Script
(Carrying a printed picture about the introduction)
As a student, have you ever thought of building a business? If yes, do you think that
money is the sole necessary for your business to succeed? Well, let me tell you that building a
business is not easy. In any situation, starting a small business is difficult, but in a bad economy
it becomes considerably more difficult. This is partially due to the difficulty in obtaining finance
during times of tight credit markets. If you're not considering your responsibilities and
customers, it's likely that no one else is either. You take the initiative to grow and build, and the
decisions you make have a significant and visible impact on the bottom line. But do you ever
think what the connection of profit and growth in business is?
According to the triple bottom line theory of economics, businesses should make a
commitment to giving social and environmental issues the same amount of attention as they do
on profits. There should be three bottom lines in this theory: profit, people, and the planet.
First is profit, the profit is indeed not about how much money a business makes. A business
must make sure that revenue is generated in an honest and ethical way. Second are people,
this includes the business employees, as well as its customers, affected communities and
people of the supply line. Even future generations are included since they might be affected by
what the business does. It is important to know who your costumer is because it is essential in
providing them with quality service, which in turn builds long-lasting customer relationships
and increases sales through positive word-of-mouth branding. Lastly is the planet, A few
businesses have made the goal of having zero emissions. This indicates that they take part in
environmentally friendly activities that aim to remove a same amount of carbon dioxide as their
environmentally negative activities contribute. The reducing ecological footprints and better
managing consumption and the natural resources cycle could work as useful metrics. Also, the
business that is eco-friendly helps the business to develop a positive reputation in society.
Furthermore, the connection of these three in the business is essential in a way that the
business not only thinks about profits, but also thinks its people and what is good for the
environment. Moreover, these three will help business transition to a more sustainable and
advancing future. In addition, the three dimensions are important to business but the growth
also helps the business to survive because it can boost your business credibility. On the other
hand, both profitability and growth are crucial and essential for a company to thrive and remain
attractive to investors and customers in order to be successful and stay in business. Growth is
essential to profit and long-term success, whereas profit is essential to a corporation's basic
financial survival.
In conclusion, Top Bottom Line theory also says that if a company focuses on finances
only and does not examine how it interacts socially, it is not able to see the whole picture and
therefore cannot account for the full cost of doing business. Indeed the TBL Theory, which are
profit, people and planet are all important and these three must be equal in the business.
Moreover, it should never be profit vs. growth in the first place. Growth and profitability are
essential for a company to succeed. It will and always be “Profit and Growth” not vs. each
other. I want to share the quotes from Goodwin that “Success in business does not depends on
what you say, what you hear, what you feel, what you see. It depends on what you do” Thank
you!
