B Corporation & B Corp: What you need to know beyond the name
What is a benefit corporation or b corp?
B Corp, or B corporation, refers to certified B Corporation companies or businesses that aim to balance profit and purpose. These companies use the power of business to analyse social and environmental problems, with the non-profit B Lab arm being utilised to certify them. These companies aim at accelerating a global culture shift to redefine success in business and the economy as well as ensuring that a business becomes a solution to problems rather than it being a problem itself.
B corp assessment
B Corp assessment is a rigorous process as the certification of these companies ensures they are one step closer to improving social and environmental performance. Consequently, not just any company can claim a B corp membership. A certified B corporation must be certified by the B Lab and pass the full certification process of the B Lab. The process includes assessing and possibly changing some of its methods in regards to the society; how it runs its business and how it treats its customers.
B corp requirements
There are five determinants for the certification of a B corp. They are:
What are the benefits of b corp?
There are various benefits associated with becoming a certified b corporation. Some of these benefits are:
It provides companies with the opportunity to lead a movement and create an avenue for investors to get involved.
As its a certified company with laid down rules and procedures, there is public accountability.
Better positioning for the company’s future based on increased consumer interest in companies that are interested in improving the environment. This is one of the goals of B Corp. Thus, there is a feeling of belonging and giving back to themselves since they constitute the society.
As a certified B company, it means you possess certain qualities as a company which makes you stand out. It should be stated that the continuous portrayal of these attributes enables the sustainability of your company. Besides, all your proposed goals as a certified B corp are not just oral; they are put in writing and contracts, thereby giving your company more credibility.
Becoming a B Corp is not merely a certification, it’s walking the walk and letting the community see that you are, indeed. That is how employees, consumers, and business owners show interest in your business.
Also, those who get involved in your company would be those who share a common interest with your company’s values which means engaged workforce equals better profit and better image for the company. Being a Certified B Corporation speaks for your company because the certification isn’t for everyone. If your company is certified, it is a company with goals more significant than just profit-making.
Above all, being a Certified B Corp puts your company in the limelight where the society sees that your company is for society and not just a profit-making venture. The choice is before you. Are you still waiting?