Be Bold Consulting
Be Bold Consulting
There are now over 1,200 Certified B Corps across 38 countries and 121 industries all working together to redefine success in business. These companies have met the rigorous standards of social and environmental performance, accountability, and transparency. They have taken the third-party verified B Impact Assessment to measure what matters: people, planet, and profit.
So what are some benefits of becoming a Certified B Corp, besides the daily satisfaction that you know you are creating a better world for the next generation?
1 B Corp to B Corp business – Becoming part of a global movement means access to other Certified B Corps. As B Corps prefer to do business with other B Corps, this means that you can set your company up for expanding into different markets. For example, Eagle Consumables (NZ) went to the yearly B Corp Retreat held in USA a couple years ago and they pitched to Ben & Jerry’s to take them on as a supplier. Unfortunately, Ben & Jerry’s does not buy any disposable gloves (what Eagle Consumables was selling). Instead, they introduced Eagle Consumables to Unilever, Ben & Jerry’s parent company, and now Eagle Consumables is moving to the west coast of the USA instead of the the planned Australian expansion. Keep Cup is another great example. They said that they were able to sell their products to major buyers in the USA because of their B Corporation status, as more than 700 companies are certified there.
2 Saving money – According to author Ryan Honeyman, certified B Corps have “enjoyed more than $5 million in savings through access to partnership discounts with organisations such as Intuit, NetSuite, and Salesforce.” B Corporations also provide each other a range of product and service discounts. With higher employee retentions rates, B Corps also save money in this area. Patagonia says that studies estimates that “it costs a company an average of $50,000 to replace an employee– from recruiting costs, training, and loss of productivity.”
3 Attracting investors – As all certified B Corporations have taken the B Impact Assessment, they receive a free GIIRS rating from B Analytics, another arm of B Lab. GIIRS ratings is the gold standard for impact measurement in impact investing. Impact Investing is a growing global trend and in the U.S. during 2014 it accounted for more than $90 billion in assets, according to U.S SIF. Impact investing is set to grow even more in 2015 as more tools and research is compiled. Impact Investing Australia is leading the charge in this area.
4 Generating press – B Lab (the not for profit behind B Corps) supports certified B Corps by nominating and advocating for B Corps to receive top honors and also provides marketing and public relations support to these companies. They also help drive awareness and recognition of B Corp movement, especially as it has only been in Australia for about a year. B Lab also constantly receives requests for speakers and panelists from certified B Corps and puts them in touch with the appropriate people from these companies.
5 Attracting talent and engaging employees – Millennials make up more than 50% of the global workforce and Goldman Sachs has found that they “have specific needs at work…High among these is a desire to align personal and corporate values. To attract and retain this group, we believe that companies need to provide rewards beyond financial gain.” Becoming a B Corporation can help your business attract, engage, and retain employees by unleashing the passion, innovation, and creativity of your employees through the higher purpose of your company.
6 Being part of a community of leaders with shared values – Joining the community of thought leaders has been a shared benefit for all members of the B Corp community. It helps support, motivate and inspire B Corps to keep using their business as a force for good. As the certification process is quite rigorous and requires high level of dedication, it means that certified B Corps have a high level of passion, trust, and intellect. Each year, B Lab USA hosts a global conference for all Certified B Corps. This is a great opportunity to get to know your fellow leaders.
7 Benchmarking and improving performance – The B Impact Assessment is a free tool to help companies measure their impact across all stakeholders and to compare itself to its industry peers. Some B Corps like Ben & Jerry’s are using the B Impact Assessment to benchmark their key suppliers. This gives them a better view of their supply chains overall impact and it helps guide their procurement and sourcing decisions. The assessment can also be used for reporting and can help save time and money.
You may be saying, “I’m already a good company and doing great things anyway. Why do I need to become a Certified B Corporation?”
That’s fantastic to hear, but taking the B Impact Assessment means that you are committing to transparency, accountability, and monitoring and managing your impact. It is also a third-party verification that tells the world you are doing exactly what you say you’re doing. Plus with all the green washing and social washing out there, you are differentiating your business by walking the talk.
The certification is for small to large businesses, as the assessment requires at least 1 year’s worth of trading data. However, we’ve also designed templates for start-ups and micro businesses.
As there are only 49 Certified B Corporations in Australia, your business may be the first certified B Corp in its industry, becoming a recognized leader.
Be Bold Consulting is offering Moral Fairground supporters and business members a complimentary consultation to assess what the process may look like for your business.
When you book in for 5 hours of consulting, 1 hour free .
In addition, we are offering start ups and micro businesses* with a 10% discount off our template pack.