How to Become a B Corp in BC

B Corp is a prestigious designation demonstrating a company’s commitment to creating a better world.

In this article, we’ll go over exactly what a B Corp is, the benefits and challenges of getting a B Corp designation, and how you can become a B Corp in BC.

What is a B Corp?

Beneficial Corporation Certification, or “B Corp” for short, is a designation that indicates a business meets high standards of social and environmental performance, accountability, and transparency.

The “B Corp Movement” is a global phenomenon where business leaders commit to more than simply creating shareholder value. They want their businesses to be a force for good.

B Corp status is distributed by B Lab, a non-profit organization in the United States. In Canada, the Business Development Bank of Canada (BDC) is the B Corp movement’s national partner.

Through BDC, BC business owners can access the B Impact Assessment. The B Impact Assessment is the main step towards becoming a B Corp. It’s a way for companies to measure and manage their social and environmental impact on their community, employees, environment, customers, and company structure. Through the assessment, businesses will answer questions, benchmark themselves against industry peers, and set goals to improve impact continually.

What Kinds of Companies Become B Corps?

Companies committed to making a positive social and environmental impact alongside financial performance can become B Corps.

B Corps come in all shapes and sizes and from many different industries. Both a mission-driven, community-focused small business and a multinational corporation dedicated to environmental stewardship can become B Corps.

At their core, companies that become B Corps have strong ethical values and pursue a certification to demonstrate their commitment to making the world a better place while they do business.

Benefits of Becoming a B Corp

Becoming a B Corp has plenty of benefits. Not only does it help you commit your business to social and environmental good, but it also signals that to your audience.

Younger generations, like Millennials and Gen Z, like to work for and shop from businesses that align with their values. So, becoming a B Corp can help you attract and retain talent and customers. A B Corp designation can also help you stand out in a competitive market.

When you become a B Corp, you join a network of like-minded businesses and have opportunities to connect, collaborate, and share. That connection and collaboration can be extremely valuable, especially for small businesses.

Drawbacks of Becoming a B Corp

The drawback of becoming a B Corp is that it can be a months-long, rigorous process.

Becoming a B Corp means taking a magnifying glass to all aspects of your business. Still, it’s a rewarding journey and achieving the prestigious certification is often worth the effort.

Many businesses start with the assessment. Then, they notice that their business is coming up short, and the assessment process reveals areas and aspects of their business that they can improve.

If you want to become a B Corp, expect to spend time meeting with your team, revising your internal documents, and making committed changes to improve your chances of becoming a B Corp.

Process for Becoming a B Corp in BC

Here’s a simplified walkthrough of the process of becoming a B Corp in BC. For more details and information, read the 3 steps to becoming a certified B Corp from the BDC.

  1. Understand the legal requirements for B Corp Certification.
  2. Build a team that will guide the business through the B Corp certification Process.
  3. Complete the B Impact Assessment and achieve a score of at least 80.
  4. Submit to the B Lab for verification.
  5. Submit your application and submission fees.
  6. Complete the evaluation and verification process.
  7. Change your articles of incorporation.
  8. Sign the B Corp Agreement – pay annual fees and renew moving forward.

Additional Resources

Small Business BC is Here to Help

SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.

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