People, Planet and Profit - The future of businesses

In technical terms it is called the Triple Bottom Line and it is the future of all businesses. The TBL is a framework to evaluate the performance of a business, and it takes into consideration the fact that businesses have a huge impact on the world and ensures that this impact is positive. Unfortunately, many so-called successful businesses make huge profits at the expense of its workers, community and environment.

The TBL ensures that a business can measure its success not only by its profit, but also by the positive impact it has on people and planet. That includes its employees, its neighbouring community, its consumers, its collaborators as well as its operations, carbon footprint, manufacturing processing, source of raw materials, and so on.

A business that has specific social or environmental objectives that serve as its primary purpose is called a 'Social Enterprise' whereby the TBL is an inherent element from conception. Social Entrepreneurs are therefore entrepreneurs who start and run a business for the greater social good and not just for the pursuit of profits. In addition, they usually invest their profits in the business's primary objectives, rather than having them pocketed by shareholders. 

The Eco Market is a good example of a Social Enterprise. Through its operations, it has a positive impact on its community of conscious consumers and producers; and a positive impact on its environment, by promoting and advocating for a sustainable lifestyle. Profits are re-invested to reach new ambitious goals for an even greater impact and for the benefit of all.

In Europe, Social Enterprises legally exist in Denmark, Luxembourg, United Kingdom, Belgium, Czech Republic, France, Italy, Portugal, Spain, Finland, Lithuania, Slovakia, Hungary, Slovenia, Croatia, Greece, and under development in Latvia and Poland. There are many several Social Enterprises in Malta but are not yet legally recognized as such.

Enter SEAM - Social Entrepreneurs Association Malta. A non-profit association launched in September 2020, which was formed for the attainment of these purpose;

1. - To raise awareness and educate society about the concept of Social Entrepreneurship, particularly amongst start-ups and students

2. - To facilitate those who aspire to become social entrepreneurs and encourage cross-border collaborations

3. - To lobby for the recognition of the Social Enterprise Act as a legal business type in Malta. 

To learn more about SEAM and social entrepreneurship, please visit their website. They have a very comprehensive FAQs. You can also join as a member and become part of a conscious network of businesses and individuals committed to bring positive change in Malta.

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