The Triple Bottom Line at The London Flower Lover

Beloved Flower Lover,

We always wanted a way to talk about our values and the triple bottom line is a way to provide the necessary business seriousness to our social awareness.


We came across this non academic Wikipedia definition and thought it was a useful overview.

Triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial.

Many organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value.[1]

The term was coined by John Elkington in 1994.[2]

In traditional business accounting and common usage, the “bottom line” refers to either the “profit” or “loss”, which is usually recorded at the very bottom line on a statement of revenue and expenses.

Over the last 50 years, environmentalists and social justice advocates have struggled to bring a broader definition of bottom line into public consciousness by introducing full cost accounting. For example, if a corporation shows a monetary profit, but their asbestos mine causes thousands of deaths from asbestosis, and their copper mine pollutes a river, and the government ends up spending taxpayer money on health care and river clean-up, how do we perform a full societal cost benefit analysis?

The triple bottom line adds two more “bottom lines”: social and environmental (ecological) concerns.[3]With the ratification of the United Nations and ICLEI TBL standard for urban and community accounting in early 2007,[4] this became the dominant approach to public sector full cost accounting. Similar UN standards apply to natural capital and human capital measurement to assist in measurements required by TBL, e.g. the EcoBudget standard for reporting ecological footprint. The TBL seems to be fairly widespread in South African media, as found in a 1990-2008 study of worldwide national newspapers.[5]

An example of an organization seeking a triple bottom line would be a social enterprise run as a non-profit, but earning income by offering opportunities for handicapped people who have been labelled “unemployable”, to earn a living recycling. The organization earns a profit, which is controlled by a volunteer Board, and ploughed back into the community. The social benefit is the meaningful employment of disadvantaged citizens, and the reduction in the society’s welfare or disability costs. The environmental benefit comes from the recycling accomplished.

In the private sector, a commitment to Corporate social responsibility (CSR) implies a commitment to transparent reporting about the business’ material impact for good on the environment and people.

Triple bottom line is one framework for reporting this material impact. This is distinct from the more limited changes required to deal only with ecological issues.

The triple bottom line has also been extended to encompass four pillars, known as the quadruple bottom line (QBL). The fourth pillar denotes a future-oriented approach (future generations, intergenerational equity, etc.).

It is a long-term outlook that sets sustainable development and sustainability concerns apart from previous social, environmental, and economic considerations.[6]

The challenges of putting the TBL into practice relate to the measurement of social and ecological categories.

Despite this, the TBL framework enables organizations to take a longer-term perspective and thus evaluate the future consequences of decisions.[1]

Source: Wikipedia

 

We loved the fact that their is this framework to shape the efforts we share with others.

The Team,

The London Flower Lover

About Thelondonflowerlover

Welcome to The London Flower Lover. We are florists who create floral collections to tell your real life story. With colour and texture, we take floristry into an entirely new direction based on the challenges and joys of your life. Offering what we call 'heart based floristry' we use style, fashion, and life situations and merge them with heart based lifestyle support. This inspiring blend creates so much more for those who love flowers. Using flowers in the traditional way of course, but always using flowers to open up a floralicious conversation about relationships of all kinds. We are a sort of work in progress of compassionately confirming how we are already on the inside, the love we want to see out in the world. That is mission of The London Flower Lover. So saying yes to recognising that is at the heart of this blog and using flowers to honour that inner world is how we use the beauty of giving and receiving flowers. This blog is your blog. It's as much about cultivating your heart, as it is about enjoying the physical beauty of flowers. It offers story, poems and video to reflect the life you actually live whilst showing beautifully inspiring collections of flower designs. Hand-tied bouquets, arrangements and more. All this with sought after tips from well established experts on how to keep a happy heart. This is what makes The London Flower Lover unique and magical. Yes, and that's how we make the difference that we do. When life looks, feels, or sounds challenging, we offer a sanctuary that you may dip into. A well of refreshment and strength that you may draw from. Sharing what others have found to be successful ways of being happy in the face of challenges, whilst letting flowers do the talking when we have no other way to interpret what is going on. Use flowers to help you re-discover, reveal and remember how you can still be despite challenges. Use flowers to celebrate and to embody the possibility of your heart felt desire, fulfilled. Use flowers in your life, to remind you of the beauty of your life. Use The London Flower Lover today. We invite you to stay curious in this floral universe as you explore the love in the heart. This is a floralicious world.
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