Are You Ready to Achieve B Corp Accreditation?
B Corp Accreditation: There is an exciting new trend enveloping the business world nowadays and that is the trend of businesses combining the power of both purpose and profit. Companies are now rallying to get their B Corp Certification to set themselves ahead of the curve giving them a true competitive edge whilst bringing social and environmental impact to the surrounding community.
HOW DOES ONE OBTAIN A B CORP CERTIFICATION?
Incorporating both a lucrative financial return for the business, as well as injecting sustainability practices into their business model, companies are assessed by B Lab, a not-for-profit board to measure their dedication to social impact, environmental impact, and sustainability practices.
WHAT IS B CORP CERTIFICATION?
Assessed by not-for-profit B Lab, B Corporation certification is given to for-profit organisations who are dedicated to social impact and sustainability. These organisations ought to accomplish at least the minimum score based on social and environmental standards set by B Lab.
This certification, which must be renewed every 3 years, requires companies to undergo a rigorous assessment to ensure they reach at least the minimum score of 80 (out of 200).
The company goes through meticulous tests involving the following:
governance
community
workers
environment
and customers.
Application for such certification and coveted accreditation, including all the benefits involved being involved in such a network, is definitely a commitment. It includes an annual fee based on the company’s revenue as well as be completely prepped and prepared for this pledge.
IS YOUR COMPANY READY FOR THIS CHANGE?
It is crucial to note that this is a change that affects all areas of your company and is a commitment that involves permanent focus. Whilst some companies inject social impact and sustainability into their business model. It does not merit them the accreditation as B Lab performs rigorous tests to ensure this is showcased in every area of your business model throughout all personnel levels of the company, including
Involvement
Interaction with customers
and the surrounding community as well.
Some of the challenges you could face, with your entire model, is being thoroughly assessed, include the following:
You could expect a complete cultural transformation. This relates to removal of personnel, complete transformation of how you manage your personnel, exposure of toxic behavior within the company, and could even involve permanent changes in how your stakeholders and investors operate. Additionally, you can expect certain changes in levels of management and above.
Moreover, this could also trigger a complete transformation in all departments if this is required to ensure social and environmental impact throughout all levels of the company.
Whilst it seems challenging, it is a step in the right direction because not only does it provide an undeniable competitive edge and have a positive impact on your brand, it improves the overall performance of your business, and ultimately improves your brand when it comes to how interesting and appealing your business is to current and potential investors and opportunities.
HOW KNIGHTSBRIDGE CAN HELP YOU
KNIGHTSBRIDGE are accomplished sustainability, ESG, and social impact consultants. We offer a wide range of to meet your sustainability goals for both short one-on-one advisory or long-term projects, including helping you be prepared to achieve your B Corp Accreditation.
We successfully and effectively disrupt the consulting firm model by providing our consultants with real-time results, at competitive rates, anywhere in the world.
If you want to discuss this further, please contact us on info@knightsbridgeconsultants.com.