B Corp: what, how & why

Ever heard of B Corp? It’s not just a certification, but a movement transforming businesses worldwide. See it as a community of companies with social and environmental impact woven into their very DNA. They’re on a mission, backed by B Lab, the organization driving this change, to create a “more inclusive, equitable, and regenerative economy for all.”

B Corps are gaining momentum in the UK, the US, and the Netherlands, with Croatia being poised to join the conversation soon. Here’s a fun fact: in 2023 alone, almost 2,000 companies earned their B Corp certification. Among them is a Croatian company, Earthbound Sneakers, founded along the serene banks of the Mrežnica River in Duga Resa.

There are plenty of perks. Startups crave funding and visibility, and B Corp certification delivers on both fronts. Investors are increasingly prioritizing ESG (Environmental, Social, and Governance) factors. In fact, a 2022 Capital Group study revealed that a whopping 89% of investors consider ESG criteria when making decisions.

B Corp certification stands as a global benchmark for social and environmental impact, making your company shine in the eyes of institutional investors. Consumers today demand responsible business practices, and B Corp certification is a stellar way to demonstrate your commitment.

Visibility-wise, B Lab Europe loves showcasing new B Corps on their website and in webinars. At Earthbound, we’ve seen a significant uptick in mentions across blogs, eco-conscious websites, and even podcasts.

Being a B Corp isn’t just about boosting your company’s image; it’s about being part of a larger mission to redefine success in business. B Corps are committed to considering the impact of their decisions on their workers, customers, suppliers, community, and the environment. It’s a holistic approach that balances profit and purpose.

Take Patagonia, for example, a well-known B Corp. They’ve used their certification to champion environmental causes, influence sustainable practices, and donate millions to conservation efforts. Ben & Jerry’s, another B Corp, actively supports social justice initiatives and fair trade practices. All these companies illustrate how B Corps can lead the way in responsible business.

B Corp certification isn’t handed out lightly. Companies must meet rigorous standards of social and environmental performance, accountability, and transparency. This badge of honor builds immense credibility and trust among consumers, who increasingly prefer to support businesses with a positive impact.

Joining the B Corp community connects you with like-minded businesses and leaders committed to using business as a force for good. This network offers valuable opportunities for collaboration, learning, and growth. Regular events, conferences, and webinars provide platforms to share experiences and strategies.

Employees today want more than just a paycheck; they seek purpose and meaning in their work. B Corp certification signals to current and prospective employees that your company is committed to values that matter. This can lead to higher engagement, productivity, and retention.

The B Corp assessment isn’t a one-time thing; it encourages ongoing improvement. Certified companies must recertify every three years, continuously striving to enhance their social and environmental impact. This ensures that B Corps remain at the forefront of responsible business practices.

B Corp certification is highly accessible. The initial impact assessment is free. If you decide to pursue certification, the cost is a modest 10% of 250 euros, part of the 2,500 euro annual fee for companies with a turnover of up to 5 million euros. Considering the publicity and investor access that come with certification, it’s money well spent.

Curious about the timeline? The entire certification process typically takes about a year, giving you ample time to align your practices with B Corp standards.

Becoming a B Corp is a journey that transforms how you do business, aligning your company’s goals with the greater good. It’s an exciting time to get involved as the movement is expanding rapidly, and the benefits are tangible. For those looking to make a positive impact while growing their business, there’s no better time to start the B Corp journey.

To dive deeper into Earthbound’s B Corp journey, check the story here: https://total-croatia-news.com/news/business/earthbound-2/