Question

Let's talk size. Some large multinational organizations eclipse the size of countries. They receive pressure to be good global citizens. But what about the entrepreneurial venture? How does the small firm take on the challenge of the triple bottom line?

Answer 1

The triple bottom line has become one of the major concepts used by businesses today. As per this concept firms are expected to see beyond the traditional bottom line of profits and assess whether there business is environmentally economically and socially compliant. Businesses are expected to be good Global citizens and and ensure social and environmental sustainability. Although this does require heavy investment in the business even small forms can adhere to the triple bottom line concept. A small firm can firstly dedicate time to build team moral and company culture to stress upon the importance of sustainability. They can undertake social work to be good social citizens. Ensuring that the workers are not exploited and provided good working conditions is another way of taking on the challenge of the triple bottom line. The Other means by which this can be achieved are purchasing and selling good quality material which have low emissions and cause lower pollution. Use of renewable energy and recycling material will not only ensure sustainability but also save costs for a small firm and ensure that it meets the triple bottom line challenge.