Focusing on the triple bottom line allows ethical businesspeople to succeed on multiple levels. Here's how a professional MBA in project management can help.
The idea of businesses needing to focus on profits at all costs is fading away, replaced by recognition that longevity is often tied to meeting other demands. For example, customers today are increasingly likely to seek products and services from companies that operate in a way that encourages environmental health and the wellbeing of people. Professionals are also likely to prioritize career opportunities with these kinds of organizations.
The "triple bottom line" approach to business posits that businesses should focus on profitability, environmental sustainability, and human wellbeing. By applying this approach in your own work, you can help a business capture the attention of today's values-oriented customers and professionals, and do a little good along the way.
Here's how to optimize the triple bottom line with an MBA in project management.
Orienting a business around people means meeting the needs of customers, but it also means ensuring that the many people who make up a company are engaged and enthusiastic about performing. An MBA in Project Management can help you achieve this, offering valuable training in team building, management and many other useful skills that can help you find greater success through addressing the human dynamic of business.
As a basic guideline, consider the mission of the business you work for. Why does it do what it does, and how might operations change to better address that mission? Aligning operations behind this mission can help you better deliver what it is that customers want from you, and may also encourage greater employee investment in their work. Research shows that 83% of employees place great importance on finding meaning in their work, and having a clear company mission to pursue can help meet that desire.
In business, the pursuit of greater sustainability can sometimes require investments in renewable energy supply, environmentally friendly material sourcing, and other potentially expensive endeavours. This can eat into immediate profits, but it's important to note that new clients and employee talent may be motivated to work with businesses that demonstrate a commitment to sustainability. The benefits of this collaboration could help offset some of your investment.
A benefit of earning your professional MBA in Project Management at WU Executive Academy is that you will learn to perform effective financial management, which you can apply when evaluating potential investments in greater sustainability. Under the guidance of expert professionals and academics, you will develop an advanced ability to balance the pros and cons of investments when doing budgeting. Applying this thinking can help you identify fiscally prudent investments in sustainability, and allow you to position your business as a leader in ecological responsibility over the long term.
Though revenue and cost effectiveness are not the sole concerns in a company that observes the triple bottom line perspective, they nonetheless remain important. After all, without healthy revenues, a business will not be able to continue operating over the long term.
Earning your MBA in Project Management is the perfect way to enhance your ability to optimize projects within an organization, with emphases on planning costs, work breakdowns, and other essentials. It's a great opportunity to learn to improve many important elements of projects that exist within the larger context of your organization, with the potential for a dramatic cumulative improvement to the business' balance sheet.
It can take time to realize significant benefits from optimizing project processes, but your MBA program will allow you to begin implementing your new skills immediately. WU Executive Academy’s program only requires part-time attendance, allowing you to continue on in your career throughout enrollment. Incorporate your new education into your ongoing work and you could achieve significant improvements to revenue and cost effectiveness sooner.