The Triple Bottom Line: Social, Environmental Factors vs. Profit

This essay discusses whether businesses should prioritize maximizing profits or address the social and environmental elements of the triple bottom line (people, planet, profit). It argues that businesses should consider social and environmental factors because customers are increasingly aware of corporate social responsibility and ethically strong companies attract and retain more customers and employees. Examples like Coca-Cola's women empowerment initiative and VISA's financial inclusion program are cited. The essay also notes that socially responsible companies may qualify for government grants and subsidies. It concludes that social and environmental protection is a responsibility of both the government and business corporations, and that focusing solely on profit is not beneficial in the long run, as it can lead to negative consequences like environmental destruction and labor exploitation.

Running Head: BUSINESS AND SOCIETY 1
BUSINESS AND SOCIETY

BUSINESS AND SOCIETY
Should businesses bother dealing with the social and environmental elements
of the triple bottom line, or just focus on maximizing profits.
Under the triple bottom line approach, the companies aims at focusing on social and the
environmental in the similar ways they focus on earning profits. The TBL revolves around,
people profit and planet as if the firm is attentive towards profits only, it cannot account for full
cost of running the business. In my opinion, the businesses shall bother dealing with the social
and the environmental elements as it can result in destruction of the rainforest, total destruction
to ozone layer and also exploitation of labor (Zwilling, Martin, 2020).
Under the corporate world, customers are increasingly adopting the policies of being aware with
the policies of the business. I believe the world is moving towards the social and the
environmental responsibilities to showcase themselves as ethically strong. Similarly businesses
shall also move in the same direction to display themselves as ethically strong as it would
increase the brand value of the company and will retain more customers (Zwilling, Martin,
2020).
Socially responsible companies tend to attract employees who are eager to make a difference in
the world and one of the greatest examples is Coca Cola, who took an initiative in 2010, to
empower women to overcome social and economic barriers. The another example is of VISA
Company, through its financial inclusion program Visa has created imaginative methods for
getting advanced money to places the reality where the budgetary foundation doesn't exist or for
individuals who don't approach the monetary framework, similar to inhabitants of many creating
nations. Business corporations are given help from the sole mandate of boosting investor
benefits, to diminish financial specialist suits. With focused social activities, they may likewise

BUSINESS AND SOCIETY
meet all requirements for government awards, elective vitality discounts, and altruistic activities
on the side of their endeavors (Lee, Herold and Yu, 2016).
Henceforth, in my idea, social and environmental security is not only the responsibility of the
government, but it boils down to the responsibilities of companies and business corporations as
well. The profit shall not be the sole motive as it cannot give the companies the benefit of the
larger customers, financial subsidies and attractiveness towards the investors. Therefore,
businesses shall deal with the people and planet, the core elements of the triple bottom approach,
rather than just focusing on maximizing the overall profits of the company for self-satisfaction.

BUSINESS AND SOCIETY
References
Lee, K.H., Herold, D.M. and Yu, A.L., (2016) Small and medium enterprises and corporate
social responsibility practice: A Swedish perspective. Corporate Social Responsibility and
Environmental Management, 23(2), pp.88-99.
Zwilling, Martin. (2020) 8 Reasons Why Being Socially Responsible Is Good For Business
[Online] Available from https://www.inc.com/martin-zwilling/8-reasons-why-being-socially-
responsible-is-good-for-business.html [Accessed on 19th March 2020]