B-Corp businesses can be a force for good

A non-profit organisation is working with businesses to show how they can not only make profits but be a force for good within their community.

B-Lab was started 12 years ago when three businessmen sold their business and realised that all the good they had tried to do had been undone. This led to the idea to create a certification which would legally require companies to take into consideration the impact of their business on the community.

At a discussion hosted in Rivonia, Olivia Muiru, the executive director of B-Lab East Africa, explained how for-profit companies can still make profits while using their businesses to have a positive impact on their employees, their customers and the environment.

“They had this grand idea to create a certification that can tie the company’s mission and social impact legally and get investors to start supporting these companies.”

The organisation offers a B-Corp certification for companies who have gone through a rigorous process to ensure that they meet the highest standards when it comes to social and environmental performance, transparency and legal accountability to balance profit and purpose.

Muiru highlighted that many companies take part in a corporate social investment project once a year and consider that enough. However, the goal of B-Corps is to ensure that they are doing good throughout the year.

Companies who don’t want to sign up to become a B-Corp can still take an assessment to see how they fare and how they can improve on various aspects.

Stephen Smith, a managing executive at IQ Business, which recently became a certified B- Corp said, “For us to have a movement which is proving and driving the impact we have on the community broader than ourselves, we think, is critical.”

Smith added that aside from the desire to do good within the community, it also makes good business sense as you join a global network and has helped put them in good standing with both their clients and other organisations.

Muiru concluded that there has been incredible international growth in the last few years and she hopes this growth will carry through to the South African market.

Details: B-Corps

Share your thoughts on the B-Corp certification on the Sandton Chronicle Facebook page

Related Articles:

https://staging.citizen.co.za/sandton-chronicle/207968/npos-urged-to-apply-to-work-with-city-of-joburg/

https://staging.citizen.co.za/sandton-chronicle/184425/empowering-young-women-2/