Triple Bottom Line - The Three P's
In traditional accounting, the "bottom line" means the "profit" or "loss" of a business, usually recorded at the very bottom line on a statement. The Triple Bottom Line is a way to bring a broader definition in to business accounting methods sometimes referred to as "full cost accounting."
How does it help a business if they show momentary profit at the cost of thousands of deaths in their community or pollution of a nearby river? What will your business benefit if business practices today will destroy your market in 5 years effectively eliminating your business?
The Three P's:
1 - People
People are the core of any business. It's so easy in the 21st Century when technology rules to forget that people are the key. But more than ever, it's the people with the knowledge and skill to run that technology who make your business what it is today and what it will become in the future.
2 - Profit
Definition: A valuable return!
Regardless of what anyone says, you did build that business and profits are what we rely on to protect our businesses against future economic down turn. If your business isn't making enough to stay in business, you won't have a business. It's just that easy!
3 - Planet
It's become all too common for businesses to focus on immediate success but the key to a successful business is looking to the future. If you are looking to the future, it only makes sense that we need to take care of our natural resources now so we can still do business 200 years from now.