Blog | By Andrew McDonald
B Corporations are becoming much more common in today’s world. Many business owners are finding that becoming certified as a B Corporation (or B Corp) is a great way to embed sustainability and social impact into their business models.
In this article, we take a look at what it means to be a B Corporation along with answering some other frequently asked questions about the B Corp movement.
A B Corporation is a for-profit business that has obtained a private certification of its “social and environmental performance.” As of March 2022, there are 4,856 certified B Corporations in the world according to Wikipedia. Notable Australian B Corps include Koala and Stone & Wood.
The certifying body is B Lab, which is a non-profit based in the United States, Europe, Canada, Australia and New Zealand.
A company must receive a minimum score of 80 on a Business Impact Assessment (BIA) and pay the required subscription fee.
B Lab states that small to medium sized companies should expect to wait around 6-8 months. There are longer verification times for other types of companies and companies that operate in controversial industries.
There is an annual certification fee. The fee varies according to several factors, for example, the region the business operates in, and the amount of annual revenue it earns. For businesses in Australia that earn up to $150,000 per annum, the fee is $1,000 per annum.
If you would like to embed social impact into your store but are not quite ready for the B Corp journey, then you could consider doing good in other ways.
For example, Pledge 1% is building a movement of corporate philanthropy that’s supporting nonprofits in your community. You can take the pledge here and it takes less than a minute!
Another simple way to do good is to join the growing list of businesses that are embedding Roundify into their checkout.
Roundify taps into the power of corporate microdonations to raise money for registered charities. Integration is effortless and you start giving back by donating a small portion of the revenue from each transaction to a charity of your customer’s choice.
We hope you found this article helpful!
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