There is lots of press coverage about Build Back Better, Business On Purpose and the B Corp movement… but what is a B Corporation? Who becomes a B Corp? And why might you aspire to be one? All good questions not just for companies interested in greater purpose, but also for their suppliers, workers, customers and clients.
B Corp certification is the gold standard for better business practices, providing the rigorous standards and accountability necessary to certify truly environmentally and socially responsible companies.
The B Impact Assessment.
What is the B Impact Assessment?
To become B Corp certified, companies have to complete the B Impact Assessment (BIA), a comprehensive questionnaire that determines a company’s impact on their community, employees, the environment, and beyond.
The B Impact Assessment measures companies’ social and environmental impact through a deep dive into their internal policies, partnerships, environmental outputs, social contributions, metrics used for tracking impact, and methods employed to ensure that impact is positive.
After completing a wide range of questions, companies are given their b impact report that breaks down how they did in each section of the Assessment.
The impact report includes an impact score. To be eligible for B Corp certification, that score must be at least 80. And “at least” in no way describes the accomplishment. A score of 80 is an impressive accomplishment and to get there requires very intentional steps to build a sustainable business model.
To better support its members, Future Economy Network is now able to support companies through the process of completing their BIA and help you do more Business On Purpose.
Questions within the Assessment are created by the Standards Advisory Council (SAC) made up of independent experts within business and academia. This is not a tick-box exercise. The questions require raw, quantitative data and information to accurately evaluate how your business impacts the world around it, near and far. This is not about abstract ideals and beliefs. It’s about cold, hard, actual impact.
Keep in mind, the BIA is free to use and not exclusive to companies going through the B Corp certification process. Completing the Assessment does not commit anyone to being reviewed. This free tool can be used by anyone who wants an impact audit regardless of whether that means certification or not.
Anyone within a company can complete the Assessment from CEO to Intern!
B Corp certification represents the highest standards for better business practices across the industry.
Not only is the Assessment a great tool to measure and monitor your company’s impact, but it is outrageously educational. As you go through the Assessment, you’ll be introduced to aspects of social and environmental impact you have never considered finding a solution for, or maybe haven’t even recognised as a problem.
For more details and information on how we can support you simply email consultancy@thefutureeconomygroup.co.uk
Written by Andy Hawkins, business on purpose in collaboration with FEN