Old fashioned businesses run only for one goal and that goal is to increase the profits for their shareholders at any cost. However this ideology is changing rapidly and the businessmen these days are following different trends in business. One such trend is called as Triple Bottom Line. Traditionally, the success of any business was dependent on the bottom line in the profit column of the balance sheet, but these new business men decide the success of their business on three criteria. These three criteria are profit, people and planet. If your business has positive impact on the three criteria then only your business is successful.
The triple bottom line means three different scales on which the success of business can be measured. First is economic value of the business i.e. the profit of the company. The company should be able grow economically in value as well as profits of the business. Second is the social responsibility i.e. the people associated with the business. The business should be able to have a positive effect on the people who are associated with it. Third and the last bottom line is the environmental responsibility i.e. the responsibility towards the planet or environment. The business which is successful in all these bottom lines, that business is a truly successful business.