By Christopher Stroup
According to an Edelman Trust Barometer Report, 80% of global consumers think that business should be an active participant in addressing societal issues.
What’s more, an Ipsos market research study found that 86% of employees believe it’s important for their own employer to be responsible to society and the environment. In a nutshell, this is how a B Corp operates.
Defining a B Corp
A B Corp is a private certification that indicates a business meets a minimum requirement for environmental and social performance with the aim of making business a force for good. Taking this commitment a step further, it means the business has hardcoded a pledge in its governing documents to balance purpose and profit.
As of writing this piece, the B Movement spans more than 80 countries, 155 industries, and 5,000 businesses. This global network is working together to shift the behavior, structure, and culture of capitalism.
Becoming B Certified
Companies must take the B Impact Assessment to gain B Corp certification. This free diagnostic survey covers five pillars (community, customers, environment, workers, and governance), which helps a company understand its impact and where it can improve on social and environmental factors.
Certification is obtained once a minimum score of 80 is reached and the annual fee is paid based on revenues. Impact report results are made public on the B Corp platform so that companies can compare their performance to others and identify and track how to improve.
Leading With Values Through B Corp Certification
For us at Abacus, embodying integrity is the keystone to our mission. Being a B certified firm allows us to walk the talk of being a values-aligned business. Consequently, we use the power of business to push the needle on social and environmental issues, meet and exceed rigorous standards to obtain recertification, and play an active role in a world-wide movement that prioritizes using business as a force for good.
Furthermore, B Corp-inspired policies help us attract and retain clients and talent where that values-alignment resonates.
B Certification is Important to our Clients
Being a founding B Corp is critical to the clients we partner with. It allows us to:
1. Distinguish ourselves from others within the industry.
2. Show that we are true to our vision.
3. Build stronger connections with the right clients.
4. Signal thoughtfulness and foresight in how we view our place in the world.
5. Reside in a larger network of purpose driven businesses.
Meeting the Call to Balance Purpose and Profit
Leaders build communities, not just profits. Begin your B Corp journey here. You’ll find more detailed information about what it means to be B Certified, the requirements to apply, and what businesses in your area have taken the pledge to make their enterprise a force for good.
Christopher Stroup, MBA, CFP® is an LGBTQ+ financial advisor working for Abacus Wealth Partners in Santa Monica, CA. He focuses his work on LGBTQ+ members of senior leadership across emerging and Fortune 500 companies.
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