What is a B-Corp and what does it mean to be a Certified B-Corp?

What is a B-Corp and what does it mean to be a Certified B-Corp?

Certified B Corporations® (B Corps™) are for-profit companies that use the power of business to build a more inclusive and sustainable economy.

They meet the highest verified standards of social and environmental performance, transparency, and accountability.

B Corps are leaders of a global movement of people using business as a force for good™.

The B Corp assessment process measures a company’s performance in five categories: governance, workers, customers, community, and the environment.

 The B Corp community works toward reduced inequality, lower levels of poverty, a healthier environment, stronger communities, and the creation of high-quality jobs with dignity and purpose.

Does it make sense to buy from a B-Corporation?

Yes, it can make sense to buy from a B-Corporation depending on one's personal values and preferences. B-Corporations also know as Benefit Corporation are legally required to consider the impact of their decisions on society, the environment, and the stakeholders, in addition to generating profits. They are committed to balancing social and environmental objectives with their financial goals.

Here are a few reasons why buying from a B-Corporation can be advantageous:

  1. .Social and Environmental Responsibility: B-Corporations have a strong commitment to social and environmental causes. By purchasing from them, you can support businesses that strive to make a positive impact on society and the planet.
  2. Transparency and Accountability: B-Corporations are required to meet rigorous standards of transparency and accountability. They are evaluated based on their social and environmental performance, governance and overall impact. This means you can have more confidence in the ethical practices of these companies.
  3. Aligning with Personal Values: If you value sustainability, fair trade, community development, giving back to community, or other social and environmental causes then buying from a B-Corporation allows you to align your purchasing decisions with your personal values.
  4. Encouraging Industry Transformation: By supporting B-Corporations you contribute to the growth and success of businesses that prioritise sustainability and social responsibility. This can help drive broader industry changes and encourage other companies to adopt similar practices.

While B-Corporations offer several benefits but it is important to conduct your own research and consider other factors such as product quality, pricing etc. when making purchasing decisions.

Not all B-Corporations may align perfectly with your preferences, so it's essential to evaluate each business individually to ensure it meets your standards and requirements.


Why to become a B-Corporation?

There are several reasons why a business might choose to become a B-Corporation:

  1. Social and Environmental Impact: Becoming a B-Corporation allows a business to formally align its values with its operations. It demonstrates a commitment to making a positive impact beyond just maximising profits. B-Corps consider the impact of their decisions on various stakeholders, including workers, customers, communities, and the environment.
  2. Legal Protection: By becoming a B-Corporation, a business can establish legal protections for its mission and values. Traditional corporations are often bound by fiduciary duty to prioritise shareholder value above all else. B-Corps on the other hand have the legal flexibility to consider multiple stakeholders and balance social and environmental concerns with financial performance.
  3. Trust and Transparency: B-Corps undergo a rigorous certification process that evaluates their social and environmental performance. This certification provides a level of transparency and accountability to consumers, investors and other stakeholders. 
  4. Attracting and Retaining Talent: Many employees today are seeking purposeful work and want to contribute to something meaningful. Being a B-Corporation can help attract and retain talent as it signals a commitment to social and environmental responsibility. It can help create a positive work culture and align with the values of employees who prioritise sustainability and community impact.

These are just some of the reasons that we think have motivated us to become a B-Corp but there can be many more reasons.  Becoming a B-Corporation may involve changes to the business structure, governance and practices. It is advisable for businesses to carefully consider their values and long-term goals before deciding to pursue B-Corp certification.

Goodly Gosh (previously) let's go natureal is a Certified B Corporations®. Visit B-Corporation's official website to  Learn More.