The biggest business benefits of becoming a B Corp
14 Jun 2022
“All else being equal, the vast majority of people will choose the sustainable option when it comes to purchasing.” – Rick Benfield
14 Jun 2022
“All else being equal, the vast majority of people will choose the sustainable option when it comes to purchasing.” – Rick Benfield
First things first, read about our B Corp journey so far (if you haven’t already). It will give you a better idea of what becoming a B Corp entails and whether it’s right for your business.
The benefits of B Corp certification tie into this big decision. Of course, igniting social and environmental progress should be your main driver, because that’s the whole point of becoming a member of the B Corp community. You’re transforming the way you work to be a part of the solution, not the problem.
But considering the tangible business benefits also helps you see how it’s a worthwhile endeavour. It shows you what you get back from your investment (because achieving and maintaining B Corp status is a long-term, resource-intensive commitment).
With that said, discover the most valuable business benefits available to B Corp businesses.
As a B Corp, you adopt steps to ensure you positively affect workers, customers, suppliers, community members, governance and the environment, helping to do things like reduce inequality, drive social mobility and build a healthier environment.
Such altruistic actions can benefit your business too – that’s the hidden beauty of becoming a B Corp. Let’s look at these perks in more detail.
Younger generations with a lot of spending power are becoming increasingly eco-conscious and this is shaping their buyer decisions. For example, the vast majority of Generation Z shoppers (who command $360 billion in disposable income) prefer to buy from sustainable brands. They’re also willing to spend 10% more on sustainable products (First Insight).
By becoming a B Corp, you’re tapping into a burgeoning market as consumer interest in sustainable companies reaches dizzying heights. And you have a much better chance of winning over conscious consumers than non-B Corps. Your certification gives savvy individuals in this market reassurance that you’re a sustainable business they can trust. They can relax knowing their money is going towards a company that’s having a real impact on the causes closest to their hearts.
B Corp certification is the most powerful way to build credibility and trust for your business. It shows customers that you meet the highest verified standards of social and environmental performance, public transparency and legal accountability.
It also gives you a competitive edge, meaning customers might be less likely to switch to a competitor if they have strong moral and ethical values. Making sure you successfully recertify (you have to submit the BIA every three years) will increase your chances of retaining customers as you continually show your commitment to driving change.
Because your B Corp certification makes it easier for others to understand your business values, you’re more likely to find and attract investors who care about the same things as you.
You also get to showcase your achievements publicly by sharing your Annual Report online, which evidences your successes in:
Not only do you benefit financially but you build a network of like-minded allies and advisers who add value to your business in meaningful ways – people who’ll be more willing to connect you to others from their own networks (who also share your business values), further widening your pool of high-quality investors.
Part of the B Corp certification process is identifying needless and wasteful spending as you look to reduce things like your water and energy consumption. This in itself can help you save money over the long term.
When you register as a B Corp, you also get access to the B Hive – a platform the B Corp community can use to connect, collaborate, access resources, share knowledge and offer discounts to one another. Included in these resources is information on the most cost-effective means to be sustainable, as well as discounts and benefits from other B Corps, opening you up to opportunities to cut costs.
What’s more, by working towards improving your Business Impact Assessment and reducing your carbon footprint, you automatically streamline your processes to work more efficiently and identify areas of the business that can be improved that you may not have considered before. This in itself enables companies to save a lot of money.
Through the B Hive, connecting with other B Corps is effortless. You can lean on each other as you strive to be more sustainable, sharing advice, expertise and resources that can benefit your business and theirs.
You can also collaborate with each other, for instance, you could work on a marketing campaign together, redirect business to each other’s websites or even share trade show booth space. Such partnerships tend to work out well and last for a long time because you’re already aligned through a similar mission and shared values.
As you complete the Business Impact Assessment during the initial B Corp certification phase, you’ll uncover opportunities to engage with your employees better. For example, the ‘Workers’ assessment section might get you thinking about things like employee rewards and how to improve them to drive employee engagement and satisfaction.
It can also encourage you to improve your workplace diversity and inclusivity as you strive to score better in these areas, helping you make sure everyone in the business feels valued and has a sense of belonging.
Also, because becoming a B Corp helps you improve business efficiency, this may make it possible for you to introduce a 4-day week. There are many reasons why a 4-day week helps you improve employee engagement as well as attract top talent. For one thing, it shows that you’re prioritising your employee’s wellbeing. You can learn more in our article: Building a healthier future for TG, the industry and the environment.
Today’s candidates are putting greater importance on working for companies that are positively impacting people and the planet. According to Inc, Millennials, who’ll make up 75% of the workforce by 2025, are increasingly looking for socially responsible employers. Meanwhile, the health insurance company Bupa found in 2021 that 64% of surveyed 18-to-22-year-olds consider it important for employers to act on environmental issues, and 59% would remain longer with responsible employers.
Achieving B Corp certification will validate your environmental, social and ethical impact, helping you attract candidates who want more meaning in their careers. In turn, this will help you build a strong culture as you hire people who share your values. B Corp certification also demonstrates your employee-centricity, helping you retain top talent.
As we were thinking about B Corp certification, we asked ourselves, What if we did nothing? We realised that this would mean we’d:
That’s not to say you should pursue this journey if it’s not right for your organisation at this moment in time. But if you do have the resources and inclination, it’s a no-brainer. You’ll take a huge step in future-proofing your business while helping to create a healthier and fairer world.
Share this article with your fellow business leaders, and show them what benefits are on offer for B Corps. Also, check out B Lab’s official website for more information, and follow us on Instagram or Twitter for updates on our B Corp journey and other exciting content!
