We recently attended a Buckinghamshire sustainability event with fellow businesses and experts involved advising companies on B Corp certificate, the ‘gold standard’ for a growing number of purpose driven businesses creating benefit for all stakeholders, not just shareholders.
In this article we explore what is involved in B Corp certification and how it can benefit your business.
What is B Corp certification?
The B Corp certification was created by B Lab, a non-profit organisation, the “B” stands for “Benefit for all” and demonstrates that certified organisations voluntarily meet certain standards of transparency, accountability, sustainability and performance.
In essence, B corps are for-profit corporations driven by both mission and profit. Shareholders hold the company accountable to produce a financial profit as well as some sort of public benefit.
B Lab was founded in 2006 in the US by three friends who shared a vision to make business a force for good. The first B Corps were certified in 2007 and today there are more than 800 B Corp organisations in the UK, and more than 5,000 worldwide. While more than 150,000 businesses have used the B Impact Assessment – a digital tool that can help measure, manage, and improve positive impact performance.
Companies that are registered as a B corp must achieve a minimum score on the B Impact Assessment, an evaluation of the company’s impact on its workers, customers, community and environment.
They also must make their B Impact Report which is overseen by a governing body called the B Lab.
B Corp certification doesn’t just evaluate a product or service; it assesses the overall positive impact of the company that stands behind it and commits them to a continuous improvement process.
The B Corp certification process
Described as one of the “most demanding certifications” by brands who have gone through the process, companies must first complete an online B Impact Assessment (BIA) with more than 200 questions covering governance, workers, environment, community and customers.
B Corps have to re-certify every three years, but in the intervening years they are required to update on their progress with an impact report assessment, which B Lab says ensures continued transparency and accountability.
Whilst gaining the certification is becoming an aspiration for many businesses, the B Impact Assessment digital tool also provides a framework for companies to begin working towards measuring, managing and improving their positive impact performance, even if they are not yet ready to gain their certification.
What are the main benefits of becoming B Corp Certified?
A few of the top advantages to getting B Corp certified are:
- Encourage social responsibility: Consumers are increasingly interested in sustainable companies and want to be convinced of their social efforts. By meeting B corp standards that are made transparent, customers can see how the companies they choose are making a difference.
- Attract and retain employees: Knowing your business is actively trying to make a positive social change will help you attract and retain top talent and demonstrate your employee-centric culture.
- Eliminate waste: The certification process helps companies identify needless and wasteful spending. You will also gain access to the B corp community data, which helps companies learn the most cost-effective means to be sustainable.
In summary
We are seeing companies from across almost every industry sector choosing to embark on B Corp certification as consumers and staff increasingly favour more socially and sustainability focused brands.
Whilst the process is time consuming and requires focus, time and resource, companies are seeing this outweighed by the long-term benefit it can bring.
At the very least it gives companies a thorough process in which to begin measuring and benchmarking how they are currently performing, so that they can make immediate decisions and improvements.
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