Will you be in business in 2050?
SDGs may feel daunting or too technical to be adopted by smaller businesses. Afterall, business owners are people with ethical values who know the right from wrong, and can tap into internal moral compass.
The objective of the SDG framework was to create a set of universal goals that would help coordinate action, and track and communicate progress across countries, governments, and businesses. It is therefore important that we articulate our sustainability goals clearly and publicise our achievements.
The “Tripple Bottom Line” of People, Planet and Prosperity, is a term relevant to business decision-making. It expands business success metrics to include contributions to environmental health, social well-being and a just economy. According to the inventor of the term John Elkington,
“The triple bottom line wasn’t designed to be just an accounting tool. It was supposed to provoke deeper thinking about capitalism and its future.”
People
The positive and negative impact a business has on its most important stakeholders. These include employees, families, customers, suppliers, communities, and any other person influencing or being affected by the business.
Planet
The positive and negative impact a business has on its natural environment. This includes reducing its carbon footprint, usage of natural resources, toxic materials and so on, but also the active removal of waste, reforestation and restoration of biodiversity.
Prosperity
The positive and negative impact an organization has on the local, national and international economy. This includes creating employment, generating innovation, paying taxes, wealth creation and any other economic impact an organization has.