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1-3 Assignment: Triple Bottom Line Industry Comparison
QSO 321
SNHU
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Similarities
The Triple Bottom Line (TBL) is a framework that focuses on incorporating
sustainable practices across three important dimensions, including environmental, economic,
and social (Breesam & Jawad, 2021). In addition to focusing on the profits, businesses must
also focus on the sustainability of people as well as the planet. The framework allows the
businesses to focus more on environmental as well as social concerns.
There are a number of similarities that exist between incorporating the TBL framework
into both the service industry and the manufacturing industry. One of the main similarities is
that both industries incorporate the TBL framework with the goal of including sustainable
practices in their businesses. The sustainability practices will enable the companies to look
beyond profits and address the environmental and social issues in the community. As per the
TBL theory, if the main focus of a company is only finance, it will not be able to look at the
bigger picture and interact socially.
Another similarity is that both the service and manufacturing industries can leverage
the B Impact Assessment in order to determine the TBL value. The B Impact Tool measures
categories such as environment, governance, workers, and community (Carvalho et al., 2021).
The outcome of the TBL value can have a significant impact on the public perception of the
company.
Differences
The also exists a number of differences between incorporating the TBL framework
into the service industry and the manufacturing industry. One of the important differences is
that in terms of governance and environment, the manufacturing industry always rates higher
than the service industry. It is because the manufacturing companies require adhering to the
laws in order to meet the legal requirements and operate without any legal consequences.
Moreover, they also need to ensure that their production operations have minimal impact on
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the environment. However, the service industry is not involved in any kind of production. So,
they do not have to follow the environmental laws.
In terms of people or employees, the service industry ranks higher in comparison to the
manufacturing industry. It is because the service industry is highly dependent on people in
order to deliver services to customers.
Example Strategies
Strategy for Both Service and Manufacturing Industry
An example of a strategy that can be implemented in both the service as well as the
manufacturing industry is the creation of a policy that monitors and reduces the use of
electricity consumption. Both industries use electricity to carry out their operations. Such a
policy can help in reducing the negative impact on the environment while enabling the
companies to save more on their electricity costs, thereby increasing their profits.
Strategy for Service Industry
In terms of people, the service industry can include a diversity policy. It will ensure
that people from different backgrounds can get employment in the service industry, thereby
lowering the unemployment rate. In terms of the planet, the service industry can limit office
energy use. It can help in reducing the depletion of environmental resources. In terms of profit,
the service industry can adopt the community investment policy. It ensures that a certain
percentage of the profit of the companies goes towards the betterment of the community.
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References
Breesam, H. K., & Jawad, Z. A. K. (2021, March). Application of the Triple Bottom Line
(TBL) concept to measure the maintenance performance of buildings. In IOP
Conference Series: Materials Science and Engineering (Vol. 1090, No. 1, p. 012079).
IOP Publishing.
Carvalho, B., Wiek, A., & Ness, B. (2021). Can B Corp certification anchor sustainability in
SMEs?. Corporate Social Responsibility and Environmental Management.
