Name: Asaduzzaman Sumon

ID: 2012519030

Subject: PHI(Assignment)

Section: 3

Topic: (TBL)

 Why we chose this statement of the problem?

 Recommendations.

(1). Why we chose this statement of the problem;

TBL is important for business for several reasons:

Sustainability: TBL encourages business to consider the long-term impact of their operations on
the environment and society. It promotes sustainable practices that can help ensure a business’s
continued existence.

Reputation and Branding: Companies that prioritize people and the planet, in addition to profits,
often have a better reputation. This can lead to increased customer loyalty, trust, can brand value.

Competitive Advantage: TBL can lead to innovation and efficiency improvements. Companies that
adopt sustainable practices may gain a competitive edge in the market and attract more customers.

Risk Mitigation: TBL can help identify and mitigate potential risks associated with social or
environmental issues. Proactive management of these risks can save a business from costly
setbacks. In summary, the TBL is important for business because it not only supports ethical and
responsible behavior but also contributes to long-term business success.

TBL framework can indeed lead to more sustainable business practices , How it can contribute to
sustainability:

Balanced decision making: TBL encourage a more holistic approach to decision- making, taking into
account social, environmental, and economic factors. This can lead to more sustainable choices.

Long- term perspective: TBL promotes a focus long-term sustainability rather than short-term
profit. This can help a business make choices that ensure its continued existence.

(2). Recommendation: A (TBL) in business refers to a framework that considers tree key factors;
people, planet and profit. It assesses a company’s social, environmental, and financial performance.
Using this framework can be beneficial for a business by promoting sustainability, social
responsibility, and long-term profitability. However, the specific impact depends on how well the
principle are integrated into the company’s operations and strategy. It’s a way to balanced profit
with ethical and environmental considerations, which can be good for a company’s reputation and
long-term success.

To improve the TBL in business, consider these strategies;

Social Responsibility: Business should engage in ethical practices, such as fair labor condition and
community involvement.

Environmental stewardship: Business can reduce waste, energy consumption, and carbon
emissions. Implement eco-friendly practices and products. Consider renewable energy sources and
sustainable sourcing.

Financial profitability: Business should optimize operational efficiency to reduce costs. Diversity
income streams or explore new markets.

.Employee Well-Being: Business should prioritize employee health and well-being, which can boost
productivity and reduce turnover. Offer work-life balance and professional development
opportunities.

Innovation: Business can foster a culture of innovation to develop new sustainable products or
processes. Invest in research and development for sustainability.

Long-term Perspective: Business should think about the long- term benefits of sustainability, even
if initial costs are higher. Remember, improving the triple bottom line in an ongoing process, and it
may require a culture shift within your organization. Involve employees and stakeholders, and
continuously evaluate and adapt your efforts to make a positive impact on people, the planet, and
profit.