The current economic landscape, marked by fluctuating markets, supply chain disruptions, and global upheavals, poses significant challenges for businesses worldwide. For B Corporations, organizations that balance purpose with profit, these challenges are placed in the context of their commitment to social and environmental good. In such times, how can B Corps maintain their mission-driven focus and emerge even stronger?
The Power of Community
One of the primary strengths of B Corps is their inherent sense of community. B Corps are not just individual entities striving for a better world; they are part of a global movement. In times of uncertainty, this community is perhaps our most valueable safety net.
Shared Resources: B Corps can collaborate to share resources, whether it's best practice ideas, office space, employees, or even distribution networks. By pooling resources, they can cut costs and increase efficiency.
Knowledge Exchange: With a plethora of diverse businesses under the B Corp umbrella, there's a wealth of knowledge to tap into. Topic-specific groups on the B Hive (an online forum for employees of Certified B Corps) along with regularly scheduled forums hosted by B Lab and B Corps themselves, can allow companies to exchange insights and strategies to navigate economic challenges.
Embrace Collaboration Over Competition
In traditional business paradigms, competition is often the default. However, in the B Corp community, collaboration is integral.
Joint Ventures: By collaborating on projects or products, B Corps can share the financial and operational burdens, allowing them to explore new avenues without bearing the full risk.
Unified Marketing: Collective marketing campaigns (such as B Corp Month in March of each year) can help B Corps reach wider audiences without individual companies incurring all of the costs.
Adaptability: The Key to Resilience
For B Corps, adaptability doesn't mean abandoning their mission. Instead, it is about finding new and innovative ways to stay true to their values, even when the ground beneath them is shifting.
Diversify Revenue Streams: While a core product or service may have been the initial draw, B Corps should explore diversifying their offerings or venturing into new markets to offset risks. For example, at LIFT Economy, we created the Next Economy MBA—an online course that teaches you the fundamentals of business from a regenerative, racially just, and locally-self reliant perspective. This has allowed us to diversify our revenue away from solely relying on 1:1 consulting services.
Flexible Business Models: Whether it's transitioning to e-commerce, exploring direct-to-consumer models, or vertically integrating their supply chain, flexibility can help B Corps stay operational and efficient in changing landscapes.
Engage with Stakeholders: Economic uncertainty affects every stakeholder, from employees to suppliers to consumers. Regularly engaging with them can provide valuable insights into their needs and concerns, allowing B Corps to tailor their strategies accordingly.
Final Thoughts
While economic uncertainties are often daunting, they offer each of us an opportunity for introspection and growth. For B Corps, these challenges are a chance to demonstrate the values that define us: a commitment to a better world, a belief in the power of community, and an unwavering dedication to our mission. By leveraging our community, embracing collaboration, and staying adaptable, B Corps can weather these uncertain times and emerge more resilient.
Questions for You
For B Corps and other mission-driven businesses out there, how else are you staying resilient (while seeking to maintain your positive social and environmental impact) in economic uncertainty?
What other best practices or advice would you share with your peers?