The National TOMs 2019: Why Businesses Need to Be Aware and Implement for the Betterment of UK Society

The National TOMs 2019, or the National Triple Bottom Line Accounting and Reporting Standard, is a framework designed to help businesses measure and report their social, environmental, and economic performance. This framework provides a holistic approach to assessing a company’s impact on society beyond just their financial bottom line. It aims to encourage businesses to take into account the social and environmental implications of their activities and integrate sustainability into their decision-making processes. The National TOMs 2019 is an important tool for businesses to not only measure their performance but also to improve on it, ultimately leading to a more sustainable and responsible business environment in the UK.

The National TOMs 2019 framework was developed by the Social Return on Investment (SROI) Network in the UK, and is based on the principles of the Triple Bottom Line (TBL) accounting approach. The TBL approach, also known as “People, Planet, Profit”, has gained significance in recent years as businesses and organizations recognize the importance of being socially and environmentally responsible in addition to being financially successful. The National TOMs 2019 is a set of principles and guidelines that help businesses to effectively measure, account for, and report their social, environmental, and economic impact, ultimately leading to improved decision-making and overall business performance.

One of the key aspects of the National TOMs 2019 framework is its focus on measuring and valuing social and environmental impacts. Traditionally, businesses have primarily focused on reporting their financial performance through metrics such as revenue, profit, and return on investment. However, this narrow focus does not adequately capture the broader impact that businesses have on society and the environment. The National TOMs 2019 framework provides businesses with a comprehensive set of indicators and measures to assess their social and environmental impact, such as the creation of jobs, reduction of carbon emissions, and contribution to local communities. By incorporating these measures into their reporting, businesses can gain a better understanding of their overall impact and make more informed decisions that take into account the broader implications of their actions.

For businesses, the National TOMs 2019 framework offers several important benefits. Firstly, it provides a structured and consistent approach to measuring and reporting their social and environmental impact, which can help businesses to demonstrate their commitment to sustainability and corporate social responsibility. This can be particularly important for businesses looking to attract socially conscious consumers, investors, and employees who prioritize environmental and social considerations. By effectively measuring and communicating their social and environmental performance, businesses can enhance their reputation and brand value, ultimately leading to increased customer loyalty and trust.

Secondly, the National TOMs 2019 framework can help businesses to identify areas for improvement and drive positive change. By systematically measuring their social and environmental impact, businesses can identify areas where they are having a negative effect on society or the environment, and take proactive steps to mitigate these impacts. Additionally, the framework can help businesses to identify opportunities to create positive social and environmental outcomes, such as through the development of sustainable products, implementation of green technologies, or community engagement initiatives. By focusing on these opportunities, businesses can not only improve their overall performance but also contribute to the betterment of UK society as a whole.

Furthermore, the National TOMs 2019 framework can also help businesses to align their operations with broader societal and environmental goals. In recent years, there has been an increasing focus on achieving sustainability at a national and global level, as evidenced by the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement on climate change. The National TOMs 2019 framework provides businesses with a tool to assess their contribution towards these broader goals and determine how they can align their activities to support them. By doing so, businesses can play a more active role in addressing pressing social and environmental challenges, and contribute to the achievement of a more sustainable and equitable society in the UK.

In summary, the National TOMs 2019 framework is an important tool for businesses to measure and report their social, environmental, and economic impact. By implementing this framework, businesses can gain a more comprehensive understanding of their overall performance and make more informed decisions that take into account the broader implications of their actions. Furthermore, the National TOMs 2019 framework can help businesses to enhance their reputation, identify areas for improvement, and align their operations with broader societal and environmental goals. Ultimately, the adoption of the National TOMs 2019 framework can lead to a more sustainable and responsible business environment in the UK, contributing to the betterment of society as a whole. Therefore, businesses need to be aware of the National TOMs 2019 and implement it for the betterment of UK society.