Running Head: TBL
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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
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any legal consequences. Moreover, they also need to ensure that their production
operations have minimal impact on 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.
