What is B Corp, and should our business apply?
Sustainability Consultant + Strategist Nash Gierak gives us a rundown of the benefits and challenges that businesses should consider when aiming to become an accredited “force for good.”
Introduction
If you're looking to start a business or want to make your existing company more socially responsible, you may have heard of B Corp certification. B Corp is a certification given to businesses that meet high standards of social and environmental performance, accountability, and transparency. In this blog post, we'll explore what B Corp is, why it's important, and whether or not your business should pursue certification.
Benefits of B Corp certification
B Corp certification has several benefits for businesses. First and foremost, it provides a framework for companies to measure their impact on the environment, their employees, and the communities they serve. By setting clear standards and guidelines, B Corp certification ensures that businesses are held accountable for their impact on society. Additionally, B Corp certification can help businesses stand out in an increasingly crowded market. Consumers and investors are more likely to support companies that are transparent about their social and environmental impact, which can lead to increased revenue and growth opportunities. Finally, B Corp certification can help attract and retain talented employees who are passionate about working for a socially responsible business.
Challenges of B Corp certification
While there are many benefits to becoming a B Corp, there are also some challenges that businesses may face. The most significant challenge is the cost and time commitment required to obtain certification. The certification process can be lengthy and expensive (this is on a sliding scale though), and it requires businesses to make significant changes to their operations to meet the rigorous standards set by B Lab. Additionally, some businesses may be hesitant to pursue certification because they fear it will negatively impact their bottom line. However, it's worth noting that many businesses see a return on investment from pursuing B Corp certification, both in terms of increased revenue and improved employee retention.
There has also been some criticism towards B Corp. This was due to some some companies with less-than-ideal reputations qualifying for the certification. You can have a read about that here. This triggered a consultation and review which has addressed these concerns (and even resulted in a business losing their certification) reassuring consumers, clients, and the members of the B Corp community that really are committed to social and environmental change. You can read the report here.
Should your business apply to B Corp
Ultimately, the decision to pursue B Corp certification is up to each individual business. However, if your company is committed to social and environmental responsibility, pursuing certification can be a valuable way to demonstrate that commitment to your stakeholders. If you're unsure about whether or not to pursue certification, consider reaching out to other B Corps in your industry to learn more about their experiences and the impact certification has had on their businesses. Additionally, you can take the B Impact Assessment, a free tool that allows you to assess your business's impact and see how it measures up against the B Corp standards.
Greenwashers take note! B Corp should never be a tickbox exercise for businesses. As you will have read above, this is a widely recognised certification, and as such, is widely talked about in the media. This is a great thing for ethical businesses, but not so great for unethical ones!
How Bold Green Strategies can help
B Corp certification is a way for businesses to demonstrate their commitment to social and environmental responsibility. While there are challenges associated with obtaining certification, the benefits can outweigh the costs for businesses that are serious about making a positive impact on society. Ultimately, the decision to pursue certification is up to each individual business, but it is clear that B Corp certification is becoming increasingly important for companies that want to be leaders in the movement towards a more sustainable and equitable future.
If you have B Corp in your sights, Bold Green Strategies will perform a gap analysis of your business, and will provide an interactive checklist to ensure your score meets the required 80 points (we always shoot for a minimum safety net of 90!). This will give you the opportunity to collate the relevant documentation for existing frameworks and policies. If you fall under the minimum score—as most businesses will—we will provide you with a suite of creative options to boost your application (and your business in the process!). We can tweak your sustainability strategy to reflect these changes, and can train your team in how to implement and communicate the accreditation.
To start your B Corp journey, drop us a line at hello@boldgreenstrategies.com and we’ll be happy to talk you through it all in more detail!
