What are the 3Ps?

You might have heard of the triple bottom line before or the 3Ps, but what is that exactly? The 3Ps stand for people, planet, and profit. It is basically a sustainability-based accounting method, but really it goes much beyond accounting.

The method is that organizations should commit to focusing as much on social and environmental concerns as they do on profits. It encourages businesses to equally weigh their financial, social, and environmental impacts when evaluating their performance.

Why do the 3Ps matter?

We all understand that an organization needs to make money in order to have a future. It is important to continue to maximize profits while reducing costs and mitigating risks. When we are at events, we are not typically there just for the love of being there. There is usually some financial reason to be at an event. You have to consider all the costs for booth space, booth, graphics, giveaways, travel, and The cost of the people working the booth. Typically, we make that up by the number of leads generated, which turn into sales. Sometimes, we are there for just brand awareness, but in the end, usually hope to convert someone into a customer. So the money part is easy to understand, but what about the other two?

People are the second component of the triple bottom line. Within an organization, it often comes down to how you treat your people. Do you have fair hiring practices? Do you encourage volunteerism in the workplace? What type of benefits are you offering to your employees? Do you have a safe working environment? Do you support human rights? When we apply this to events, it often comes as voluntarism. What are we doing to leave a positive legacy in the community?

I would also include how we treat our booth workers under this component. Working a trade show or any event can often be long hours on your feet. I would ensure that they get time to relax. That could be doing shifts at the event or providing additional days off afterward.  It could be simple gestures, like allowing people to park near an airport or giving them a food allowance. Perhaps the team goes out after the event for dinner? Small gestures like that can go a long distance and take care of the people who work for you. If you take care of them, they will take care of you.

The third component of the triple bottom line is the planet. I also think this component is relatively easy to explain. What is the organization doing to mitigate its negative impact on the environment? When creating a sustainable event, I think this area is focused on the most. We are always worried about our carbon usage, landfill diversion, and shop local priorities, but of course, there are three P’s that need our full attention.

Consider the 3Ps with your next event

The main concern about the triple bottom line is how parts of the framework can be challenging to measure.  As I have said before, it starts by taking one small step. Create a smart goal for one event item and run with it. For the next event, add another, and slowly grow your sustainability efforts. Little by little, you can have a real and measurable impact! We would love to hear about your efforts or chat about how you can incorporate the 3Ps with your next event. Connect with our team today, and let’s get started.,