1. B Impact Assessment (BIA)
A business must first undertake an assessment: a self-answered, online questionnaire that covers the entirety of an organisation.
From an operational perspective, it covers governance, workers, community, customers and the environment. From a strategic perspective, it looks at the type of business model being used to create positive social and/or environmental impact. The BIA calls these your company's "Impact Business Model".
At this point, a business must also complete a standards verification and disclosure questionnaire.
2. Legal Change
The company must amend its Articles of Association to shift the focus from shareholder to stakeholder and a commitment to the triple bottom line.
It uses Companies Act Article 172 as the legal basis to ensure a B Corp enshrines the commitment to creating a material positive impact on society and the environment and not putting shareholder interests above other stakeholder interests.
If the business is owned by a sole-trader then no formal legal change is required.
3. Formalising B Corp Status
A term sheet and B Corp Declaration of Interdependence is supplied to the business for signature as a symbolic commitment to the intentions and communal aspirations of the B Corp community.
4. Certification Fee
As of April 15th 2021, there is a £250 fee for submission of a B Impact Assessment to help fund the cost of review.
A fee is payable that contributes towards running the B Corp community. If you think of it as a marketing cost, it is very good value for money.
You can see the costs here: B Lab UK Fee Table
5. Ready to Go!
At this point, you’re a fully-fledged B Corp ready to tell the world. It’s recommended to make a splash and there a plenty of examples to follow and learn from in terms of how other companies, large and small, have gone about telling their stakeholders and the wider world of their B Corp status.