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Today’s highly competitive, globalized world requires organizations and businesses to think differently about how they are going to stay in business. Businesses can no longer afford to focus on profits as their sole purpose for existence. Organizations must instead think about the “Triple Bottom Line” and its implications for their ability to grow their brand, customer loyalty and profits.
The three components of the Triple Bottom Line are: people and community (social responsibility), planet (environmental sustainability) and profit (the bottom line). Successful 21st century organizations must consider how they are going to actively engage in each of the Triple Bottom Line components. This requires many organizations to adopt a more innovative approach to business, while constantly communicating with current and potential customers. Why should any of us care about incorporating a Triple Bottom Line approach to business? Consumer demands, combined with the world’s rising population, unstable economic situation and environmental struggles have created a new global climate that no organization can afford to ignore.