Small businesses that have chosen to direct their efforts towards addressing social and environmental well-being while still generating profits may want to consider obtaining B Corporation certification. Directed by the non-profit organization B Lab, its goal is use “the power of business to solve social and environmental problems.”
Currently, more than 1,000 businesses worldwide have joined this growing movement, seeing it as an opportunity to separate themselves from others in the marketplace and to be agents of change. According to the B Labs website, B Corps actively “translate ideas into action” and “redefine success in business.”
According to a New York Times report, B Corp designation comes after a company is evaluated in terms of its “workplace wellness, philanthropy, and transparency,” determined through rigorous assessment of how high above the minimum wage low-end workers are compensated, diversity at the management and executive levels, and environmental initiatives and programs.
And, while receiving B Corp status requires scoring at least 80 point on an evaluation, the questionnaire is tailored specifically for each business that applies. These businesses must be capable of adapting and making adjustments in several areas, including supply chain management, human resources, and investor relations in order to meet the requisite benchmarks.
Given the current trend among consumers to prefer conducting business with companies demonstrating environmental responsibility, B Corp certification may provide a significant edge for those companies who have making the world a better place a part of their mission.
References:
Gelles, David. “Interest in Social Mission Gains Ground Among Small Companies,” The New York Times. April 23, 2015.
