For Beeton (2006), the Triple Bottom Line or TBL Approach is a strategic method to highlight the indicators of success. Conversely, Henriques and Richardson (2004) described the Triple Bottom Line or TBL Approach as a brilliant and far-reaching metaphor that has stimulated much corporate activity and has generated tools that can yield quantified expressions of triple bottom line performance. A positive Triple Bottom Line according to Savitz and Weber (2006) reflects an increase in the company’s value, encompassing both its profitability and shareholder value and its social, human and environmental capital. Moreover, the Triple Bottom Line approach exists presently as a type of balanced scorecard that captures in numbers and words the extent to which any company is or is not creating value for its shareholders and for society (Savitz & Weber, 2006). Likewise, as cited by Beeton (2006), the Triple Bottom Line or TBL Approach is directly associated with the principle and objective of sustainable development and is strengthened by the conviction that a long-term vision of any business, destination or community is essential to a lucrative result. Beeton (2006) further added that the employment of the use of a Triple Bottom Line or TBL Approach scheme imparts information to enable other individuals to measure the level of sustainability of the performance and operations of an organization or a community. Elkington’s formulation of the Triple Bottom Line or TBL Approach is crucial to comprehending sustainability as stressed also by Savitz and Weber (2006). Savitz and Weber (2006) also highlighted that whereas the application of sustainability is still an art, the measurement of sustainability is becoming a science which...
An Appraisal of the Triple Bottom Line Approach: Case Analysis of the Glastonbury Festival
It entails the evaluating body to appraise an event or a business in view of the aforementioned spheres. Such analysis could help in upholding the long-term vision and objectives of a specific company or event. The Glastonbury Festival is no different from business empires. This festival has proven to maintain its existence through the years by addressing every concern that arises during the occurrence of the yearly events. The predicaments that confronted the organizers of this event did not dishearten them instead it aided in making the following event to be better than the previous one. The exploration of the performance of the Glastonbury Festival through the Triple Bottom Line or TBL Approach exhibited the reasons why this festival has continuously to be renowned not only in the United Kingdom but all throughout the world. Introduction A sustainable business should be able to determine, record and report a positive return of investment or ROI on all three bottom lines namely, economic, environmental and social aspects, as well as the advantages that stakeholders obtain along the same three dimensions.
It was revealed that the Triple Bottom Line or TBL Approach was applicable not only to large corporations but also for the sustenance of music festivals such as the Glastonbury Festival. The utilization of the TBL Approach unleashed why such festival continues to be prominent and renowned throughout the world.