Written by Charlie Scott
B Corp, standing for Benefit Corporation, is one of the hardest accreditations you can achieve as a business. Going through a very thorough assessment and essentially putting your business under a microscope. You change your legal business documents. You hold a mirror up to your business, your values, your processes and figure out where your corporate social and environmental responsibility sits within your business purpose.
To put it simply: how many benefits can you generate through your business?
Gaining accreditation can take up to a year but is a continuous process once achieved. There are around 1000 B Corps in the UK with the number steadily growing. So what are the benefits if you want to take your Financial Planning business down the path of B Corp? A widely recognised accreditation means clients trust they’re getting the most ethical advice and strategies, but companies benefit too!
Here are just some of the advantages of becoming B-Corp certified:
- You’ll have access to an extensive network of experts, from all over the world and local to you, who are dedicated to helping businesses become a force for good.
- It’s a great way to demonstrate your commitment to long-term sustainability, as well as gaining recognition for investing in social responsibility.
- You’ll get direct support from like-minded businesses that share similar values – meaning you can join forces and make a bigger impact together.
- Your commitment to B-Corp certification can help you attract like-minded clients who want to invest their money ethically and responsibly.
- You futureproof your business as we head into uncertain times.
Showcasing your B-Corp status on your website and in other marketing materials helps prospective clients know that you are dedicated to creating a sustainable future for them and their investments. This makes it easier for clients to trust that their funds are being used for good.
Take my recent podcast guest, Seb Elwell at Switchfoot Wealth…
“There are 2 types of b-corps out there, and I think both are equally important. There are those companies that are behaving like b-corps already, that then use that certification as a mark of confidence… and then there are companies that are fundamentally degenerative, that are destroying the world and are complicit in that destruction, and they have to stop and change into businesses that are regenerative, or they need to be taken out of the equation, either regulated away, or out competed by better businesses. …For those businesses, they might be using B-Corp certification as a way of changing fundamentally what they do into something that is kinder, and both of those are really important.”
The future of sustainable financial planning is bright. The level of impact you can have on the planet and people through your clients is quite extraordinary. As Seb rightly states in the podcast, how can you tell a client their house will be worth X amount in 50 years when we don’t know how the world will look then. We are at a turning point in business. Business as usual got the world to this point. So we need business unusual. Which is why Seb has made all of the default investment funds ethically minded. It was a no brainer for him.
Achieving B-Corp certification may seem daunting at first but it doesn’t have to be. Let it become the future of financial planning as a profession, that we are collaboratively taking steps to leave the world a better place than when we found it. From someone who has helped take Recruit UK and FPL through the process here are my top tips for entering the B-Corp process:
- Put together a diverse team in the business to go through the assessment process.
- Get yourself a B Corp coach! We looked to Business on Purpose a local Bristol based business and the zoom sessions were essential to helping us navigate the process.
- Set aside time in the working week and manage your expectations. This will take away time from core business function but the ROI is worth it.
- Be ready to pull apart your business and see what you can do better. It’s a revealing process and a great learning curve.
- Get creative. Be innovative. Focus on your purpose and the networks you interact with. Embrace the growth.
If you ever need a soundboard about the B-Corp process and what B-Corp means for you, my inbox is always open.