Certified B corporations can be defined as businesses that adhere to the topmost criteria of verified environmental and social performance, transparency, and legal answerability to keep a balance between purpose and profits.
What is the Certification Process?
There are three main steps to becoming a Certified B Corporation:
Believe that your business can be used for a wider purpose:
A B Corp business believes that businesses can be used for improving the larger society. They believe that a corporation should be able to create prosperity that is environmentally-friendly and inclusive.
Since a B Corp believes in the dual motives of profit and societal good, a nonprofit, or organisations receiving charities or grants, cannot qualify for a B Corp Certificate.
Go for the B Corp assessment:
If you believe that your business has what it takes to become a B Corporation, you can take a couple of assessments available online for free.
After completing the full assessment, you will be given a B Impact Report. This report will also have a ‘B Score’, which will reflect how well your business is doing as a social enterprise. To become eligible for the certification, an organisation needs to score at least 200 points on this assessment.
Alter the articles of incorporation:
If you are prepared to join the movement, you will have to alter your articles of incorporation to reflect your commitment to wider societal purposes.
This alteration is what will allow you to make yourself different to traditional companies. A B Corp organisation, are required to consider its impact on its other stakeholders, while still creating value for shareholders.
Who Provides the Certification?
B Corporation is the official B Corps body and hence responsible for the certifications.
Benefits of Accreditation:
Promotes social responsibility:
Being a B Corp company means that your organisation will be held accountable for the environmental and social responsibilities that you are committed to fulfilling. Increasing consumer awareness means that buyers are more inclined to do business with socially and environmentally-responsible companies. Being a B Corp organisation means showing your customers that you are making a real difference to the wider world.
Attracts employees that are like-minded:
An increasing number of employees now want a broader meaning and purpose to their careers, and one way to achieve that is by working for an organisation trying to positively impact society. Hence, not only will you be able to attract the best talent, but you will also be able to retain it.
Getting registered as a B Corp means getting access to B Corp community information, which highlights the most cost-effective methods of being sustainable. Moreover, throughout the certification process, you will be able to identify any wasteful and needless spending and strive to minimise it.
Being a B Corp means that you will be able to find more cost-effective ways to conduct your business while also benefiting the broader society. In other words, your business can enjoy the best of both worlds.
B Companies are nothing to do with registration at Companies House, they are a separate accreditation. This blog is provided for information only and our team cannot provide you with any further information or assistance relating to B Corporations. However, we can assist you with the registration of your company