With corporate sustainability becoming more important than ever, interest in UK businesses having B Corp certification is growing rapidly. But is the certification right for your business?
Becoming a B Corp has many benefits; like a positive impact on brand equity and greater recruitment appeal. A recent B Lab & Ella's Kitchen survey reported an average growth rate significantly higher than the national average in UK B Corps.
However, being a B Corp isn't just about improved profits and customer awareness. Being a B Corp means you are committed to creating a better and more positive world. As such, heading out on your B Corp journey needs to be considered carefully before you commit to doing so.
Below we’ve listed a few things to consider before applying to become a B Corp.
Are You Wanting To Have A Bigger Impact?
Becoming a B Corp means that your company now focuses on the triple bottom line. This means that you’ll no longer focus solely on generating a profit. Instead your focus will shift to ‘The Three Ps’ (People, Planet and Profit).
As a B Corp, you have to be willing to commit to using its voice to address social and environmental issues. If you are more concerned about increasing your profitability above all else then this process may not be for you. However, if you find yourself wanting to do more and be better for people and the planet first, then considering becoming a B Corp is a great step forward.
Are You Already Impactful?
Are you already making positive changes and are you already supporting the right causes? Becoming a B Corp means changing your legal structure to not only care about shareholders but to care about all of your stakeholders (ie: employees, customers, suppliers, etc.). You have to consider how your processes affect people and the planet.
An example of a business being impactful is committing to the Real Living Wage or signing up to the Better Business Act. If your business is already committed to these initiatives then you are already well on your way to becoming a B Corp!
Are You Looking To Join A Purpose-led Community?
Becoming a B Corp doesn't stop at the certification. Joining the B Corp community means you are committed to being better and making changes. Changes that will not only benefit your business but the wider community too.
Businesses should start to consider what else they can do and how they can have more impact. For example; consider joining The Better Business Network to connect with other purpose-led leaders and businesses of all sizes. Better Business Network Members benefit from each others’ passion and expertise.
In summary, as a business understanding that B Corp is more than a marketing or strategic opportunity is crucial. When deciding to become a B Corp you have to decide to join the community for all the right reasons. Investors and customers will be able to tell very quickly if you are not truthfully and meaningfully wanting to implement change.
If you want to learn more about becoming a B Corp, contact us directly at info@betternotstop.com. You can also subscribe to our YouTube channel to learn more about B Corps, sustainability and more.
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