Many business owners believe the myth that when operating a business, you can either do good or make money. However, the good news is that you can actually do both. You no longer have to choose between honoring your values as a business owner or ensuring your personal livelihood. This article will detail what a B-Corp business is and how it’s possible to do good and make money.
A Certified B Corporation, or B-Corp for short, is a fresh and progressive type of company. B-Corps are companies that purposely choose to meet the highest standards for social and environmental performance. There is a rigorous certification process that includes a complete analysis of the company’s impact on all stakeholders. This assessment is then further verified by B Lab, the nonprofit organization that delivers the B-Corp certification. B-Corps differ from traditional corporations as they value the triple bottom line, and strive to use business to benefit both people and the planet.
With the first B-Corps being certified in 2007, they are still considered to be relatively new. Thus, there is often confusion about what they actually are. So what is a B-Corp business? To put it simply, they are companies that have been certified as socially and environmentally responsible. However, businesses must undergo a rigorous certification process first. These companies are committed to using their businesses for good, an inspiring approach. While other companies may claim to do the same, B-Corp businesses are independently vetted by a third-party to provide transparency. They must show that their practices are truly meeting the highest standards.
To begin the certification process, a business must first take the B Impact Assessment, an online tool that assesses your company’s impact on a variety of social and environmental issues. To B-Corp Certified, your company must score at least 80 out of 200 points on the Impact Assessment. In addition, to be eligible the company must have been in operation for at least a year. After receiving a sufficient score on the Impact Assessment, companies will be asked to provide documentation that verifies the information they provided in the assessment. After this, they can make it official by signing the necessary documentation and paying the licensing fees to become B-Corp certified.
By now you should know how to answer what is a B-Corp business. If you want to become a B-Corp Certified organization, take the first step by taking the B-Corp Impact Assessment. To take the assessment there is no cost, and you will get the full picture of your company’s sustainability practices.