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Making An Impact
New Year, new inspirational business model to consider.
Following the passing of leglislation in April 2010, a different kind of business came into being in America. In seven states people can now set up Benefit Corporations, or B Corps.
Just like social enterprises in the UK, these organisations use the power of business to solve social and environmental problems. What makes them interesting in the transparent and open impact assessment process they all have to adhere to, something which as yet, many social enterprises here in the UK still struggle with.
As B Corps, 450 certified organisations in the US - ranging from apparel and professional services to food suppliers - have to meet comprehensive social and environmental performance standards, meet higher legal accountability standards and build business constituency for public policies that support sustainable business.
There's a free impact assessment tool on the B Corp website, which all B Corps (and other businesses too) can use to determine the impact they have on their stakeholders and to improve their social and environmental impact.
The tool generates a B Report which companies then display on their website, so that anyone can access performance data about the social and environmental practices that stand behind their products.
It's a straight forward, easy, universal way to ensure that any organisation working to address social and environmental issues can demonstrate the impact it is having.
Clever stuff. Here's hoping the UK follows suit soon.
Check out RIO's own Community Interest Company Impact Report for 2010/11 to find out more about our social and environmental impact.
