11 Signs You're Ready To Be a Benefit Corporation
Thinking about becoming a benefit corporation? 11 thought leaders share signs to look for when considering to become a Triple Bottom Line business.
Perhaps you’ve made the decision to partner with a local organization to distribute leftover food to homeless shelters. Or maybe you want to incorporate sustainable packaging for your product. There is much you can do to help a cause. You might have even considered becoming a Benefit Corporation at some point.
But how do you know your organization is ready to take the plunge?
Below, 11 thought leaders share signs to look for when considering becoming a Benefit Corporation.
Take a Look at Your Mission Statement
When asking yourself if your business is ready to be a Benefit Corporation, take a hard look at your mission statement. The mission statement is the heart of your organization and the contents of it should guide your decision making process. If your mission statement is centered around things like serving others, being a positive influence on the community and promoting diversity and inclusion, then you are on your way to qualifying as a Benefit Corporation.
-Vanessa Molica, The Lash Professional
You Know What You Want
I’d imagine becoming a Benefit Corporation is similar to getting a tattoo. You need to know what you want in your business, just like you need to know what you want from a tattoo artist. Becoming a Benefit Corporation isn’t a fly-by-the-seat-of-your-pants decision. It’s a commitment, and once it is complete, the mark will visually show any stranger what you stand for.
-Brett Farmiloe, Pursue the Passion
Are You Ready to Be Driven by a Larger Purpose?
“What’s in a name? That which we call a company by any other name would produce revenue.”
While those weren’t quite the Bards words, they have a kernel of truth. All businesses seek to produce revenue. However, are you and your team ready to be driven by a larger purpose? One that seeks to do well and do good? Then, embrace the mentality and opportunities of a Benefit Corporation. You’ll open new market share, reduce risk and exposure points and accelerate your brand.
-Colin Tetreault, City of Phoenix, Environmental Programs
You're Measuring Your Sustainability Performance
The real question is, do you want to be a successful corporation? If so, Sustainability is key, and B Corp Certification is a great way to measure not just the Sustainability performance of your organization, but to get a keen lens into your general, systemic operations. One surefire sign you are ready, is if your organization is not yet actively managing and planning for climate change, because the ROI is clear, Sustainability is good for business!
-Kevin Keleher, GreenLight Solutions
You’re More Than Numbers and Figures
Being a Benefit Corporation gives your company a chance to create a public statement that you value more than income. It is a reminder to the partners, clients and staff that you're more than just the figures. You have dedicated yourself to something greater. This message will drive those out of your industry who don't adhere to such opinions. Being a Benefit Corporation is a collective announcement that you are committed to a campaign that utilizes the industry to do well.
-Lesley Reynolds, Harley Street Skin
Eco-Friendliness
One of the main signs for being ready to become a Benefit Corporation is being eco-friendly. If your company puts an emphasis on things like recycling, using biodegradable products and purchasing re-usable items, you're acting like a Benefit Corporation. Being environmentally friendly as an organization shows that the company cares about more than just themselves and the monetary gains they can make as a company. It speaks volumes about their character and their dedication to leaving a positive mark on the world for years to come.
-Vicky Franko, Insura
Your Values Drive Your Decisions
When your values drive your decisions, you are ready to be a Benefit Corporation. So many businesses focus on reducing costs and increasing revenue, without any real focus on how their business decisions impact the greater good. When you are not willing to compromise your values to save or make a dollar, then you have the Benefit Corporation mentality. In order for businesses to be a force for positive change in the world, it's important to put values first, and align business decisions to those values. Businesses have a responsibility to ask the hard questions about the source of their materials, how their labor force is treated and how their product impacts their market. Benefit Corporations are businesses who are ready to make the commitment to conducting business with a win-win mindset and make a positive impact on the world.
-Allison Chaney, Breakthrough Accelerator
You're Actively Evaluating Your 3 P's
People, Planet and Profit. How often are you looking at your Triple Bottom Line? Moreover, how often are you acting upon your willingness to improve in these three areas of your business? If your business is actively evaluating these areas by seeking improvements in day to day objectives -- and communicating the importance of it to your team -- then this is a surefire sign that you are on your way to becoming a Benefit Corporation.
-Thylan Le, Markitors
You Want to Be Part of a Larger Community
Benefit Corporations are for-profit companies that meet rigorous standards of social and environmental performance, accountability and transparency. They aspire to use the power of markets to solve social and environmental problems. One sure sign a company is ready to become a Benefit Corporation is that they wish to be part of a larger community and be part of a whole. With this in mind and not profit, the company is able to attract more talented individuals.
-Nathan Robinson, Neighborhood Square
Your Mission Is Beyond a Statement
If your organization feels a strong need to give back and potentially revolutionize an industry, then becoming a Benefit Corporation might be a thing for you. As you know, a business is made of more than its owners, and your mission is beyond a statement. It means a lot to both your team and customers to have a positive impact. If you can align your business goals and your values, then it is time to become a Benefit Corporation.
-Ross Buhrdorf, Zen Business
Serving Your Community
One sign your organization is ready to become a Benefit Corporation is that you and your employees often and actively discuss how you can serve your communities. This way, you generate ideas on how to best dedicate your time and resources in a way that everyone enjoys and agrees with. This also shows your willingness to adapt and accept input from the people who know the company best.
-Ryan Nouis, TruPath
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