Business Beyond Profit; the only path to a successful business
Look around the B4 National network and you will see more and more companies shifting the ways in which they operate to consider all stakeholders as well as shareholders. Why is this happening and how can any business evolve, not only to embrace the opportunities this opens, but making it far more robust and successful?
OSEP – supporting and promoting positive impact through business
B4 member, OSEP is a Community Interest Company, established to promote and support any form of enterprise that has positive social and environmental impact. Born out of an informal partnership between the two Oxford Universities many years ago, it has now earnt respect, credibility and its “Go To” place on this subject. It has developed strong relationships with key local stakeholders, including OxLEP, the universities, local authorities, and local businesses. Through these relationships, OSEP is also influencing the development of local strategies and initiatives, like, for example the Oxfordshire Inclusive Economy Partnership.
A key partner is B4 National member, Blenheim, which sponsored OSEP’s original B4 membership. Blenheim also enabled OSEP to partner with OxLEP to deliver its fully funded eScalate business support programme, which has supported around 500 local businesses and entrepreneurs on their journey to become businesses as a Force for Good.
This eScalate programme, has been providing a wide range of support for local businesses and entrepreneurs, including awareness of the B Corp movement and support towards its certification. One such company is Y.O.U Underwear, which recently became the highest scoring B Corp in the UK and highest scoring fashion brand globally.
What is a B Corp?
B Corps are transforming our economic system for the better by committing to positively impact all stakeholders – workers, communities, customers, and our planet. Companies certify as a B Corps by earning points on the free online B Impact Assessment tool, relating to how they do business and whether their business model addresses a particular social or environmental need, and have their score independently verified by B Lab. There are now over 4,600 B Corps around the world redefining what success looks like in business.
B4 National member Owen Mumford also recently certified as a B Corp. According to its website “B Corp aligns with our 2030 priorities….Our B Corp certification is proof that Owen Mumford is committed to our 2030 ambitions and provides a solid benchmark for continually improving what we do in our business, in the global communities that we are part of and how we treat our associates”.
It’s B Corp month!
The B Lab team, which oversees the B Corp movement in the UK, is celebrating B Corp month in March. During this time a range of initiatives are taking place to raise awareness and encourage more participation in the movement. Locally, on 23rd March to coincide with this, a free event is being held at Oxford Town Hall where B Corps, including Sarah Jordan, founder of Y.O.U Underwear, will be speaking about why B Corp is important to their business. With around 100 people registered already, it will be a great opportunity to meet and network with like-minded people on this journey or keen to find out more. The event is generously sponsored by Oxford City Council, which is keen to see the evolution of this form of business that also support local economic, social and environmental strategies.
Registration here is essential: https://b-local-oxfordshire-social-march22.eventbrite.co.uk/
Get involved!
As well as attending this event, you can take advantage of the fully funded support and resources available through the OxLEP eScalate programme, being delivered by OSEP. Due to its success over the past three years, the programme has been extended and will now run until the end of September 2022. B Corp, TownSquare, which operates The Perch Eco Centre in Bicester is one of a number of eScalate “Hubs”. It has delivered a B Corp Peer support group, webinars and is about to launch a B Corp “Club”.
OxLEP has a “Business Beyond Profit” webinar on 31st March, which you can register for here: https://www.eventbrite.co.uk/e/business-beyond-profit-tickets-294458091077
So, what are you doing to ensure your business attracts and retains quality people, supportive customers and key suppliers, as well as, if relevant to you, investors? To find out more, contact Grant Hayward at OSEP CIC grant@osep.org.uk
Grant Hayward
OSEP CIC
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