What does 3BL mean?
3BL is short-hand for triple-bottom line. Those of you in the business world may have heard of it thrown around over the last few years. It’s a business concept that was developed in the early 1980’s that refers to three measurements every business should achieve in order to be successful. Traditionally, there was only one bottom line – profit. Triple-bottom line businesses, instead, focus on the three P’s of success: People, Place, and Profit.
People: Businesses should incorporate fair and beneficial labor practices to its employees, support similar businesses along its supply chain, and treat its customers well. This typically means paying fair wages, maintaining a safe work environment, buying materials or services from fair trade companies, and providing the best customer service.
Place: Businesses should endeavor to do the least possible harm to the environment and minimize their impact on the planet. Sustainability throughout every aspect of the business from cultivation of raw materials to how the customer disposes of the product is the goal.
Profit: In order for businesses to be survive, they must be profitable! However, it does not have to come by treating people or the Earth poorly. Profits are not just something a business earns, but something it should share. Profits extend to making other businesses a company works with, as well as the community it is a part of, "profitable”.
3BL Law strives to live up to its name and hit all three bottom lines by providing high-quality legal services to individuals, businesses, social enterprises, and nonprofits in a sustainable way.