What does it mean to be a B Corp?

What is the B Corp movement?

The B Corp movement was started with the mission to transform the global economy to benefit all people, communities, and the planet. We need an inclusive, equitable and regenerative economic system for all people and the planet to benefit, and through a B Global network businesses are being recognised for being a force for good.

The non-profit B Lab network was created in 2006 and there are now labs across the globe including Australia, East Africa, mainland Europe and North and South America. This network is committed to advancing a new business model that moves from concentrating wealth and power to ensuring equity.

The UK B Corp community is growing faster than ever. 150,000 companies have applied and there are now over 1,300 B Corps in the UK, across 58 industries with over 59,000 employees.

How to become a B Corp

To become a Certified B Corporation, companies undergo a lengthy and in-depth assessment with over 300 questions on socially and environmentally responsible practices relating to energy supplies, waste and water use, worker compensation, diversity and corporate transparency. Companies must receive a minimum verified score of 80 on the B Impact Assessment.

Sparta Global’s application took 18 months but secured an overall score of 109.4 in the B Impact Assessment.

The biggest benefits of B Corp

Becoming a B Corp is no mean feat and requires significant commitment. Igniting social and environmental progress should always be the main driver for businesses to apply, but there are significant benefits of being a B Corp for organisations, their employees, clients and investors. 

• Partnerships with conscious consumers

B Corp status is a statement, it says that your business is positively affecting workers, customers, suppliers, community members, governance, and the environment, helping to do things like reduce inequality, drive social mobility and build a healthier environment. It establishes significant credibility for businesses that are innately ‘good’, and this inevitably draws in partnership and collaboration opportunities with organisations who share an ingrained commitment to equity and sustainability.

• Attract investors with shared values

For businesses to make a difference within the UK’s society and economy, investment can play an important role and investors may have significant influence. B Corp companies are making their values clear with their status and can ensure that investors who are committed to supporting healthy business growth are on their radar. Not only do you benefit financially but you build a network of like-minded allies and advisers who add value to your business in meaningful ways – people who’ll be more willing to connect you to others from their own networks (who also share your business values), further widening your pool of high-quality investors.

• Collaborate with fellow B Corps

The B Corp movement is powerful, and B Corps naturally want to work with other status-sharing companies to ensure their supply chain, process and people are as equitable as possible. This opens up wonderful opportunities for collaboration and support.

• Attract talent more effectively

Who wouldn’t want to work for a company that is amongst the most equitable and sustainable in the UK? And B Corp status means businesses have gone through significant audits and made legal commitments to continue their progression as a ‘good’ business too. Competition across hiring is rife, but B Corp status will help your business stand out. 

Click to read more about Sparta Global’s B Corp status and what it means for our community.