Sustainability The Triple Bottom Line & Business

Question: Discuss about theSustainability for the Triple Bottom Line Business. Answer: Introduction My course in Sustainable Business has introduced me to several concepts in businesses. These concepts in business are mostly intangible in nature but can have tremendous effects on activities of the business and on its customers. These aspects of discussion in business sustainability are relatively new in nature but their effects have been felt in business since ages through customers and society. I have selected the topic, The Triple Bottom Line and business, wherein I will discuss the relevant triple bottom line that are used in businesses and their effect on business sustainability. The Triple Bottom Line in Business In a course on general management we are taught various topics like financial, human and resource on businesses and their effects. These are tangible items that can easily be understood and felt, hence there effects to create business sustainability needs to be determined. The triple bottom line was first proposed by John Elkington in the year 1994 to study the impact of various business functions in order to create value for the business(Hall, 2011). The three bottom line is defined by profit, planet and people. I have learnt the importance of each of these bottom lines and their applicability on businesses in my course. The concepts are relevant to understand in current scenario as it will help me in contributing towards building a sustainable organization. As I complete my course, and enter employment in any organization, the challenges that I will face is to perform in climatic change, resource depletion, poverty, overfishing and peak oil, that will become more complex in days to come. If I am able to adequately apply the tree bottom lines of in business then I will be able to attain a sustainable business model(Savitz, 2012). Figure 1: Triple Bottom lines used in business Source : (Hall, 2011) The triple bottom lines have been applied to Coles Supermarkets business of Wesfarmers in Australia in order to understand the concepts better(Coles, Retrieved on 9th August 2016). People comprises of the various practices that an organization practices in terms of its labor. In triple bottom line strategy the practices are intended or directed towards a reciprocal social structure which applies policies and practices for the well-being of labor as well as for other stakeholders. I have seen Coles Supermarkets practices policies for labor that are intended to create greater good for them. They have provided ample freedom to their employees for interacting with their customers and creating their work roles more dynamic and effective(Savitz, 2012). Coles create value addition for its suppliers as well such that they are able to grow their businesses parallel to Coles. Planet dimension includes the environmental factors and impacts that is created by the company. Coles makes use of the environment in order to produce their private label brand products and packages their materials. Coles production facilities is designed in such a way that it produces minimum amounts of wastes. I have seen Coles to follow lean manufacturing processes for waste reduction and using recyclable products wherever they can. Coles has sustainable packaging guidelines, that enables them to package their products using recyclable materials. The company has been known to use its transportation system such that minimum amount of pollution can be produced and they utilize the same vehicle for delivery and for picking up products from suppliers thereby reducing overall oil consumption. They can further employ restorative eco-systems to make their organization truly sustainable in nature(Willard, 2012). Profit for the organizational activities can be best enjoyed when the economic benefits are enjoyed by the society. Coles deploys several parts of its economic profits in creating values added services for the society. An organization that strives for only economic profits ignoring value addition to the society might be considered to be serving the interest of its shareholders only and ignoring the greater welfare of the society. However, Coles through its various endeavors is trying to create impact and effect on the society as a whole as well. They extended service to old age homes and several other value added services(Hubbard, 2009). Conclusion The triple bottom line in businesses is used in order to create sustainability for businesses. Businesses need to view the impact of their work in a broader perspective of the value addition that they create for the society in terms of its people, planet and profit. I have noted that a business that makes positive impacts on the society is more likely to create a positive brand image in the minds of its customers and suppliers as well as the community. In my course the relevance of society for businesses have been deeply analyzed from which I can conclude that a business cannot function without the society as it derives considerable advantages from it. Though it might be challenging for businesses to deploy all its capital forms to maintain all the triple bottom lines but it can try to engage some of the relevant factors such that it is able to make its business sustainable. In the course I have learnt immensely regarding the various factors of businesses and how they can influence a business or can derive value from it. In my future scope of work in any organization I will try to implement the triple bottom line at least to my department or area of expertise such that the organization as well as the community is able to gain from it. References Coles. (Retrieved on 9th August 2016). Coles Corporate Responsibility. https://www.coles.com.au/corporate-responsibility. Hall, T. J. (2011). The triple bottom line: what is it and how does it work?.Indiana business review,86(1), 4. Hubbard, G. (2009). Measuring organizational performance: beyond the triple bottom line.Business Strategy and the Environment,18(3), 177-191. Savitz, A. (2012).The triple bottom line: How today's best-run companies are achieving economic, social and environmental success--and how you can too. John Wiley Sons. Willard, B. (2012).The new sustainability advantage: seven business case benefits of a triple bottom line. New Society Publishers.