Opinion

What Is B Corp And Why Does It Matter?

A lot of businesses talk a good game when it comes to ESG. But only a small percentage have the accreditation to support it.

Being a B Corp is independent evidence that your business is balancing profit with people and the planet – not just saying it is. It’s proof that you’re not only dedicated to reducing your environmental impact, but also having a positive impact on your stakeholders.

Brands like Patagonia, Teapigs and Finisterre are examples of companies already committed to the cause. And they’re joined by countless others in the UK and internationally. As a B Corp ourselves, we think you should add your name to the list – and here’s why.

Photo by kazuend

What’s B Corp?

B Corp is the certification given to businesses that “meet the highest standards of verified social and environmental performance, public transparency and legal accountability”. The name behind it is B Labs, a non-profit network designed to transform the global economy so that it benefits all people.

Created in 2006, this international body has grown to represent a collective of companies looking to use business as a force for good. There are now over 5,000 B Corps in 80 countries and across 154 industries. As a result, B Labs has created a community that’s focused on customers and the workforce, as well as the environment.

Why is certification so important in 2022?

While ESG has taken a bit of a back seat recently given rising inflation and the cost of living, as well as the terrible events in Ukraine, the importance of sustainability has grown over the last few years – with the pandemic pushing it further into view. Both your consumers and employees demand more from you as a company, and your stance has the power to both attract them and turn them away.

It’s easy to see why. Being a B Corp is verification that your purpose, values and priorities are in everyone’s interests. It also makes you more likely to deliver on your ESG goals. That makes you competitive, both in terms of your talent acquisition and business generation. How? By boosting innovation, successfully securing funding, and engaging your community.

Not only that, but you also get to join a family of other like-minded businesses who want to support you in your ESG journey. Known as the B Hive, you get access to support, resources, discounts and advice.

Who’s B Corp certified?

Ben and Jerry’s, Kickstarter and Gusto, to name a few. Despite not being similar in any way, shape or form, these brands are now all internationally recognised for their commitment to sustainable values. While this isn’t necessarily the cause for their success, it does give their current customers a reason to keep coming back.

And it’s something we’ve found to be the case too. We can say with certainty that the accreditation has helped us since we became B Corp certified, both in terms of reaching our personal goals as well as hiring talented people who share the same values.

What’s more, we now feel we have a duty to support others with their ESG journey – doing business in a way that’s considerate of our people, clients and the planet. So much so, in fact, that we’re working with insurers to create better, more cost-effective programmes for our B Corp clients. Not only does it incentivise you to be more sustainable, but it makes business sense to the insurance company – as our recent study with Aviva showed.

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Invest in ESG? Be rewarded

Aviva is just one insurer we’ve worked with recently to understand the risk profile of B Corps. Through our carefully cultivated relationships with selected insurance companies, we can access better rates and terms.

Get in touch and we’ll walk you through our approach.

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