The Future of Business Starts with a ‘B’ - for B Corp Certified

There is a growing movement of businesses that are choosing to operate in a way that takes into account the social and environmental impacts of their activities. This new way of doing business is often referred to as "conscious capitalism" or "triple bottom line" thinking, and it's something that more and more businesses are beginning to adopt. One way that businesses can signal their commitment to this new way of operating is by becoming certified as a B Corporation. 

What is a B Corporation?

Let’s recap, B Corporations are for-profit companies that have been certified by the non-profit organization B Lab to meet the highest standards of social and environmental performance, accountability, and transparency. In order to become certified, a company must complete a rigorous assessment of its business practices in these areas and make any necessary changes to meet the standards set forth by B Lab. 

There are currently over 6000 certified B Corporations in over 86 countries and spanning 158 industries. Some well-known examples of B Corporations include Patagonia, Ben & Jerry's, Natura, Danone, and the BDC. 

The Benefits of choosing a B Corp Future 

There are a growing number of benefits that come along with becoming a B Corporation. First and foremost, it signals to customers, employees, investors, and everyone that your company is committed to being a force for good in the world. This can help you attract like-minded individuals to your business, build trust with the people you do business with and create a deeper emotional connection with your consumers.

In addition, becoming a B Corporation can help you access new markets and opportunities. In some states, like Washington state, for example, businesses may qualify for tax incentives as an indirect result of becoming B Corp.  And an increasing number of institutional investors are looking to invest in companies that align with their values, which means that becoming a B Corporation could help you attract much-needed capital. 

Finally, becoming a B Corporation will help you improve your business operations. The assessment process required for certification forces you to take a hard look at your business practices in the areas of social and environmental impact and figure out ways to improve them. This can result in increased efficiency and cost savings down the line. 

So, if you’re interested in becoming B Corp certified, what are the steps you need to take? Let’s break that down, too.

Step 1: Assess Your Impact

The first step is to assess your impact across five key areas: governance, workers, community, environment, and customers. The assessment will ask you questions about everything from how much waste your company produces to whether or not your employees have access to healthcare benefits. Once you’ve completed the assessment, you’ll receive a score.

Step 2: Score 80 Points or More 

In order to be officially certified as a B Corp, you must score at least 80 points on the impact assessment. If you don’t quite reach that threshold, don’t despair—you can still use the results of your assessment as a roadmap for improvement. Simply commit to making changes in the areas where you scored lowest and keep working the assessment until you reach 80 points. 

Step 3: Complete The Certification Process 

If you do score 80 points or more on the impact assessment, congratulations! The next step is to complete the certification process, which includes a rigorous evaluation and verification process with analysts from B Lab, paying an annual certification fee (the amount of which depends on your company’s size), and signing the B Corporation Declaration of Interdependence. Once you’ve done that, you’re officially part of a community of over 6,000 businesses worldwide that are committed to using business as a force for good! 

A few final words about tomorrow

There's no doubt about it: the future of business is sustainable, socially responsible, and transparent. If your company isn't already thinking about how it can operate in a more conscious way, now is the time to start. And one way to signal your commitment to this new way of doing business is by becoming certified as a B Corporation. With so many benefits—including improved operations, access to new markets, and increased trust from customers—there's no reason not to take up the B Corp challenge.