3BL Associates, a Bahraini-owned strategy consulting firm and think-tank, said it aims to help organizations pursue an outstanding ‘Triple Bottom Line’ performance of financial profitability, social equity, and environmental sustainability.

It's also known as the three P’s: ‘People, Planet, Profit,’ said the specialist firm in value creation. 3BL Associates Consultancy also aims to contribute to socio-economic development through public and social sector partnerships.

The term ‘Triple Bottom Line’ or ‘3BL’ was first coined by academic John Elkington, who proposed that business goals are inextricably linked to the societies and environment in which they operate, and that business practices utilized to achieve short-term economic gain but fail to consider social and environmental impacts are ultimately unsustainable.

“If the financial crisis has taught us nothing else, it has underscored the importance of sustainable business practices to ensure long-term prosperity," said 3BL co-founder and managing director, Leena Al Olaimy.

"We have also recently witnessed the downfall of several global brands—the reputations of which are sometimes irreparably tarnished due to irresponsible and unsustainable practices," she remarked.

“Rather than considering just one bottom line - typically profit - 3BL advises organizations on how to operate within a meaningful triple bottom line framework by strategically aligning social and environmental initiatives with corporate strategy for competitive advantage," said Al Olaimy.

"Essentially, we help organizations ‘do well and do good’ by becoming drivers of economic growth and social change," she added.

"This goes beyond minimizing social and environmental risks, or viewing sustainability and social responsibility as an additional expense," said Al Olaimy.

"On the contrary, many cross-sector multinationals have started to identify innovative ways to use sustainability initiatives as a platform to reduce costs and improve operational efficiency; or to create value through their corporate citizenship programs, which go beyond the more traditional philanthropic CSR models," she added.

Khamis Al Muqla, chairman of 3BL Associates, said the intersection of social and environmental issues in business has become an international topic of concern for corporations and countries alike.

"Moreover, the emphasis on sustainable development and long-term growth is strongly reflected in the Kingdom’s Vision 2030. I am confident in the value creation 3BL will provide to Bahrain and the region, and we look forward to long-term prosperous relationships with all stakeholders, including the private, public, and social sectors.”

3BL Associates was co-founded by Leena and Tariq Al Olaimy, and established in joint partnership with Al Muqla Investments and the Gulf Marcom Group (GMG), Bahrain’s first Communications Agency set up in 1974.

Since its establishment, the consultancy has worked with a number of industry sectors including Professional Services, IT, Energy, Media and Financial Services.

Its services include corporate citizenship, stakeholder engagement, and sustainability reporting as per the most widely used Global Reporting Initiative (GRI) framework, said Al Muqla.-TradeArabia News Service