In today’s fast-paced business world, where being eco-friendly and ethical is more crucial than ever, B Corp Certification shines as a symbol of ethical excellence. It’s not just about making money; it’s about making a real difference in the world. Let’s break down why this certification is a game-changer and how it can take your business to new heights.
Why B Corp Certification Rocks
It’s not just a shiny badge, there are some real benefits to becoming a B Corp.
1. Attracting the Right Investors
Picture this: you’re on a mission to save the planet, and so are your investors. With B Corp Certification, you’re like a magnet for sustainability-focused investors who share your vision. It’s not just about the money; it’s about building a better world together.
70% of B Corps who sought equity finance secured all (or more) of the required amount, versus, 56% of the wider SME population. (Source: www.bcorporation.com)
It’s not just about the money; it’s about building a better world together.
2. Keeping Your A-Team Happy
In today’s job market, top talent wants more than just a salary. They want purpose. And that’s where B Corp Certification comes in. It shows your people that you’re not just in it for the profits; you’re in it to make a difference.
Blab UK reported B Corps averaged a staff attrition median rate of 8% in the past year, compared to a range of 16-20% for the wider UK business population. with 84% of B Corps leadership teams including at least one woman, too, compared to 55% for the average SME.
That’s the kind of workplace people love sticking around for.
3. Building a Rock-Solid Reputation
In a world where trust is everything, B Corp Certification is your golden ticket to building a stellar reputation. Customers love supporting businesses that care about more than just profits. By getting certified, you’re showing the world that you’re doing business for the right, planet-powered reasons.one of the good guys.
4. Supercharging Your Growth
Did you know that B Corps grow faster than their non-certified counterparts? It’s true! With a shiny B Corp Certification badge, you’ll attract loyal customers like bees to honey. Plus, you’ll become part of a supportive community of businesses that are all about making a positive impact.
B Corps saw an average growth of 26% between 2017 and 2020 vs the average for all UK companies of 5%. And, B Corps have higher expectations about future growth, with an 86% net positive expectation* that turnover will grow in the next year vs 25% for all SMEs (*the net proportion of those planning to increase less those planning to decrease). (Source: www.bcorporation.com)
B Corps are at the forefront of innovation and collaboration too. 43% of B Corp SMEs have applied for, or received, R&D tax credits in the past 3 years, vs 6% of the wider SME population. (Source: www.bcorporation.com)
When you become part of the community, you gain exclusive access to a hive of activity where like-minded businesses come together to share ideas and resources. Think brainstorming sessions on steroids.!
Plus, as a member, you’ll have the opportunity to join the B Hive—a platform where B Corps connect, ask questions, share discounts, and organise events, offering fantastic networking opportunities.
It’s more than just joining a club; it’s joining a movement for positive change.
5. Winning Over Investors While Strengthening Your Governance Game
Investors love a good B Corp Certification. It’s like a seal of approval that says, “Hey, we’re serious about making a difference”.
Transparency, accountability, and ethical conduct are the name of the game with B Corp Certification. By tightening up your governance processes, you’ll earn the trust of stakeholders and set yourself up for long-term success.
A recent survey found 74% of B Corps state they have a formal business plan, compared to 41% of the wider SME population. 84% of B Corps state they have processes in place to ensure formal tracking of business performance, compared to 52% of all SMEs.
As a private equity backed business, we understand the vital importance of transparency. That’s why we’re thrilled to introduce our Cooper Parry Annual Impact Report. We’re eager to share our journey and learnings with you, peeling back the layers to reveal the highs, lows, and everything in between.
Our experiences have taught us invaluable lessons, and we’re laying it all out there in the hopes that you’ll find inspiration for your own path towards positive change.
Rest assured, you’ll get the full story—not just the highlights. And, as proud members of the B Corp community, producing this report isn’t merely an option; it’s our commitment to being transparency and accountable in everything we do.
6. Sharing Your Mission Loud and Proud
One of the coolest perks of being a certified B Corp? Access to exclusive networking events and communities. It’s like joining a VIP club where everyone is focused on changing the world for the better.
Look no further than The B Global Network and B Lab UK. They’re the ultimate champions of using business for good, inspiring, and empowering folks to make a positive impact.
With B Corp Certification, you’ll have a platform to shout your mission from the rooftops. Customers, investors, suppliers – everyone will know exactly what you stand for. And that kind of clarity is priceless in today’s noisy marketplace.
How to Get Certified
So you want in on the action? Becoming a certified B Corp isn’t just about talking the talk; it’s about walking the walk. You’ll need to show evidence of your ethical business practices and prove that you’re serious about making a positive impact.
How do you make the grade?
To become a certified B Corp, you’ll need to score at least 80 points on the B Impact Assessment. Don’t worry if you fall short at first; you’ll get a handy report showing you where you can improve.
As standards evolve and the bar is raised, the growth of the movement will help B Corps better define what it means to be a B Corp. For more details, check out this supporting article from B Lab UK.
Who Can Get Certified?
Flying solo? No problem! If you’re a lone wolf running your own show as a sole trader, you’re totally eligible to get certified. Just remember to mark ‘0 workers’ when filling out the company size section in the B Impact Assessment. However, sole traders can’t qualify for Pending B Corp Status.
Here’s the scoop: like companies in regions without a legal pathway, sole proprietors lack the formal governing documents needed for Pending B Corp status. But it’s not all bad news.! You can still apply for the full B Corp Certification they’re eligible for after being in operation for 12 months.
Charities Need Not Apply. Sorry, Not for Profits. B Corp Certification isn’t for you. But don’t worry; there are plenty of other ways to show the world your good deeds.
Partnerships, Mutuals, and Cooperatives, Oh My! If you’re part of a partnership, mutual, or cooperative, you’re in luck.! B Corp Certification is open to you.
So, you’re steering a huge multinational corporation, huh? Running a big operation with revenue hitting over £100 million? Impressive stuff! If you’re playing in multiple industries, operating across five or more countries, or juggling five or more subsidiaries, no sweat.
But, there’s a bit more paperwork involved.
Basically, you’ll need to provide additional information for B Lab to assess if you’re ready to join the B Corp club. They’ll take a good look at your setup, identify any potential roadblocks, and make sure you’re on the right track to certification.
Tips for Success
Alright, let’s break it down. When it comes to getting certified, you need to know what you’re being evaluated on.
It boils down to five key areas: Workers, Environment, Community, Governance, and Customers.
These aren’t just random categories, they’re the heart and soul of what it means to be a B Corp. From how you treat your employees to your impact on the planet and your local community, every aspect of your business is under the microscope.
So, buckle up and get ready to show how you’re making a positive difference across the board. But fear not – B Corp assessors are there to help. They’ll guide you through the process and make sure you’ve got everything you need to succeed.
Lastly, rally the Troops, getting certified is a team effort.
Make sure to get your employees and stakeholders on board from day one. So, here’s the deal: becoming a certified B Corp isn’t just about ticking boxes or making big sweeping changes. It’s all about those little everyday actions that add up to something big.
But here’s the kicker: for those changes to stick, your people need to understand the what, how, and why behind them. It’s like giving everyone the playbook so we’re all on the same page and moving in the right direction.
How Much Does It Cost?
Trying the B Impact Assessment is a great place to start if you’re not 100% sure. It’s completely free, so there’s nothing to lose.!
Getting certified however isn’t free, but it’s worth it. You’ll need to pay a one-time submission fee plus an annual certification fee based on the size of your business. Look at the handy chart below but trust us – it’s money well spent.
There’s also a start-up special offer. Cha-Ching.!
If you’re a brand-new business, you can still get in on the action with pending B Corp status. It’s like a trial run for certification – with all the perks and none of the pressure.
Changing the World, One B Corp at a Time
At the end of the day, B Corp Certification isn’t just about you – it’s about all of us. By joining the movement, you’re helping to create a more sustainable, equitable, and just world for future generations.
Credentials aren’t just a bonus anymore; they’re essential. Being proactive about sustainability not only showcases your business’s resilience but also clarifies your purpose and positions you as a leader in your industry. It’s all about presenting your vision (your ‘why’) and integrating ESG practices.
Discover more about how we can simplify your sustainability journey and adopt practical, jargon-free solutions tailored just for you.
So, what are you waiting for?
Get in touch with our team today and start your journey toward B Corp Certification. Together, we can change the world, one business at a time.
