Attracting and retaining customers and employees are key to any successful businesses. B Corp accreditation is a powerful method of boosting both. Inflexion actively supports and encourages its portfolio to obtain certifications to recognise their achievements, with three obtaining B Corp status this year alone. 

Take the story of Medik8. The premium skincare brand became certified in 2023 after what Alex Florea, Head of Sustainability at the firm, calls “an unusually quick process”. Their baseline was conducted in summer 2022, an improvement plan was implemented that autumn, the application submitted in April 2023, a few months in the B Lab queue and a successful result was achieved in December 2023. “It was quick because we were already doing a lot of the right things and just needed to collate our documentation and share the evidence,” Alex explains.  

While B Corp may not be the right route for all companies, Alex feels it’s worth looking at the materials. “It’s a great guide on best practice and really useful,” she stresses, adding that the B Impact Assessment (BIA) is free even if you’re not implementing anything.  

The sentiment is echoed by Jessi Baker, Founder and CEO of Provenance, an SME specialising in B2B data and software. “Everyone should do the BIA – it is freely available and gives great ideas.” 

Just as no two businesses are identical, the path to B Corp will vary for each company. Jessi set out on the journey early on – and being a small company brought challenges. “I wanted to be a mission-focused company from day 1, but the biggest challenge was a lack of control over things we didn’t own, for example changing the energy mix of the building we rented.” She also cited the example of buying easy-to-use and programmable service space that was green – virtually impossible in 2018 when she needed it, but now more straightforward through providers such as AWS. “It’s about what’s in your sphere of control,” Jessi cautions. 

Engagement   

Once a company embarks on the path to B Corp certification, it can have a transformative impact on employee engagement. “Saying ‘It’s for B Corp’ was the magic phrase that got us the information we needed from across the company throughout our application process,” Alex recalls. “People understanding the value of holistic sustainability and its value to customers and other stakeholders meant they were willing to come on the journey,” she explains.  

The certification not only motivated internal teams but also differentiated the company in the market post certification: with only 66 cosmetics manufacturing companies worldwide holding B Corp certification, it has become a unique selling point for Medik8. 

Jessi underscores the growing importance of B Corp certification in attracting and retaining young talent. “So many are now going through the certification process that if you’re not doing it, you may actually fall behind. Younger employees want to work for companies doing business for good.” She explained she interviews people who say ‘we only interview with B Corp companies’. “For us, it’s the biggest reason for doing it,” she says.  

Getting buy-in for stakeholders is a tough first step. “The engagement is the biggest stumbling block; it can take years. Maintaining the momentum is really important,” points out Tom Stewart, Senior Consultant of dss+, a provider of operations management consulting services with a purpose of saving lives and creating a sustainable future.   

Purnima Sen, Chief People and Impact Officer of Sparta Global, concurs. “Having buy-in from everybody was key. The CEO of our company was focused on the requirement to have genuine Social Impact and knew that the B-Corp would give us the external accreditation of our authentic approach to providing opportunity to the under privileged, so that top-down approach meant we could take the team with us.”  

Customer acquisition and loyalty  

The impact of B Corp certification extends beyond internal operations to customer relationships and new business opportunities. A significant percentage of Provenance’s 250 clients are adopting the B Corp framework, making it an attractive proposition across various business functions like compliance, finance, and marketing.  

It’s helped us with retention of customers – the conversation only moved in the positive direction when our B Corp accreditation was seen on bids, presentations and RFP’s, we went to top of the list for many clients and buyers . It also helps you win new ones – if they’re B Corp, they want to work with other B Corp customers.

Purnima Sen, Chief People and Impact Officer, Sparta Global

The certification serves as a mark of authenticity, as evidenced by their rebranding to emphasise “purpose over profit.” 

The certification can also boost social media engagement and community sentiment. Alex notes, “Our B Corp announcement achieved some of our biggest engagements on socials. People said, ‘I already loved you, and now I love you more.’” This increased visibility not only strengthens brand loyalty but also promotes the B Corp movement, both in B2B and B2C sectors. 

Suitability of B Corp  

The merits of B Corp certification are broad, but not necessarily universal. Jessi points out, “It’s not the right thing for everyone. It’s a lot of work, so if it won’t drive value, it may not be worth it.”  

Indeed some industry experts warn against the full process if it’s not suitable. “The eligibility requirements are quite high, so ensure you’re even eligible,” advises Tom. His sentiment is highly relevant given not just his work with dss+ but also his earlier role within B Lab.  “If you don’t need the accreditation, it is worth looking at BIA since the detail of the framework is incredibly valuable,” he says, echoing others’ sentiment.  

Future proofing  

For those pursuing B Corp certification, speed and adaptability are crucial. Tom advises, “If you are going for it, move as quickly as possible once you’re over the 80 points. It’s currently a 6-9 month wait from B Lab, and that will only get longer. Plus, goalposts are moving, and many currently certified ones may need to improve to retain.”  

Aligning with future regulatory requirements through B Corp certification can be strategic. Tom notes, “The regulator will be requiring things anyway, so you might as well apply through B Lab.” He emphasises the importance of forward thinking, as changes in company size can significantly impact the certification process. Indeed Alex advises companies to plan ahead: “Apply based on where you’ll be in three years’ time – the gap from a small company to medium is sizeable; the change from medium to large is vast.” 

The panel agreed that B Corp can help companies achieve substantial benefits and contribute to a broader movement towards sustainable and ethical business practices. The badge of honour is meaningful – but the journey to get there is where the real value lies for many. 

Each Inflexion investment, regardless of size or stake, has full access to Inflexion’s value acceleration support which includes ESG strategy, international expansion, M&A, digital enhancement, talent management, and commercial effectiveness.  

Inflexion’s ESG toolkit provides the portfolio with a suite of support to help them progress through the levels of Inflexion’s ESG Framework and drive value. It's designed to upskill the portfolio on relevant ESG topics, share best practice, and enhance collaborative opportunities.