The Power of Purpose and Benefits of B Corp
A 5-Part Blog Series. Ever wondered what a B Corp is and why businesses with this certification are winning over customers and attracting top-notch talent? We’re halfway through our blog series, and now it’s time to uncover the magic behind B Corp and their impact on business success.
If you've been following our blog series on the power of purpose, you're probably considering the importance of purpose in your own business. Now, let's explore how you can validate and embed your purpose using B Corp certification.
B Corps are companies that excel in financial performance while upholding the highest standards of social and environmental responsibility, transparency, and accountability.
They strike a balance between profit and purpose, making a positive impact on society.
Take Who Gives a Crap, a B Corp that donates 50% of its profits to improving sanitation in underserved areas. Such purposes resonate with customers, employees, and stakeholders, fostering commitment, motivation, and innovation.
Ben & Jerry's is another purpose-driven B Corp, uniting people around causes like climate change and racial justice through the universal love of quality ice cream.
Because B Corps actively demonstrate their ambition to be forces for good, they drive positive change in the world.
And people are noticing. A 2022 study by the US research and consulting business Fors Marsh showed that the B Corp brand is an essential marker of consumer trust. 63% of respondents who purchased a product made by a B Corp did so intentionally.
But not just customers. B Corp certification is also associated with support for employees, fair business practices and realistic remuneration.
For too long, our economic framework has obliged business leaders to focus purely on maximising shareholder value. However, B Corp certification provides legal protection for companies that prioritise social and environmental responsibility. B Corps are legally required to consider the impact of their decisions on all stakeholders, not just shareholders, allowing leaders to prioritise purpose alongside profit.
Joining the B Corp community provides opportunities for collaboration and networking with like-minded businesses. Together, we can redefine the role of business and make a meaningful impact.
Stay tuned for Part 4, where we delve deeper into the benefits of becoming a B Corp – and how it can bring your purpose alive.