March is B Corp month. What does this mean and what is a B Corp?

Member News

Similar to Fairtrade Fortnight, March is the designated month for B Corporations from all over the world to come together to raise awareness and encourage other businesses to become B Corp certified.

So what is a B Corp? The B stands for Benefit for all. And behind the B lies a movement that is changing our economic system to positively impact all people and the planet. The movement started in the US in 2014, arrived in the UK in 2015 and now the UK B Corp Community is one of the largest in the world, with over 1,100 certified companies employing more than 55,000 people from 58 different industries. The aim of the B Corp movement is to redefine success in business through building a community of engaged businesses that influences change throughout the UK economy. Certified B Corps are seen as leaders of systemic change. Through adopting a new business framework, they are the role models of an inclusive, equitable and regenerative economic system.

And they are successful. There is a growing body of evidence to suggest that businesses who are ‘doing good’ are ‘doing well’. From a 2021 survey, B Corps report growth in turnover and headcount, easier access to finance and lower cost of debt, cost savings from efficiencies and innovation. Importantly, people want to work for B Corps and mindful customers want to hand over their cash to businesses they trust. The B Corp logo signals that the business has achieved the highest verified standards in all aspects of business – and that they are publicly transparent and legal accountable.

The assessment process is free for anyone to access (and confidential). Even without certifying, it is a useful tool for identifying where a business is already making a positive impact and where there are gaps. Full certification is quite rightly a rigorous process and for time-poor businesses, a helping hand would be advised. Presidio Consulting Ltd will be holding free webinars throughout March for members of Chambers to find out more.