What is the difference between a Benefit Corporation and B Corp?
The main difference between benefit corporations and #BCorps is that benefit #corporations are a legal structure, while B Corp is a certification. This means that any business can become a benefit corporation by filing the necessary paperwork with the US state, but only businesses that meet the rigorous standards set by #BLab can be certified as B Corps.
What is a B Corp?
A B Corp is a for-profit company that meets high standards of #social and #environmental performance, #accountability, and #transparency.
B Corps are required to consider the impact of their decisions on their #employees, #customers, #suppliers, #ommunity, and the #environment. This means that B Corps are not just focused on maximizing profits for shareholders, but also on creating positive impact for their #stakeholders.
There are over 6,500 B Corps in over 90 countries. Some well-known B Corps include #Patagonia, Ben & Jerry's, and Seventh Generation.
Yes, UK companies can become B Corp certified, in fact 1,300 already have!
What are the Benefits of becoming a B Corp?
There are a number of benefits to becoming a B Corp, including:
-
Increased employee #engagement: Employees are more likely to be engaged and motivated when they work for a company that is committed to social and environmental #responsibility.
-
Improved #customer #loyalty: Customers are more likely to do business with companies that they believe are making a positive impact on the world.
-
Enhanced #brand #reputation: B Corps are seen as more reputable and trustworthy than traditional corporations.
-
Access to #capital: B Corps have an easier time raising capital from investors who are looking to invest in companies with a social mission.
The certification process
The #certification process for B Corps is rigorous but rewarding. The process involves completing a B Impact Assessment, which is a comprehensive assessment of a company's impact on its employees, customers, suppliers, community, and the environment. The B Impact Assessment is scored on a scale of 0 to 200, and companies must score at least 80 to be certified as a B Corp.
Conclusion
B Corps are a growing #movement, and they are helping to redefine the role of business in society. B Corps are showing that it is possible to be profitable and to make a positive impact on the world at the same time.
I hope this blog post has helped you to understand what a B Corp is and how UK companies can become one. If you have any questions, please feel free to leave a comment below or get in touch directly if you would like help with starting your B Corp journey
