Singapore is one of the world’s busiest business and financial hubs, a global player in modern capitalism. As businesses, we are gravitating towards the belief that doing business isn’t about all eyes for profit anymore but in ways that are more ethical and responsible in line with the Triple Bottom Line – Profit, People, and Planet, and creating socially responsible businesses. B Corp runs on the cogs that assemble the message, “Businesses cannot prosper unless the society prospers,” as quoted by Kris Lin Bronner, Strategic Advisor of Dr. Bronner’s. More familiar encapsulation of B Corp is “Businesses not only being the best in the world but the best for the world.” B Corp is fast gaining traction globally; currently, over 2000 companies in 150 industries of 64 countries are certified B Corp. We believe that if more businesses in Singapore jump on the B Corp bandwagon, it would bring our world that much closer to being better for everyone via sustainable business practices.
Corporate enterprises are becoming social enterprises by the immersive Corporate Social Responsibility (CSR) brought about by B Corp and eight Singaporean companies are certified B Corp, driving the new economy under the aegis of socially conscious businesses that are generating social impact leaders. The time is ripe for the list of eight B Corp certified Singapore companies, which include PALO IT, Genashtim, Better Barista, Pearl Consulting, Boxgreen, B1G1, VSStory and GA Circular to grow exponentially in numbers. If organisations aim to be leaders in their industries, it is important for businesses to embrace society and be a force for good. B Corp certification can provide businesses like you with a competitive edge as consumers are increasingly looking for brands that support social issues that communities identify with while employees are looking to work for companies that make a difference in society.
The landscape for social business in Singapore is in the developing stage. The eight certified B Corp Singaporean companies are doing a lot in bringing positive social impacts by modifying the ways they do business. Last April, PALO IT became the 8th certified B Corp in Singapore and they recently celebrated their B Corp certification.. Genashtim is hosting a series of workshops in partnership with Singapore Business Federation (SBF) on sustainable business practices and Corporate Social Responsibility (CSR). B Corp Singapore is collaborating with DBS SME Academy in designing the foundational class in “Designing Your Company’s DNA (Doing business sustainably, Creating the right culture)” It’s important for us to celebrate such successes of entrepreneurs and take part in collaborations and hold community events – it’s entrepreneurs transforming into social entrepreneurs. It’s about putting the word social impact out there and possess a tangible social impact measurement for businesses to not just maximise profit, but maximise benefits for the society. In the long run, if businesses in Singapore get B Corp certified, it would collectively influence Environment Social Governance (ESG) and lobby the cause extensively to cover more social groups in need. In fact, the Government in Singapore has a budget allocated to businesses that focus on sustainability – the government’s initiative in encouraging socially conscious businesses is commendable and should be used to the fullest.
So, what’s in it for you as a business? Won’t it affect your profit? Not at all. B Corp creates a more aware business where people, the environment and profit are tangibly viewed as an interconnected web which is also interdependent. Hence, people are happier, the environment is more conducive and cleaner and these impact businesses positively, sustainability is every section. Getting B Corp certified is almost like a checklist for companies to tick in perspective of how serious the businesses are in being a socially responsible company said Kris Lin-Bronner, Dr Bronner’s. Using the B Impact Assessment (BIA), you can pursue B Corp certification and embark on the path for social impact and societal sustainability. Genashtim is a B Corp certified Singaporean, the company has been appointed as the B Market Builder for Singapore & Malaysia and together with Pearl Consulting and The Inceptory, they can provide help and consultancy services to companies aspiring for B Corp certification.
B Corp is all about empowering using ethical and purposeful business best practices. Get B Corp certified and begin to fill in a greater business purpose and feel that you’re doing good for the People and the Planet while making Profit.