From Business as Usual to Business Unusual: The B-Corp Way in Financial Planning

What is B-Corp?

The B-Corp certification helps to empower companies to be a force for good in the world by setting higher standards for how they do business. By becoming certified as a B-Corp, you demonstrate your commitment to creating a positive impact beyond profit.

To put it simply: How much positive impact can you generate through your business?

Gaining accreditation can take up to a year but is a continuous process once achieved. There are around 1000 B-Corps in the UK with the number steadily growing. Recruit UK | Certified B Corp? and Financial Planner Life is on the cusp of being accredited, and it's no easy process!

So why become B-Corp certified?

It all boils down to the way we care for people and the planet and the collaborative want to leave the world a better place than we found it.

Business is changing. More and more people want to learn ways in which they can become more sustainable and by going through the B-Corp accreditation, you can easily see which businesses align with your own values.

Here are some of the other advantages of becoming B-Corp certified:?

• ?You'll have access to an extensive network of experts, who are dedicated to helping businesses become a force for good.?
• It's a great way to demonstrate your commitment to long-term sustainability, as well as gain recognition for investing in social responsibility.?
• You'll get direct support from like-minded businesses that share similar values – meaning you can join forces and make a bigger impact together.?
• Your commitment to B-Corp certification can help you attract like-minded clients who want to invest their money ethically and responsibly.
• You futureproof your business as we head into uncertain times.?

Great for business, great for people, great for the planet.

Being able to showcase that you are B-Corp certified helps prospective clients know that you are dedicated to creating a sustainable future for them and their investments. This makes it easier for clients to trust that their funds are being used for good.

This is important for all calibre of clients. The next generation of your clients want to create a positive impact more than ever before, and clients looking at retirement want to know that they are contributing to a world in which their children/ the next generation can thrive.

A recent guest on the?podcast, Sebastian Elwell FPFS TEP at?Switchfoot Wealth had this to say about his experiences with B-Corp...

“There are 2 types of b-corps out there, and I think both are equally important. There are those companies that are behaving like b-corps already, that then use that certification as a mark of confidence… and then there are companies that are fundamentally degenerative, that are destroying the world and are complicit in that destruction, and they have to stop and change into businesses that are regenerative, or they need to be taken out of the equation, either regulated away, or out competed by better businesses. …For those businesses, they might be using B-Corp certification as a way of changing fundamentally what they do into something that is kinder, and both of those are really important.”??

The future of sustainable financial planning is bright. The level of impact you can have on the planet and people through your clients is quite extraordinary. As Seb rightly states in the podcast, how can you tell a client their house will be worth X amount in 50 years when we don’t know how the world will look then? We are at a turning point in business. Business as usual got the world to this point. So we need?business unusual.?This is why Seb has made all of the default investment funds ethically minded at Switchfoot Wealth. It was a no-brainer for him.?

Embrace the Growth

Achieving B-Corp certification may seem daunting at first but it doesn't have to be. Let it become the future of financial planning as a profession, that we are collaboratively taking steps to leave the world a better place than when we found it.

From a business that is currently going through the process here are?our top tips for entering the B-Corp process:

1. Surround yourself with people who have the same values as you, who share the same business vision, and who will help you pioneer your new business journey.
2. Put together a diverse team in the business to go through the assessment process.?
3. Get yourself a B Corp coach! We looked to?Business on Purpose?a local Bristol-based business and the Zoom sessions were?essential?to helping us navigate the process.?
4. Set aside time in the working week and manage your expectations. This will take away time from the core business function but the ROI is?worth it.?
5. Be ready to pull apart your business and see what you can do better.?It's a revealing process and a great learning curve.
6. Get creative. Be innovative. Focus on your purpose and the networks you interact with. Embrace the growth.

If you ever need a soundboard about the B-Corp process and what B-Corp means for you, my inbox is always open.

Below is Seb's full episode hosted by Charlie Scott . It's well worth a listen:

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