A proud moment for many companies is to announce to the world that they have been awarded a B Corp certification. This growing group of companies are becoming B Corp certified through setting examples of best practices regarding workplace satisfaction, sustainability, mission, and values led practices and client/customer services. However, it is key to emphasize that this award is not given lightly.

What is a B Corp?

B Corps are companies that have been certified by B Lab. B Lab is a nonprofit organization that certifies businesses who meet certain social and environmental standards. For context, since May 2023 there are 6,856 B Corps in 161 industries and 90 different companies worldwide.

As a B Corp ourselves, we at Harmonic Finance know the rigor of the evaluation put on the company to meet standards needed to attain the certification. Not all companies are able to achieve the independent recognition and it is said that only one in three companies score high enough to be approved.

Food & Beverage Startups

In the Food & Beverage startup world there is a special opportunity to enter the B Corp portfolio offering many surprising benefits. Out of all industries, Food & Beverage companies have the chance to exemplify good practices through sourcing ingredients, investing profits into charities and social causes, and using sustainable methods of packaging/creating foods. Below are some examples of how companies can use this certification to stand out from competition and attract positive attention.

Gaining Trust

The B Corp certification is well recognized now across the business world, especially in the world of food and beverage. The B Corp certification will stand out to consumers, suppliers, investors, and job seekers. Having a USP in a crowded industry can make the difference of a company becoming successful but more importantly sustaining that success. Those who base their involvement with a company on merit that it is ‘mission based’ will give more of their time to those who are B Corp certified. Having the certification already creates a bridge of trust between the business and the outside world as they have proved and maintained the status of being a genuinely mission based committed company.

Using the Community

B Corp businesses are much more likely to work with and support those who also hold the certification. With this being said, a natural community of businesses is created which smaller startups can use to grow and network.

As a B Corp ourselves we aim to work with other B Corps as there is an existing expectation that their missions and values will match with ours and therefore sets us both up to create a successful relationship.

In NYC, there is a movement called B Local NYC which is a network of people and businesses that fall under the B Corp status. Being part of this movement opens the doors to new business relationships, developing connections and resource building.

A 2016 Harvard Business Review article discovered that a key reason why companies desired to become a B Corp is to establish a movement of likeminded people creating a new economy with a new set of rules. By doing this the movement is redefining what success looks like.

B Corp F&B Success

Greyston Bakery based in NYC is proud of its B Corp status and dedicates a page on its website to discuss the certification and its honourability. Not only is Greyston a B Corp but due to its exemplary work in social and environmental justice impacts, it has received the “Best for the World” B Corp status which is awarded to the top 5% of B Corps every year. Greyston has been awarded this special recognition annually since 2016.

The CEO and President of the brownie bakers Greyston have announced that their B Corp status is accountable for the high retention rate of its employees as it has altered its methodology of hiring. Also, the B Corp status has been noteworthy to conscious consumers in the community who have continued their loyalty to the bakery for years.

To conclude, the B Corp community is growing every day and businesses are holding themselves accountable to the social and environmental standards that the B Lab has set. Food & Beverage companies have a real incentive to become a B Corp and it sets them up in good stead to stand out in a crowded market and show they are mission focused!

If your company lies within the F&B space and you’re keen to build out your finance team, don’t hesitate to get in touch with Lidia ([email protected]) for expert support.