P’s are People, Planet and Profit. These three principles are crucial for building a sustainable business in the modern era. They are also utilized when assessing the current sustainability of your business, service, or product. The aim of the triple bottom line or 3 P’s is to have a balance between People (social responsibility), Planet (environmental friendliness), and Profit (economic profitability). Finding a balance between all three leads to an increase in profits, better brand awareness, and improved reputation overall.
Improving your business requires focus in all three principle areas. Start today by using some of these strategies.
As a sustainable business, you should ensure you look after human rights, development, and well-being. This applies to your employees and your customers. Also, consider the working conditions and compensation of those within your supply chain. Where possible, a socially responsible business contributes to the environment and community they operate in. Your business can do this by donating to charities, hosting events, or even directly helping at local organizations. By showing up and doing good within the community, locals will learn more about your business, and see the people behind it rather than just a corporation. This can have a huge effect on your brand image and reputation.
To make your business sustainable, you must look at the impact it has on the planet as a whole. This includes carbon emissions, locations of suppliers, and the materials you use. Aim to improve your business by using these environmentally friendly ideas.
A business must be profitable to be sustainable and to grow. After all, if you don’t make a profit, you’ll have to close. Making a profit also allows you to give back to your community, and reinvest within the business itself. By utilizing smart technology and innovations, you can save time which directly translates to cost savings. However, it is important to do your research and ensure that the new equipment is worth the initial investment. Finally, make sure that you have a unique offering or higher-quality offering for your customers. Good quality products that solve an issue are always profitable.
By focusing on the triple bottom line or 3 P’s, you can ensure your business is future-proof. Continue to re-evaluate each principle and align your business to follow the trends in each sector. This will enable your business to stay ahead of the curve and embrace innovations to build a sustainable business for the long term.