15 Jan Why should you strive to achieve all 3 P’s?
Simply put, achieving all 3 P’s of the Triple Bottom Line may ensure your business’ success.
People, Planet, Profit or “The 3 P’s” are often referred to as the “Triple Bottom Line,” as well. This concept has to do with the notion that we cannot measure a business’ success merely by its profits and that businesses have social responsibilities to humanity and to the environment. It can be difficult to measure these other factors and some people feel that focusing on anything other than profit is a distraction from the main goal of any business: making money.
However, there is a lot to be said for the 3 P’s. There are many who believe that the other 2 P’s aside from profit actually do have a bearing on the bottom line. A positive public image as well as happier and healthier employees and a safer community, can all contribute to a more successful business.
In regard to the planet, in particular, there are many who feel that business owners and managers owe it to the rest of the world to try and be as socially responsible as possible. If it cuts into a business’ bottom line, for example, to use recycled packaging then it is still that business’ responsibility to do so in order to be socially responsible. Again, this may cut into the company’s profits on packaging but create better sales (people buy things that are packaged in exclusively recycled materials!). Therefore, it may actually increase productivity, customer loyalty and more. You may also be shocked at how many more talented people will want to work for a socially conscious and responsible business. No one really wants to work for a totally cut throat business with no heart, after all.