An introduction to B Corporations
Are you familiar with the impact-business space and what it means to be a B Corporation certificated company? Perhaps you’ve seen the logo to the right attached to food, beauty, home products or professional services?
The easiest way to explain what B Corporation means is that is the business equivalent of what Fairtrade is to food. On their website it is explained as:
"Certified B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This is a community of leaders, driving a global movement of people using business as a force for good."
The beginning of the B Corporation movement
In 2006, three friends left careers in business and private equity and created an organization dedicated to making it easier for mission-driven companies to protect and improve their positive impact over time.
2007 saw 19 businesses obtain their B Corp certification. Since then, the number has grown like crazy! At the time of this post in 2018 there were 2,606 companies, and on a post review in March 2021 the figure has grown to 3,821 companies across 150 industries and 60 countries. Incredible growth!
The average company to qualify as a B Corporation at the early stages of the certification was privately-held small and medium-sized businesses. Now, in 2021 there are many large and global brands that have certified.
So why become B-Certified?
The process is long, with a lot of data collection and recertification required every 2 years. So what are the benefits of being a part of this group of businesses?
1. Identifying as a B Corporation is a way to publicly claim an identity as an organization interested in both shareholder and stakeholder success, and a way for brands to communicate their values. Something to think about in your marketing efforts and in building your brand community and engagement.
2. Greenwashing, where businesses claim to positively impact the planet (when in reality their results are far from the truth) is on the rise. B Corporation businesses can use their certification to stand out from other businesses and help consumers to know that their business is truly and certifiably socially and environmentally responsible.
3. Our global economy is changing and businesses are being held to more and more account by consumers. B Certification is leading the way for a redefined way of doing business that is honest, transparent and responsible.
4 . For those businesses who have the B Corporation, there are opportunities to connect with peers all around the world through a member website platform as well as online and in-person events, for opportunities to collaborate, support, learn, educate and build connections and businesses.
The future of business
With the rapid rise of B Corporation companies, business is continually being redefined. A recent millennial report from Deloitte that highlights that millennials’ confidence in business and loyalty to employers deteriorates as employees increasingly seek to work for businesses whose decisions will benefit the world. The shift is tangible, especially here in Vancouver, a city with the greenest building code of any jurisdiction in the world, and (as per the recent green report from the Vancouver Economic Commission) a green economy that employs 1 in 15 Vancouverites while 30 percent of businesses deliver products or services that help to restore or preserve the environment.
Ben & Jerry’s is one of the bigger sized B Corporations
Maxine is a photographer based in Vancouver, Canada, and works with small heart-centered businesses to create joyful, honest images so they can show up on-brand, and aligned with their values.