‘B Corporations’, also known as B Corps, are a group of companies around the world aiming to meet rigorous standards of social and environmental performance, accountability, and transparency. To put it simply, a “B Corp is to business what Fair Trade certification is to coffee or USDA Organic certification is to milk”. There are currently more than 1,600 certified B Corps from 42 countries around the world, representing 120 industries across the board.
The B Corp certification has looked to redefine what success means in the world of business. Companies should strive to be the best for the world, not necessarily the best in the world. Given their collective voice, and that large companies such as Patagonia and Oaklandish form a part of this group, B Corps have the power to encourage change for good. Besides the power these companies from being part of a group, what are the benefits of being a B Corp?
The ethics of being a B Corp
Ethically, there are many reasons to become a B Corp. You are clearly part of a movement for good, which can encourage more and more corporations worldwide to join the group. Moreover, being a B Corp gives you proof and credibility. It’s all well and good that your produce may be organic and carbon neutral, but consumers require proof, and being a B Corp can give you that. Being a B Corp will ensure you meet your targets and intentions, as the ethos will become engrained in the DNA of your company, which will look further and further to do good.
Whilst the ethical factor is hugely important, and the central focus of being a B Corp, there are plenty of business benefits to reap from the group. Investors seek companies that do good, not only companies that show revenue growth in the short term. They understand that being certified as a B Corp will act as insurance for the longevity of your business, and attract more investment to your business. The B Corp standards ensure that the companies and their investors seek higher valuations, achieve greater impact and build a company that will last with integrity. Being a B Corp will also generate more press, giving your business greater reach across media platforms worldwide.
More directly, being a B Corp will also help your business attract better talent. Roughly half of the global workforce are millennials, who seek work with a larger purpose. Being a B Corp will certify your intentions and attract more employees that are better qualified, giving your business the quality workforce it needs. Moreover, being part of the B Corp group gives you unparalleled access to other member businesses, meaning better business can be formed with greater ease.
Ultimately, being a B Corp allows you to benchmark your performance and set goals for further improvement in the future. This will allow your company to continuously improve and not just do it once or twice, having a true impact on the world. If you are interested in benchmarking your business, contact us today to find out more.