November is a time to reflect on all we’re thankful for and opens the season of giving. Working in a field where I have the opportunity to meet and work with so many talented professionals makes going to work every day a pleasure.
At Fine Point Consulting, the season for giving is not only during the holidays it’s something we practice year-round, both as a company and as individuals. Many of us on the leadership team spend time mentoring startup founders in their earliest stages and look for opportunities to educate them on all things accounting and HR related.
We are proud to be a sponsor of Start-up Week Milwaukee. This is a weekend-long event that brings together Milwaukee designers, developers, entrepreneurs, and experts from all domains to do amazing things! As individuals, we love to give back to the community, from volunteering at the local animal shelter to serving on the board of a nonprofit organization.
Take a moment to read this month’s article on the B Corp by Lauri Young, Director and Controller of our Ann Arbor location. Numbers don’t lie, B Corps are making an impact! When it comes to the B Corp, Abigail Barnes, co-founder and CEO of Madison-based Allergy Amulet is a true inspiration. She wrote a handbook on the subject, "An Entrepreneur's Guide to Certified B Corporations and Benefit Corporations." If you would like to read more about Abi and this topic, check out this article in Madison Magazine.
Last but not least, wishing you a wonderful Thanksgiving. May it be filled with much joy!
CEO, Fine Point Consulting
Should Your Organization Become a B Corp?
By Lauri Young, Director and Controller
B Corps are companies dedicated to making a positive environmental and social impact while contributing to the economy. Currently, there are over 2,500 businesses in 50 countries certified as B Corps. Why is this important? Increasingly, people want to work for, buy from and invest in companies with a mission at the heart of their model. Additionally, by 2020 50% of the workers in the US will be millennials. By 2030 that number increases to 75%. Studies show 64% of millennials believe it is a priority to make the world a better place and 88% want work-life integration.
Millennials believe in addition to making profits, businesses should be trying to make a positive difference in the world. Millennials will change jobs more aggressively than any other generation and their turnover costs the US economy $30 billion annually. Millennials want work which offers them meaning and purpose. In fact, to them helping others in need is more important than a high paying job.
People, planet, profit. Those are the fundamentals of a B Corp. Certified B Corps treat their employees well, care about where they buy their products and how those businesses, in turn, treat their employees. Consumers will pay more for sustainable products and sales have shown goods with a commitment to sustainability have grown more than 4% while those without grew less than 1%.
High ethical standards for business is the new norm with B Corps. By having a common set of goals for change results in people reaching out to businesses with them and talent wanting to join the organization. Becoming a B Corp benefits the organization by making it easier to attract top talent, new customers, new investors and it can serve as an advantage by bringing people together for a greater good.
We are facing a watershed moment for businesses. Companies which exclude social and environmental factors from their mission risk losing market share. Becoming a B Corp ensures the social responsibility of business is not only about profits, but also contributes to the world’s problems. Want to know how to get started in becoming a B Corp? Go to GoodFor.org.