What is a B Corp?
A B Corporation is a business that has been certified by the independent B Lab to meet rigorous benchmarks of social, environmental, accountability, and transparency standards. A B Corporation is an appraisal of the entire company and its practices including worker engagement, community involvement, environmental footprint, governance structure, and customer relations.
B Corps uses the power of the market to provide concrete solutions to social and environmental problems.
Already more than a thousand companies around the world have obtained the B Corp Certification, granted by the B Lab. This new model protects the mission of the company, by statute, ensuring that it fulfills its social and environmental purpose.
The Importance of Becoming a B Corp
A B Corp, along with others, gives rise to a community of organizations that are committed to redefining success in business. To be part of this community, you are committed to meet high standards of transparency, accountability and performance. Being certified as a B Corp allows you to get out of a saturated market by offering a positive vision and a new way of doing business.
It’s a community of business leaders who come in every shape and size and who represent a true cross-section of industry, from ice cream to solar panels, soccer balls to sustainability consultants.
It is important to know that the B Corps have another way of understanding the market less selfish and greedy, to enhance the work of the entrepreneur creating and betting on value for all.
A B Corp differs from other organizations for being innovative models that pursue the Triple Impact:
1. Purpose: Create positive impact in the social and environmental fields.
2. Responsibility: Take into account as a primary purpose the interests of the workers, the community and the environment.
3. Transparency: Publish an annual report on the social and environmental impact certified by a external and independent body that gives truth to your data.
Benefits of Becoming a B Corp
Becoming a B Corp provides many benefits to a company aside from marketing sustainability practices. Some of the immediate advantages include:
How can you Become a B Corp?
In order to be certified as a B Corp, each company completes a B Impact Assessment and is then scored against other businesses that have taken the assessment.The company then gets an Overall B Impact Score, which is broken down into different categories: Governance, Workers, Community, and Environment. This isn’t a one-time certification though, companies can re-take the Impact Assessment year after year.
In LifeElevated we offer consulting services focused on imbedding B Corp sustainability programs/certification criteria into the organizational culture and we can guide you with all the entire process.