The old adage that nothing worth having comes easy, is very true in the case of obtaining B-Corp certification. We are at the very beginning of our journey, and it has certainly been a thought-provoking start for the team at Liberate Wealth... in a very good way.
The whole B-Corp concept is reminiscent of Buddhism, not just a religion but a way of life. Not a set of doctrines alone to be adhered to but a philosophy and set of beliefs. OK, so that just got a bit deep but do bear with.
Things have come a long way over the last 20+ years. Gone are the days where a team away day to plant a community vegetable garden, followed by the main event (and real reason), the team social, is considered to be addressing a corporation’s social responsibilities. Paying lip service to this commitment is simply not enough.
Many who work in charities have said how much more work it was to accommodate the 'CSR' activities of old, than the value gained. They would prefer access to services those firms provide; accountants to support local charitable groups with their finances; accessibility to pro bono financial or legal advice; marketing or technology systems and support etc. skills that are much more embedded in organisations and their people. That is a core reason why we are building the principles and seeking B-Corp certification - to drive our responsibilities and actions in more valuable and meaningful ways, true to who we fundamentally are.
For us, becoming a B-Corp is a critical part of the foundation of our firm. It is a reflection of how we operate as we grow and holds our feet to the fire. It is baked into our culture, with our LIVE BETTER value focusing on being a force for good and driving an inherent commitment to our purpose towards sustainability and building for the future.
Certified B Corporations are verified by B Lab, a non-profit organisation. B Lab certifies companies based on how they create value for non-shareholding stakeholders, such as employees, the local community, and the environment.
"I often wonder to what extent business can help society in its goals and alleviate poverty, preserve ecosystems, and build strong communities and institutions... B Lab has proven that there is a way." Madeleine Albright, Former U.S. Secretary of State
There is so much out there at the moment that firms are being called to act upon. From global forums to regulatory ESG expectations, to expectations from clients to offer ethical and sustainable investment products, and generational employee and candidate expectations, who want to see a focus on such actions and behaviours from their employer. Combine that with all the greenwashing distractions, it is hard to know what to do or focus on for the best. The B-Corp certification process really helps to cut through the noise, focus on what your organisation can do and is doing, and find a way to make this become a core part of your every day.
“We won't stop until all business is a force for good” – B Lab Global website
Together with the Green Finance Strategy aiming to make the UK a global leader in sustainable finance, we are shaping up to deliver on this from the outset.
But enough about the Why (as we think that is blindingly obvious), here’s the How, so far …
We do have it easier in some respects as we are incorporating this way of thinking from our humble beginnings. It is much cleaner to build from foundations than to try and retro fit founding principles into already established ways of working. We also benefit from having a couple of B-Corp heavyweights in our midst, who have done this before, and are passionate about doing this again.
Step 1: The term “triple bottom line” was coined many years ago and the idea of profit, as well as people and the planet being a core part of how organisations should think when demonstrating their social responsibility. This is a key foundation of the B Impact Assessment, but it doesn’t stop there! What about the fourth (and one might argue, the most fundamental) ‘P’? Yes, it’s imperative we are successful as a business and that in generating success we treat people and the planet well, but how do we ensure those principles run through the very core of what we do and how we do it. That there is the fourth ‘P’, Purpose! This is our promise, to ensure what we commit to is sustainable and future focused.
All this is just the framework, just words on a page. Purpose is very difficult to measure, so now we have to bring it to life. It is not a ‘fluffy’, nice-to-have.
In beginning the process, we are required to make a legal change, adopting specific legal wording into our Articles of Association and submitting to Companies House to reflect our commitment and to protect our mission. We must make that pledge to consider and be accountable for the impact of decision making on ALL of our stakeholders.
Once in place, the next stage is to complete the B Impact Assessment. It really helped to bring several key functional areas in on the action which also supported each team in understanding their role to play. It is recommended to aim for as much above 80 points in the assessment as you realistically can, as it is very likely this will be reduced going through the process, and you need at least 80 points to be certified.
The B Impact Assessment covers everything from governance, finances, products, clients, colleagues, reward mechanisms, investments, culture, activities etc. so we needed a solid overview of our whole business to be able to complete the assessment.
Step 2: Thinking about our operations and how we work. We are very fortunate to work alongside Greenr who provide businesses with emissions data to become more sustainable by reducing their emissions at source. Greenr supported us in offsetting our carbon footprint for 2022/23 and in providing us resources to support our teams to think about how they operate in a sustainable way and incorporate that, both personally and professionally, into their daily lives.
One way we offset our carbon emissions, was in considering each supplier we chose to work with. We researched those that provide the energy to power up our offices to those who manage our recycling. Our chosen suppliers are sustainable and where possible B-Corp certified. Every little bit counts, (although the jury is out on the vegan chocolate team taste test!). It’s all about mindset and that elusive fourth ‘P’, Purpose.
We are creating our policies and procedures to weave in our values and developing with sustainability in mind. Our job descriptions, particularly for the senior leadership team and key decision makers, alongside development plans and goal setting, all factor in how we think about sustainability and the impact we can each have in our roles.
We are in the process of becoming a recognised Living Wage Employer to ensure our actions ‘begin at home’ for our people, as well as our planet and community.
Step 3: Having now submitted our B Impact Assessment, we are into the Evaluation stage. We understand the evaluation process takes time and are using this opportunity to work on further areas for improvement and to engage with the B Lab team, following up on training courses and webinars. We know this is not a once and done and we are developing more each day on what and how we can improve our ways of working, further.
Don’t run your business a quarter mile at a time (IYKYK), it’s time to focus and build for the future.
Join us for an update when we enter the next stage in the B-Corp process, and it gets real!
