New firm offers advice on business strategy
Manama, January 6, 2011
Bahraini-owned strategy consulting firm and think-tank 3BL Associates has been established to advise organisations pursuing an outstanding 'Triple Bottom Line' performance of financial profitability, social equity and environmental sustainability.
Their strategy is known as the three P's: People, Planet and Profit.
The company aims to contribute to socio-economic development through public and social sector partnerships.
'Triple Bottom Line' or '3BL' was coined by academic John Elkington, who proposed that business goals were inextricably linked to societies and the environment in which they operate, and that business practices utilised to achieve short-term economic gain but fail to consider social and environmental impacts were 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,' Al Olaimy said.
'Rather than considering just one bottom line, typically profit, 3BL advises organisations on how to operate within a meaningful triple bottom line framework by strategically aligning social and environmental initiatives with corporate strategy for competitive advantage.
'Essentially, we help organisations 'do well and do good' by becoming drivers of economic growth and social change.
'This goes beyond minimising social and environmental risks, or viewing sustainability and social responsibility as an additional expense,' Al Olaimy added.
'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 programmes, which go beyond the more traditional philanthropic CSR models,' she said.
'The intersection of social and environmental issues in business has become an international topic of concern for corporations and countries alike,' said 3BL Associates honorary chairman Khamis Al Muqla.
'Moreover, the emphasis on sustainable development and long-term growth is strongly reflected in the Economic Vision 2030.
'I am confident in the value creation 3BL Associates will provide for Bahrain and the region, and we look forward to creating long-term prosperous relationships with all stakeholders, including the private, public, and social sectors,' he added.
3BL Associates was co-founded by Al Olaimy and Tariq Al Olaimy, and established in joint partnership with Al Muqla Investments and the Gulf Marcom Group.-TradeArabia News Service