By Jess Higgs | 5th July 2021
While the accreditation itself may be seen as the main benefit to becoming a B Corp, it doesn’t stop there, so here are some of the less obvious benefits to gaining that iconic stamp of approval…
Many teams may think they’re already walking this particular walk and so why pay for the pleasure of finding out what you already know? However, the beauty of the B Impact Assessment is that it’s a completely objective tool which will undoubtedly highlight areas for improvement that businesses wouldn’t necessarily be able to identify by themselves, from tightening governance practises to taking better care of employees and embedding the mission into the brand. The B Corp model also demands constant improvement in order to maintain its status; being a B Corp keeps companies honest and that can only be a good thing.
A common misconception about being a B Corp is that companies need to sacrifice profitability in order to pass the test, but the reality is more nuanced. The concept was founded on capitalist principles and the notion that businesses don’t have to choose between profitability and morality - the two can not only co-exist but enhance one another. The stats back this up; in the US, B Corps were found to be 63% more likely to survive the recession and in 2017 UK B Corps grew 28 times faster than GDP. What’s more, B Corp status makes businesses very attractive to investors, who are increasingly looking to diversify their portfolios; the meticulous assessment process also means due diligence may be more straightforward in a B Corp sale.
Conscious consumerism is a buzz phrase that’s not going anywhere soon and B Corps are riding the crest of that wave. And while reports have repeatedly shown that consumers are becoming increasingly willing to pay more for responsible products and services, consumers remain sceptical about brands’ claims of sustainability. This is where B Corp accreditation is key; the trust conscious consumers place in the rigorous hoops companies must jump through to attain it means they increasingly look for this formal stamp of approval before giving a company their own.
In addition, B Corps are increasingly attracting the best talent as sustainability and societal impact become core factors in new hires agreeing to join a business. PWC predicts that by 2030 corporate responsibility will no longer be a nice-to-have but a non-negotiable when it comes to attracting the best talent to your business. The message? Not only does being a B Corp help brands attract a growing audience, but a higher quality workforce too, both of which mean only good things for a business’s growth potential.
There are around 3,500 B Corps globally and over 400 in the UK, and B Lab (the organisation behind the B Corp accreditation) doesn’t just stamp your wrist and wave you off into the sunset, they compile and share case studies, offer professional development and empower their members via organisations like We The Change, a group for female B Corp CEOs committed to working together to drive an inclusive and sustainable global economy. Marvellous.
So having said all that, the question on everyone’s lips is, is there a reason not to become a B Corp??