This week, more than 900 B Corps from across the world are saying to their peers that there is a better way to do business – one that considers social values and environmental responsibility alongside traditional business key performance indicators.
B Corps are companies with a commitment to success across the "triple bottom line" that are certified by B Lab, a non-profit organisation that assesses transparency, accountability and performance.
In the UK, a country that is celebrated for its advanced impact investment marketplace and commitment to social entrepreneurship, only a handful of organisations have taken the necessary steps to qualify as a B Corp. Is this the result of confusion caused by other standards in the social enterprise space such as The Mark, a UK-based certification scheme for social enterprises? Does it stem from a lack of awareness? Or should we blame (misguided) fears of creating time-consuming, administrative black holes?
Volans went through the certification process a year ago and completed it in just over two weeks. We took the plunge because we wanted to test our mettle, and signal that you can be a business – for-profit, in our case – and do good at the same time.
We aim to walk the talk of the phrase our co-founder, John Elkington, famously coined in 1994: achieving success across the "triple bottom line". Being a B Corp gives us a clear way to signal this to our clients, our funders and our partners.
But Volans also decided to join the B Corp movement to support a necessary breakthrough in business, where the built-in, binary nature of being about financial returns or "other" returns is in serious need of disruption. We wanted to show that there is another way and to work with like-minded businesses to support the necessary changes in market rules.
In the US, certified B Corps are a growing community; the kind of community that drives business. For example, New Living, a retailer of sustainable home products, and Savvy Rest, a manufacturer of organic mattresses, found each other through the B Corps network and now share commercial interests.
As part of the #bthechange campaign, here's our list of challenges to UK businesses in 2014:
Step up
Let's see the UK make its mark on a global level by registering more certified B Corps. (Canada certified its 100th B Corp late in 2013.)
Trade
It would be a real proof-point to see the first publicly traded B Corps listed on the stock exchange.
Invest
Investors of all types, but particularly impact investors, should encourage the entrepreneurs they back to certify their ventures as B Corps – maybe even making it a condition of investment.
Tonight, as the global campaign kicks off, we'll be tucking into some Ben & Jerry's ice-cream (they're also a B Corp). Hopefully this time next year, we'll have even more options to choose from.
Charmian Love is a co-founder and director at Volans. Amanda Feldman is a director at Volans. If you want to learn more attend the Breakthrough Breakfast on 27 February, focused on the future potential of B Corps. Email for more details.
Join the community of sustainability professionals and experts. Become a GSB member to get more stories like this direct to your inbox
