B Corp - fact and fiction
Last week I was kindly invited by Helen Johnson to a client event at Aaron & Partners LLP , Chester.
Their office is located in a lovely courtyard alongside a number of other professional services.
I enjoyed my first glass of mulled wine, and a vegan mince pie (well done Helen for being so thoughtful!), and everybody was in fine festive spirits.
Helen and her colleague Claire Hughes have recently been chatting to us about B Corp, and wanted to learn more.
During the evening I spoke to lots of lawyers and accountants. Without exception, they were keen to hear more about B Corp, and UK for Good.
Most people I spoke to had either never heard of B Corp, or weren't clear on what it means, why it matters, and how you become one.
So...I thought it might be useful to share a few B Corp facts...and debunk a bit of B Corp fiction.
But before I do, let me answer two of the most FAQs:
What is B Corp and how do you become one?
B Corp is short for B Corp Certification.?
In short, B Corps are for-profit businesses which consider their impact on all of their stakeholders; their employees, communities, customers, and of course the environment.
Their social and environmental performance is independently verified, they’re transparent, and legally accountable.
So how do you become one?
To embark on your B Corp you need to complete a free-to-access online assessment called the B Impact Assessment (BIA).?
The framework assesses your impact across the five sections of your business; Governance, Workers, Communities (including your supply chain), the Environment, and Customers.
Yes, it’s rigorous, and intentionally difficult, but a worthwhile exercise in and of itself to help you understand what you’re doing well as a business, and where there is scope for improvement.
The number, depth, and breadth of questions you’ll be asked depend on the size, sector, complexity, and location of your business.
You need a minimum of 80 points to become B Corp Certified. (We encourage our clients to aim for 88.)
Once the assessment is complete (and it's not something to rush), and you are confident that you can evidence your answers, you are ready to submit your assessment to B Lab, the non-profit arm of B Corp which is responsible for the Evaluation and Verification of your assessment.
Amending your Articles of Association to publicly demonstrate your legal accountability to all stakeholders, including your shareholders, is also an important part of the process.
If you’re successful in gaining B Corp Certification you pay your annual certification fee (varies dependent on turnover), sign the B Corp Declaration of Interdependence – and it’s time to celebrate communicate your success to your employees, customers/clients, suppliers, communities, shareholders…and Uncle Tom Cobley and All.
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You will belong to a movement of businesses committed to shaping a better future for all, and you should be very proud.
B Corps are transparent about their impact on people and the planet and produce and publish their Impact Report.
It’s worth trawling the Internet to have a look at some great examples. Cotswold Fayre | B Corp , VEJA , One+All, A Certified B Corporation , and Tony's Chocolonely , Elvis & Kresse are just some of my favourites.
How many B Corps are there in the world and in the UK?
As at December 2022 there are about 1000 B Corps in the UK, and 5,500 worldwide. The UK is the fastest growing market.
You may recognise some familiar names, and plenty not so familiar names.
B Corp Fact or Fiction?
Fiction – You have to be a big business to be a B Corp. This is a comment I hear all the time!
Fact -??90% of B Corp Certified businesses are SMEs Fiction - B Corp isn't for startups
Fact - Early-stage companies who aren’t yet eligible for full B Corp Certification can pursue Pending B Corp status. Although this isn’t a prerequisite for certification, the Pending B Corp process provides a valuable framework for a company to identify areas for development before transitioning to a fully-fledged B Corp after 12 months.
Fiction – it’s far too hard for most businesses
Fact – The B Impact Assessment is robust, intentionally difficult, and very achievable if you are already a genuinely responsible business, and committed to giving the time and resource to completing the process.
And there is help available.
At UK for Good we have supported a wide range of businesses of all sizes and sectors on?their journey. We offer bespoke support, and a lighter-touch group programme called the B Corp Accelerator and B Corp for Professionals Programme which begins in February 2023.
There is a directory of B Leaders, who like me, have completed a B Lab Programme so that we can support businesses on their B Corp journey.
Due to the demand for B Corp consultancy support, we've also recently launched a Leadership for Good Programme for consultants who like us, want to support businesses to grow successfully and sustainably. The wait list for the February cohort is now open.
If you have more questions about B Corp, please don't hesitate to contact us directly.
The time to change business for good is now, because if not us then who, and if not now then when?