B Corp Month: Why responsible business matters more than ever

By Tess Robinson

March marks B Corp month and this year, in particular, it feels more important than ever to highlight and celebrate that business can be a force for good in the world and can be a major contributor to a positive future.

B Corps are companies who adopt a more systems-thinking approach to business, prioritising people and planet alongside profit. We work towards a fairer, more equitable, more sustainable way of doing business. There’s always been an underlying belief in business that purpose and profit are mutually exclusive, but it doesn't need to be that way, as thousands of thriving B Corps, including a fair few in the learning technologies industry, prove every day.

Despite recent political pressures emanating from the other side of the Atlantic to do away with DEI initiatives and reduce climate change mitigation activities, the number of B Corps continues to grow at an astonishing rate. When we became a B Corp in 2021, there were just a few hundred in the UK, now we number almost 2,500. This year we are also likely to exceed 10,000 certified B Corps globally, which is amazing. It fills me with hope that this movement for a better, kinder, more long-termist way of doing business continues to gather strength.

But why is this, more responsible, way of doing business so important?

1. Innovation and resilience
   Prioritising a sustainable way of doing business and adopting a systems thinking approach means that organisations will be better prepared for changing market conditions, regulations and any climate impacts that affect their business.
2. Long term value creation
   Focusing on social and environmental responsibility creates long-term value for all stakeholders including employees, suppliers, communities and the environment. This builds trust and loyalty. It’s also good for the bottom line. Between 2023 and 2024, small and medium sized UK B Corps saw a 23.2% increase in turnover compared to a national increase of 16.8% for SMEs.
3. Attracting and retaining talent
   Between 2023 and 2024, small and medium sized UK B Corps saw a 9.6% increase in employee headcount, compared to a national decrease of 0.5% for SMEs. According to a research report from Deloitte “purpose-driven companies” have 40% higher levels of workforce retention than their competitors. It matters to people to work somewhere that is doing the right thing and that aligns with their values.
4. Global impact
   The power and influence of business in the world should not be underestimated. Business can often move much quicker than governments on urgent issues, such as climate change. By prioritising people and planet as well as profit, businesses can contribute to solving global challenges and create a better world for us all.

As we celebrate B Corp Month, it's clear that the movement towards a more responsible and sustainable way of doing business is gaining momentum. The need to prioritise people and planet, alongside profit, is more urgent than ever. B Corps demonstrate that purpose and profit are not mutually exclusive and that business can, indeed, be a force for good.

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