Building a Bridge to the Purpose Economy

I often marvel at the many wonders and engineering feats around us—from the Great Pyramids to modern structures such as the Golden Gate Bridge or Empire State Building—they act as a reminder of what’s possible when a group of individuals come together and work towards a common purpose.

However, there is more to these wonders then their awe-inspiring scale. When we look at the Golden Gate Bridge for example, we are really only seeing half the story. We see the end result and miss what in my opinion is the most beautiful part of the structure, the visionary builders. Those who looked towards the vast expanse and proclaimed their intent to cross it, and make it easier for those who came after to do the same.

For me, this was the primary theme at this year’s B Corp Champion Retreat, an annual gathering of Certified B Corp businesses who are bridging the gap between business models of the past and the new purpose-economy.

Visionaries

I am willing to bet the attendees at this year’s retreat would balk at being called a visionary. Many have built their company on values that are natural to them, or as we like to say, “Baked into their DNA.”

So when a company like Sunrise Bank launches the Socially Responsible Deposit Fund (SRDF), offering depositors an opportunity to improve their community through banking, they see this as a natural progression of their company’s values. From the outside looking in though, innovative programs like this are the foundation of a new type of architectural wonder—the architecture of purposeful, profitable, and sustainable business. 

If you take a moment to look through the certified B Corp roster you will find it reads like a who’s who of visionary businesses and business leaders. These are companies who define triple bottom line, succeeding in their social, environmental, and financial goals.

Gathering the Rivets

Okay, I am sure you are tired of me singing the praises of B Corps and their ability to build new and innovative business models (but just know it was inspiring to be in their company). So I will dive into the heart of the Champions retreat: scale.

The B Corp movement has grown by 320 new members this year. Sixty-six percent of those new members are from outside the United States, with 41 percent of the total B Corp community located outside the United States. Its mission and its message are starting to reach multinational companies and those companies are trying to find a path towards B Corp Certification—but it’s challenging. In a recent article on BusinessGreen, Director of B Lab UK James Perry was quoted as saying, “The problem is that for very, very large and complex multinational companies, there are a bunch of barriers, both systemic, practical, and legal, that make [certifying a large, multinational company] very difficult.”

This sentiment is echoed by Paul Polman, CEO of Unilever: “Many multinational companies…may want to join…but they need a framework they can follow, and they need fellow travelers. This is almost impossible to do alone and while still difficult, much easier if we do it all together.”

The simple takeaway: The world is ready for the purpose-driven economy, but it needs guidance, a framework, and a group of business leaders that can help guide lawmakers, investors, and stakeholders towards it.

So the question is, how do we help make this change possible? What bridges need built?

Building the Bridge

There is no universal answer to how B Corps can help usher in a world full of triple bottom line, purpose-driven companies. Perhaps the best thing we can do is inspire and influence other companies to follow us across the bridge though ambassadorship, business practices, financial success, and growth. Below are a few things you can do to help others cross the bridge with us to shape a more sustainable and profitable future:

• Be an ambassador – Reach out to your suppliers and other local businesses in your community and encourage them to take the B Corp assessment. Offer your guidance and insight to those who want to take the next step and actually certify. And of course, promote your B Corp certification and the positive impacts it has on your business, employees, environment, and community.

• Live your values – Encourage your team to live your company values outside of work. Set aside some time to share with one another what you have done to live those values. For larger companies, highlight employees who are living your values in team emails, meetings, and on your company’s social media channels.

• Listen – Take a moment to listen to your community. Send out a survey to your employees, customers, and community asking them to gauge your company’s value to individuals and the community. Ask for their thoughts on how you can improve your business and its practices. Then show them that you listened through your actions.

• Engage with the community – Get out there and be part of your community. Help at group volunteer events, set up partnerships with local nonprofits and other B Corps in your area—actively build a community of purpose-driven individuals who use business for the better.

• Support Benefit Corporation legislation – Over 28 states have passed Benefit Corporation legislation. Is your state one of them? If not find out what you can do to bring benefit corporation status to your state here.