Perspectives: To B Or Not to B

Why My Company Became a B Corporation

by Nancy Goldstein, Compass(X)Strategy

I was 13 years old, like many Jewish kids, I stood up in front of my friends and family, read nervously from the Torah, and publicly declared (mostly symbolically) “Today I take my part in adult society.”  This week, I stood up and made another declaration. Thankfully, this time my teeth are straighter and I have outgrown my teen gawkiness.  This time, I publicly declared my values.  Today, I declare that I believe business can be better.  That business can be a force for good.  Today, my company  has become a  Certified B Corporation.

A B Corporation (B stands for Benefit) is a new kind of company that uses the power of business to solve social and environmental problems.  Though new, the idea is rapidly spreading.  In just three years there are already more than 400 companies representing 50 industries and a combined revenue of $1.5 billion. Unlike traditional companies, B Corporations are legally required to consider the impact of their decisions on their employees, consumers, suppliers, community and the environment.

B Corporations have become a legally recognized corporate structure (like a C corp or an S corp)  in Maryland, New Jersey and Vermont.  Six other states have legislation pending.  Additionally, the city of Philadelphia passed a tax break for Certified B Corporations in December 2009.

Why are states and cities getting behind this movement?  The City Council of Philadelphia found that B Corporations in their city provided more than just economic benefits.  The found that that good companies are good businesses.

- 44% offer some form of employee ownership

- They are twice as likely to offer health insurance and retirement plans

- 9 out of 10 are locally owned and are 3 times more likely to be owned by women or minorities

- 82% have programs for community volunteering

- 74% are affiliated with a local charity and are 30 times more likely to donate at least 10% of their income to charity

I am so honored to be a part of this community of forward thinking business leaders.  My 13 year old self would be proud.

Here’s how you can learn more about how Compass^(x) Strategy is being a force for good or about how you can begin assessing how your company can do more.

Compass X Strategy is a brand strategy and marketing firm dedicated to helping grow companies that are inspired to make a better world through business. They believe that remarkable people start innovative and potentially game-changing businesses, driven by a passion to put something good into the world. However many of these businesses don’t succeed due to an unclear strategy. That is why  Compass X Strategy was launched. They have a long history of successfully growing businesses of all shapes and sizes. Whether you need help differentiating your business in a meaningful way, determining the best path for growth, or developing a compelling communications plan, Compass X Strategy can help your company thrive.