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Philosophy of thoughtful business models
April 09, 2021
“The triple bottom line” is a phase initially instituted by John Elkington almost twenty years prior. It arose as a groundbreaking business theory that contemplates the effect of a business’ procedure on individuals, the planet and benefit. It requests prioritization of practices that advantage both the local area and climate, alongside monetary outcomes.
In a 2018 Harvard Business Review article, Elkington himself depicts the “triple bottom line” or TBL as “a hereditary code, a triple helix of progress for the upcoming free enterprise, with an attention on advancement change, disruption, awry development (with unreasonable areas effectively sidelined), and the scaling of cutting-edge market solutions.”
Although the TBL reasoning has been applied in particular variations across enterprises, a typical hindrance to its reception stays the conviction that: socially and environmentally benefecial practices are costly to execute and keep up. Nonetheless, cost justification and insightful strategic approaches frequently go hand in hand.
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