Benefit Corporations and Certified B Corporations

Benefit Corporations and Certified B Corporations

Many entrepreneurs that I meet in my work want to start businesses that have a positive social impact.  These entrepreneurs not only want to earn profits, they also want to harness the power of their businesses for social good.  For these entrepreneurs, the best way to ensure that their businesses maintain a focus on a social mission is to incorporate as a “Benefit Corporation” or be certified as a B Corporation.  There terms are used interchangeably but they are distinct.

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Company Culture

Company Culture

Over the past decade, many corporate cultures have devalued much of its employee base by overworking them, underpaying them and not promoting a spirit that values human capital.  The lifeline of any business is its employees.  Companies often fall into the trap of deriving value by overworking employees while underpaying them but this only results in pennies.  Companies that build a culture that honors and rewards employees can add significant dollars to the bottom line. How do you do this? 

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Social Entrepreneurship

Social Entrepreneurship

There are more than 1.5 million nonprofit organizations in the United States.  The majority of these mission based organizations have annual operating revenues of $2 to $3 million.  Some take the risk of growing beyond that size but many remain at their current size quietly, yet significantly, serving their communities.  I have had the privilege of supporting a number of nonprofit organizations with leaders who are true social entrepreneurs.

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Should I consider an incentive plan for my employees?

Should I consider an incentive plan for my employees?

As small business owners evaluate different strategies to grow their companies, one method is to provide their employees bonuses, other incentives, or a combination of the two as the business achieves goals and milestones.  This may seem like an unnecessary expense, but it is an effective way to encourage employees to continue working hard and to attract and retain the top talent small businesses require to continue growing.  And, success in building a business comes in large part from motivated, high performing employees who have pride in both their work and the business. 

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