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Triple Bottom Line Approach (What It Is and Why It Matters To YOU!) - YouTube
Channel: Barbara Heffernan
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The triple bottom line, what is it and why
do you need one for your business and your
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life?
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Stay tuned and I will also share with you
how I feel the triple bottom line connects
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to joy
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If you're new to my channel.
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My name is Barbara Heffernan and I am a psychotherapist.
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I am also a Buddhist and a mindfulness meditation
instructor.
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And I created this YouTube channel to try
to help bring tools to more people so they
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could increase the joy in their life.
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And so if you support the work that I'm doing
here, please subscribe to my channel, give
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my video alike and make some comments below.
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That's all extremely helpful.
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So why am I talking about an accounting concept?
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Let me share with you that I also have a business
background.
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I have an MBA in finance from Columbia university
and my first career was actually on wall street.
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I was there for 16 years.
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And of course I'm an entrepreneur, so I own
my own practice, I own my own business.
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And the triple bottom line is very important
to me personally.
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And I also would like to share with you how
I utilize the triple bottom line in my private
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practice and my online business.
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And I also think the triple bottom line is
an important concept for us all to understand
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because we are all participants in a global
economy and given what's going on right now
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in the world with global warming and the dramatic
devastating income inequality, the triple
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bottom line is a wonderful organizing principle
to help make sense of how we can change things
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going forward.
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So the traditional bottom line is a very simple
accounting concept.
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It basically is that you have your revenues,
you take out your expenses, you get pretax
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profit, you pay taxes, and then you get your
net profit.
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Net income, net profit, bottom line all means
the same thing.
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And basically the bottom line or the net profit
of an organization is how we traditionally
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look at valuing what that company or enterprise
is worth.
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And that is an evaluation that looks only
at the financials, the dollars and cents.
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So the triple bottom line includes the environmental
and the social impact of the enterprise as
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a way to value it.
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Now, from its very beginnings, capitalism
has included the concept that a pure capitalist
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society will not include some very significant
social costs.
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Even Adam Smith in 1759 the originator of
the invisible hand and one of the founders
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of capitalism, he acknowledged that capitalism
will not adequately include social costs.
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So valuing social costs is part of the current
United States economy and part of the economies
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around the world.
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For example, we regulate emissions on factories,
cars, other enterprises, other means of production.
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We prohibit toxic waste dumping.
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We have laws against discrimination.
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So our society already includes a concept
of a triple bottom line, but it's not explicitly
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stated and it's not used as a way to truly
value businesses, public businesses, private
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businesses, your own business and your own
life.
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And of course, how society values these additional
social costs is very important.
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And I think it is very, very clear that right
now we are not adequately valuing the cost
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of plastics, the cost of CO2 emissions and
the cost of poverty, the horrendous pain and
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suffering around the world because of poverty
and income inequality.
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So our society right now is not valuing those
things in my opinion and in the opinion of
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many others correctly.
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So the concept of the triple bottom line is
often attributed to Freer Spreckley, I hope
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I'm saying his name right - international
development consultant.
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And he posited that social enterprise is the
modern way to run a business.
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And what did he mean by social enterprise?
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He basically stated that enterprises should
measure and report not just their financial
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performance but their social wealth creation
and their environmental responsibility.
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And then the other person who is attributed
with the term triple bottom line is John Elkington.
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He had a book in 1997 called Cannibals With
Forks.
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Don't you love that title?
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Cannibals With Forks, the triple bottom line
of 21st century business.
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And in 2007 the United nations and an organization
called ICLEI basically made the triple bottom
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line the standard for urban and community
accounting.
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So basically public sector, full accounting,
this became the standard.
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It's encouraging, right?
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We are making progress as a society perhaps,
and I'm talking about a worldwide society
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here, maybe a little too slow, but we are
making progress.
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We are all interconnected - people, planet
profit.
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And really what is profit about other than
sustaining people on our planet?
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That's really what it should be about.
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I mean, we earn an income so we can sustain
our own lives and our own families and worldwide
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and as a society we should be looking at generating
profit as a way to support all of us and take
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care of our planet.
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Before I go on to tell you how I incorporate
this into my life and my business, I'd love
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it if you would comment below, let me know
what your top values are and how do you implement
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those in your life and your business.
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So just leave a quick comment, just your top
three values and a shout out if all of this
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is making sense to you.
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So how do I incorporate these values into
my business and my life?
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Over 20 years ago I developed a personal mission
statement and it holds true to this day and
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my personal mission statement is to live a
sane and joyful life while helping others
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do the same.
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And that has been such a wonderful guiding
principle for me and it helped me to leave
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wall street where I was making a lot of money,
quit my job, move into social work where I
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was not making a lot of money, but I had a
much better lifestyle.
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I was able to really live in connection with
my values.
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So as a lifestyle entrepreneur, I think we
can look at our lives and say, okay, yes we
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need to earn income, but we don't want to
be earning that income at the expense of our
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lifestyle, our family, our self care.
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And we also don't want to be earning that
income at the expense of other people, the
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environment and society.
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So we can incorporate all three of these and
this is how I think about my business and
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actually my life.
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So my lifestyle, very important.
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Live, laugh, love is what I put on this slide
and I used to have that in the last house
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I lived in.
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I had it up on the wall and I need to add
that to this house.
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And then in terms of the social impact right
now I do believe I am engaging in work that's
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helping people and that's very important to
me.
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And when I get feedback from a client where
they let me know how I've changed their life,
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it means so much to me.
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That's really what keeps me going.
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I'm also in the process of moving my therapy
practice to be completely online via video
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therapy, which I believe has a positive environmental
impact.
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The third way that I bring the concept of
social impact into my business and my life
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is by charitable giving.
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And two of the organizations that I will be
donating to this year are Charity: Water,
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and the International Rescue Committee.
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And I think both of these organizations are
very committed to alleviating suffering on
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a global basis and I look for organizations
that will have an impact in really helping
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people live happier lives, which is an alignment
with my overall mission.
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And the fourth way I bring this concept into
my practices with this YouTube channel and
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with some other free resources that I'm developing
- including a Facebook group.
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It is free.
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It is geared again towards bringing people
more joy.
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I will be going on the Facebook group live
once or twice a week so that it can be an
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interactive dialogue.
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I will be providing some mindfulness meditation
instruction.
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During the next couple of months, I'm going
to be talking about boundaries during the
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holidays, which is something that I think
we could all benefit from and I would like
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to invite you to join me in that Facebook
group.
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You can find it via my Facebook business page,
which is @awakenjoy.life.
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I truly hope this video has been interesting,
helpful, and inspiring for, and please do
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make full use of the free resources that I
have available, all of which are in the notes
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below this video and share this video with
a friend who might benefit from it and give
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me a like, give me some comments and I will
see you the next time.
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