Businesses are supposed to be profitable – that’s a given. However, that shouldn’t be a businesses’ only mission. One day all businesses will serve a higher purpose like those of B Corp.
This has become evident with the rise of Certified B Corporations recently. According to the B Lab, a record number of companies have submitted their B Impact Assessment (BIA) this past year.
Becoming a B Corp has many advantages for a business, but first, let’s talk about what the term actually means.
What is a Certified B Corp?
In simple terms, a certified B Corp is a company that is verified by the nonprofit organization, B Lab. The B Lab holds B Corps to the highest standards of transparency, legal accountability to balance profit and purpose, and verified social and environmental performance.
It certifies companies based on the value it creates for stakeholders, such as its employees, the local community, and the environment.
B Corps are held to the highest standards of transparency, legal accountability to balance profit and purpose, and verified social and environmental performance.
Keep reading to find out the many benefits of becoming a certified B Corp!
5 Advantages of Being a B Corp
1. More Credibility
In order to be a Certified B Corp, you have to continually demonstrate how your business is creating benefits for the people and the environment.
In order to keep the certification, you have to prove how you are being sustainable. You cannot just claim that you are sustainable. It goes beyond sustainable branding and marketing to an embodiment of the triple bottom line.
You are being held accountable by a 3rd party. Therefore, customers are likely to trust companies with such status.
2. More Engaged and Inspired Employees
Employees can see your commitment and honesty behind the scenes. They can see you’re not just talking the talk but you’re also walking the walk.
Instead of employees who are there for a paycheck, you can hire and staff your company with employees who are inspired by what you are doing.
Staffing inspired employees can benefit your company significantly as well. According to Bain & Company partners Eric Garton and Michael Mankins in the Harvard Business Review, productivity among engaged employees hit 144% and 225% with inspired employees! This is a significant difference from productivity among dissatisfied employees which is 71%.
3. Gain Access to Community
There are currently over 4000 Certified B Corps around the world. Becoming a B Corp means you have the opportunity to network with these values-based corporations from around the world! The access to the community of B Corps allows you to learn from others who were in your shoes earlier.
In addition, you gain access to B Lab’s learnings and case studies.
4. Save Money
While a B Corp Certification does cost money, there are cost savings through both the certification process and the community.
The certification process forces companies to look at every aspect of the business from waste to energy usage, the impact on the community, and more. Looking at all the aspects helps companies see where exactly they are and what goals they want to set to improve.
In addition, as mentioned above, becoming a B Corp helps you gain access to a community of B Corps. This community allows companies to compare and constantly improve their practices and programs.
5. Better Outlook for Future
Conscious consumers are on the rise and are looking to shop brands that are committed to helping the environment and community.
In fact, the new generation of conscious consumers is even willing to pay more if it means buying a more sustainable product or from a sustainable company.
B Corp values connect with consumers causes that matter most to them — forming an emotional connection that builds deeper bonds, inspires brand advocates, and ignites action that goes beyond any transactional relationship. Conscious consumers see B Corporations as partners on social and climate solutions.
Looking to Become a B Corp?
Becoming a Certified B Corporation has some challenges, however, as a B Corp ourselves, Creative Chi has a team of marketing and branding experts ready to help you strategize what’s best for your company and the steps to becoming a B Corp with sustainable branding and visual identity.