I bet you’re a business owner who has created a great business where you and your business do amazing things. I also bet that you wish there was a way the world can know about all the wonderful things your business does for your employees, your community, and the planet, for that matter. Now, what if I could show you a way where you would have proof that you’re doing the great things you know your business does. In this video, we are going to learn about the steps you need to take to make sure all your stakeholders know how great your business really is.
Today we’re gonna talk about my favorite form of corporate structure, and no, this is not gonna be a boring description of the different types of corporate entities you can become. The topic of today’s video is going to be, why you should consider becoming a benefit corporation. Now, you probably never heard of benefit corporations, but after the video, you’ll know what they’re all about.
So, we’re gonna do this from the viewpoint of what my friend Steve Farbar calls being a radical leader, ’cause I believe that people become benefit corporations automatically put themselves in that world, and in my opinion, becoming a benefit corporation is truly an audacious activity.
Hi, my name is Josh Patrick and I’m the founder of Stage 2 Planning Partners in the Sustainable Business. I’m also the author of Sustainable, a fable about creating a personally, and economically sustainable business, and most recently I’m the creator of Cracking the Casual Code and the Financial Freedom Project.
Now, I bet you’re a business owner who has created a great business where you and your business do amazing things. I also bet that you wish there was a way the world can know about all the wonderful things your business does for your employees, your community, and the planet, for that matter. Now, what if I could show you a way where you would have proof that you’re doing the great things you know your business does. In this video, we are going to learn about the steps you need to take to make sure all your stakeholders know how great your business really is.
But first, let’s define the radical leap, and how each of the four areas apply to becoming a benefit corporation. So, LEAP stands for love, energy, audacity, and proof.
- So, if I’m gonna become a benefit corporation, I start with love, which means that I love what I do, I love my business, I love the people working in my business and I love my customers, and I love my community as well, and I wanna be able to show that love in lots of tangible ways.
- Second is, if you become a benefit corporation I can almost promise that you are gonna create energy within your business, and within your customers, and with the community that your business does business in.
- Audacity, you know, the action you are going to be taking if you become a benefit corporation is truly audacious, because its not what most people think you should be doing in business, and you’re going to be going outside the realm a little bit.
- And finally, you’re gonna have tangible proof that all the good things you do in your business are actually being done. So now we know what the radical leap is. Let’s get into what a benefit corporation is.
You know, what I call a benefit corporation, typically is known as a triple bottom line, which means that the company doesn’t just pay attention to profits, but also it pays attention to people and the planet.
Now what this does do, is it creates energy because your company becomes more than profits. This is especially true with millennial employees and millennial customers. You know, the millennial generation is a really cool generation. They get a bad rap, in my opinion, a lot of the times, but there are certain things about the millennials you need to understand. The millennials are about we and not about me, and a benefit corporation automatically makes your company about we, because you’re including, as in your stakeholders, who are important for the success of your company, more than you and more than the profits that your company creates.
Oh, by the way, in my opinion, profits are a result, not a purpose of any business whatsoever.
So, saying your company is about more than profits is absolutely an audacious statement and one that you’re sure to get some push back from. So, you have to have some, you know, you have to be really clear that this is something you want to do and it’s something that’s good for you.
But to become a benefit corporation, you have to become certified. You can’t just one day wake up and say, oh, I’m a benefit corporation because I do all these great things. The cool thing about becoming a benefit corporation is, there’s an organization called B Labs, that actually will certify your company, that you’re doing all the right things, and will allow you to reform your company and do a legal formation called a benefit corporation.
Now, if you wanna learn more about this, and I really hope you do wanna learn more about this, go to bcorporation.net, and there you can do the evaluation of your company, find out what B Labs is, and how you need to do, and what you need to do to become a benefit corporation yourself.
So, here are some of the benefits that I think you get when you become a benefit corporation:
- First, you’re showing that your company is a good citizen, and you’re not only showing your company is a good citizen, but you’re showing that your company is a good citizen with proof.
- Second, you agree to be transparent. Now, too many business owners think all the things going on in their business is a big secret. That makes no sense to me. The more transparent you are about your life, the more transparent it is about your business, the easier it is for people to understand what your business does, how it does it, and why they should fall in love with your business.
- And, if you happen to be hiring millennials, or you have millennials as customers, you’re hitting them where they live. You’re proving that the stuff that you talk about, you’re actually doing. So, you’re walking your talk, and you have proof that you’re walking your talk.
So, what do you think? Is being a benefit corporation right for you? Why don’t you take a visit to B Labs again and see what you have to do to qualify to become a benefit corporation, and if it’s the right thing for you, and if it is, start doing the evaluation, see what you need to do to become a benefit corporation. Almost everybody who goes through has some improvement in areas that they have to pay attention to, and if you become a benefit corporation, you’re gonna see that you get great results, and the people who are your stakeholders will really appreciate what you’re doing.
Now, when you become a benefit corporation, not only is it going to help with you and your stakeholders but I can almost guarantee it’s gonna help you crack the cash flow code, which will help you create enough excess cash in your business to fill the four areas of profit that all business owners need.
So, speaking of cracking the cash flow code, and benefit corporations, why don’t you scroll down, leave a comment below, click on the button, and get our free infographic on the success path of those who have cracked the cash flow code in their business? And this is Josh Patrick, thanks a lot for stopping by. I hope to see you back here really soon again.