23 Jun The Symbiosis effect of the Triple Bottom Line
The Symbiosis effect of the Triple Bottom Line
The advance of information technology and the Internet creates a stronger awareness of the triple bottom line concepts. Companies, once isolated in their Governance are now, voluntarily or not, being driven to consider societal and environmental issues.
Regardless of what effect climate change might possibly have on the world and the way we decide to source things like energy, oil is a limited resource and one that we will eventually exhaust. By making its model more cohesive with the model of a triple bottom line, there are many ways a company can position itself to enjoy a longer future and more stability during times of change and transition
To say that the world is changing would be an understatement, but as far as they concern the way businesses conduct themselves and the way people interact with them, these changes are really more of a return to and refining of the ways of the past and a rebirth of the sense of responsibility in corporate actions.
One of the major changes that has been brought into the world of business recently is the internet, and while it would be easy to go on about how this thing has acted like a tank of nitrous oxide when hooked up properly to existing business models or even strapped to new ideas, what’s most relevant is how it has connected people and made them more aware of the opinions and experiences of nearly everyone else on the planet. It has, as was predicted by James Burke back in the late 80s, created a more communal, in a sense localized community.
What this means for businesses is that there actions are on display to all of the world: before, after, at essentially all times. From the way they treat their employees, where they source their products from, to what they do with their waste is all held under a microscope by somebody, somewhere. And if there is a big enough problem, it can be impossible to hide. This forces a certain degree of responsibility on even the least scrupulous corporate entities.
But that sounds so negative, and it really isn’t. What modern corporate responsibility really means is paying attention to the communities you serve and conduct business in; paying attention to their needs, their concerns, their likes, and their dislikes can all improve productivity internally as well as improving external attitudes and customer opinions; creating stronger bonds with employees and customers both and building a legacy with a positive image that will stay with it for generations.
Now, environmental changes and social changes = what exactly? For businesses, the triple bottom line, the concept of corporate symbiosis. It means looking at relationships with community and conditions of environment as being inseparable from a company’s fiscal earning potential. And companies that invest in their communities and environment are already seeing the “positive blowback” from it.