All things B Corp

Nowadays, more and more companies are becoming B Corporations, but what exactly is a B Corp?

EO Melbourne recently held a virtual masterclass about B Corp certification. Andrew Davies, CEO of B Lab Australia and Aotearoa New Zealand, joined the masterclass as one of the resource speakers and spoke in detail about their organisation, B Lab, and about becoming a B Corp.

“Our vision, as an organisation, is for an inclusive, equitable, and regenerative economic system for all people on the planet,” Andrew Davies said.

“B Lab is the organisation behind the B Corp Certification or the B Corporations. We started in the US in 2007 and in this part of the world in 2013. We operate as a global network so each B Lab organisation is an independent entity and we look after Australia and Aotearoa New Zealand. We’re best known for certifying B Corps or B Corporations,” he further explained.

EO Melbourne Members Rob Roy Rankin, Director at Rankin Business Lawyers, Andrew MacKinnon, Cofounder and CEO of SOON Future Studies, and Hayden Brass, Founder and Managing Director of Zea, whose businesses are already B Corps, shared their experience in going through the B Corp certification process as well as the multiple benefits they gained by becoming B Corp certified.

Andrew Davies also expounded on what entails becoming a B Corp. “They’re businesses that meet very high standards of social and environmental performance. They measure and manage their impact on the environment and community. They work as the suppliers and business partners and they adopt governance models that hold themselves to account for that impact. To be a B Corp, you have to be certified by B Lab. Effectively, it’s about having your performance across these standards verified by our team for what is a pretty rigorous process.”

B Corp is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. In order to achieve certification, a company must:

• Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing B Lab’s risk review. Multinational corporations must also meet baseline requirement standards.

• Make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.

• Exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.  

Through this virtual event, participants were able to learn a lot of information about B Corp Certification and understand the process, as well as appreciate the benefits that this certification could bring to their businesses based on the testimonials of the panellists.

How about you, have you considered becoming a B Corp? Let us know your thoughts through the comments section below.

Strengthening your 2iC as a way of strengthening your business

One of the long-term goals of many business owners is to be more focused ON the business rather than to be IN the business. This means that they evolve from doing job execution and daily operations to heavily leaning towards setting strategic directions and vision achievement of the company. To do so, entrepreneurs have to free certain space on their plate so that they can concentrate on growing their business. This is where having an effective 2iC becomes critical.

A 2iC or second-in-command is the next in line after the CEO. The 2iCs may have different position titles but they have two major roles, which are to help manage the business, especially during the absence of the CEO, and manage their relationship with the CEO. Having a strong 2iC is important to build and develop your management team.

Entrepreneurs share the key things they do to ensure that they have a reliable 2iC that can help them in their business.

Hire a trustworthy person fit for the role

The first thing to do to make sure you have a trustworthy 2iC is to find the right person fit for the role. It has to be someone with whom you share similar vision and values and who has the right skillset needed for the job.

“Employ someone you trust,” said ​​Clayton Cross, Head of Strategy at Expia. “Employ someone with better skills in complementary areas of business. Employ a hard worker,” he went on. It is important that you are able to hand the management of the business to your 2iC so that you can focus on the macro parts of your company.

The relationship between you as the CEO and your 2iC is extremely significant because it will hold your whole organisation together. Otherwise, if there are gaps and cracks in your business relations, it will affect the entire team and, eventually, will have an adverse consequence to your business.

Spend more time with them

Having a 2iC doesn’t mean that you will live in two separate worlds. You may have your respective areas to focus on but will still have constant communication with each other because you will have to work together to attain what you have set to achieve for your business.

This is why for Ben Beattie, Managing Director of True Blue Plumbing Australia, “I think the key thing for me is to spend a lot of time with them and encourage them in their personal development. The more time you spend with them, the more likely they will take on your approach to the business. Also, don’t be scared to trust them with responsibilities before you think they are ready.”

Similarly, Rob Roy Rankin, Principal and Founder of Rankin Business Lawyers, makes sure he spends time with them regularly because he believes that communication is paramount. “We have a standing weekly meeting to ensure we are on the same page, where we catch up on what is happening in each other's lives. We identify, discuss and resolve any issues. We also discuss business strategies and project plans,” he shared.

Define roles and support them in their roles

Understand that a 2iC is not a “spare tire” but someone who only functions in the absence of the CEO. Rather, they take an active role in the company, alongside the CEO. You have to have definite functions and specify which responsibilities you will handle and which ones you will delegate to your 2iC. That way, you have a clear delineation of roles and a smooth system and process on how to run things.

For Rob Roy, he finds it useful to put careful thought into this. “We read Rocket Fuel by Gino Wickman & Mark C Winters and used this to define our roles, what was expected of each other and how we work best together,” he revealed. On a day to day basis, Rob supports decisions made by his 2iC and they both make sure that neither undermines each other.  

Even if your 2iC is advanced in experience and have leadership capabilities, it is still important to look after their professional growth and development and their other needs. Allow them the opportunity for ongoing Executive Education. The more you build and strengthen them, the more they can be productive and do better for your organisation.

You and the 2iC onwards the future of your business

As you pilot your business towards your targets, goals and vision, your 2iC is the co-pilot that will provide you with the added skill and support to steer your company towards the direction you’re heading. And even without or with less supervision from you, you are assured that someone trustworthy can lead your business forward.

Work together on how you’ll fly your business in the altitude and distance you aim in your entrepreneurial journey. Equip your 2iC with tools so that both of you can look after your team more efficiently and drive your organisation at an accelerated pace that will have long-term benefits to your business and everyone in it.

Best practices on building good teamwork while working remotely

In this era of working remotely, getting your team to stay constantly connected and building a stronger relationship and dynamics among them are important to keep everyone going and motivated. The big question, however, is how? What are the things you need to do to enable you and your team to work together to achieve your business goals despite the challenges and limitations of distance and time?

Learning from the best practices of other businesses can help you look into what would be suitable for your team set-up. Entrepreneurs Clayton Cross (Head of Strategy, Expia), Ben Beattie (Managing Director, True Blue Plumbing Australia), and Rob Roy Rankin (Principal and Founder, Rankin Business Lawyers) share some tips on what they do to keep their team stronger together.

Communication system and technology

Technology plays a major role in keeping everyone connected and allowing things to continue to operate despite the limitations of physical and face-to-face interactions. Many transactions are done online, including getting teams to perform their duties and deliver their outputs.

Ben Beattie highlights the importance of “having an internal phone system that is capable of being used from home.” While it’s easy to set up communication systems in an office setting, it is quite a challenge when your team members have varying tools and resources at home. Your business must be able to support their communication needs so that you can contact each other when needed.

Similarly, Rob Roy Rankin makes sure that his team has “Mobility through the deployment of technology and by using tools like Office 365, including Teams, which supports collaboration and social interaction, ActionSteps and NetDocs. Everything is available to everyone at all times,” he stressed.

Regular online meet-ups

How often do you and your team meet online? Meetings are necessary to update each other and to check on every team member. It is also to ensure that every person receives the support and assistance needed from the team, giving them that sense of belonging to a group.

Having regular connections is one of the best practices that Clayton Cross keeps with his team, something that most businesses recognise as an important thing especially when team members are not physically together in the same space. 

This was echoed by Ben, “We up the level of communication (among our team) and ensure all meetings are still held weekly. Everyone in the team needs to still feel part of a team.”

“Connection and belongingness” are important factors for Rob. “Rankin operates with a flat structure and creates opportunities for lots of interaction, such as weekly kick-off meetings, one-to-one catch-ups, quarterly company updates and social events,” Rob said.

Flexibility and innovation in meeting styles

Flexibility at work and being considerate to the needs of every team member is also something that Ben implements in his business. That is why one of their best practices is “Being flexible. It can be nearly impossible to work from home with young kids there sometimes. Working with your staff to come up with a schedule that will allow them to achieve what they need to in a week while juggling home life is key,” he said.

Clayton, on the other hand, shared, “we change up meeting styles.” There’s something that people nowadays call virtual fatigue, so it’s good to make your meetings sometimes fun and more relaxed.

As Rob has mentioned, social events create a sense of belonging among team members, and this also applies to the virtual space. Put a bit of play into your work, to get your team hyped and motivated whenever they come online for a virtual meet-up.

Positive reinforcement

Finally, “be positive,” Clayton remarked. Positivity can go a long way in cheering someone up, giving hope to others, and encouraging your team to do their best. 

Rob also recognises that the mental well-being of team members is important. “From mindfulness training to acknowledging employees and showing appreciation for their contribution, Rankin is all about celebrating wins, big and small. We also support and champion employees’ passions and causes outside of work,” he shared.

What quirky hobbies do entrepreneurs have?

Hobbies can help an individual learn new things, acquire additional knowledge, declutter the mind, bond with people who share the same interest, and warm the heart. Hobbies are beneficial to the physical, mental and emotional well-being of a people, especially entrepreneurs and business leaders.

Intriguingly, some entrepreneurs have quirky hobbies, showing us their fun side that we do not get to see most often. Here are some of the interesting pursuits of EO Melbourne members that they do when they’re not on their laptops or immersed in their business.

Kitesurfing

Kitesurfing is the leisurely pursuit of Cesar Aldea, Founder and Managing Director of Aldea Consulting.

According to Cesar, “I started kitesurfing back in 2007 when I arrived in Australia. I love it because it keeps me fit and takes my mind away from any pressing problems, allowing me the time to reset and come back to it with a fresh mindset.”

Flying a helicopter

Getting into the air is also a penchant of Honeycomb Strategy Managing Director John Bevitt. “I started learning to fly a helicopter last year when I turned 30,” he declared.

“It was something I've always wanted to do. My wife bought me a trial flight for my birthday and I absolutely LOVED IT. In terms of what I love about it - it's the feeling of seeing something familiar from a new perspective, looking down over Melbourne and seeing so many familiar places. Just the freedom of flying in a 3d space and being able to move in any direction (compared to a plane for instance) is simply wonderful,” John shared.

Growing cacti

“I love cactus for some weird reason,” says Andrew Colliver, Executive Director and Co-founder of Banjo Loans. He explained, “My interest commenced on visiting our happy place in Sorrento and there was a massive cactus garden against a Mexican-looking wall. It was further reinforced on a trip to California 2 years ago. Each variety is so unique; they can be very tricky to plant and some sting like crazy – and they grow so slowly. Patience is required, a virtue I lack.”

“Some varieties have incredible flowers growing from a hostile-looking plant. They appear to be the adaptive masters of growing and surviving in a hostile environment – the poster child of a weird individual combined with resilience. And unrealistically, I somewhat expected a dinosaur to suddenly appear one day and start munching on them which would just cap off a great day,” Andrew said.

Stacking books

WeTeachMe Founder and EO Melbourne Past President Kym Huynh stacks books. “You would be amazed at how many options or variations are possible,” he remarked.

“I find the art of stacking books both meditative and cathartic. From the endless variations (all vertical, all horizontal, half up/half down, sort-by-alphabet, sort-by-colour, sort-by-size, sort-by-genre, sort-by-author and the endless combinations thereof, including but not limited to combining with art, photo frames filled with pictures of loved ones and cherished memories that instantly transport one to moments of pure unadulterated joy, and objects discovered in strange and foreign lands) to conscious choices in symmetry or asymmetry (perfect if one feels a sense of anarchy or looming irony), stacking books perfectly combines art in its creativity and expression and organisation in the structure of carefully-selected or curated books.”

“In this sense, I find that it mirrors life quite beautifully, and I'm sure there are theoretical links to leadership here in that it requires both creativity and structure for one to be effective and free. In actuality, I'm just practising leadership in each corner of the bookshelf or coffee table. That's what I'll just keep telling myself. Stacking books is practising life in a safe and contained environment where it is OK to fail or make mistakes,” he reflected.

Collecting and restoring Saab cars

“I collect Saab cars and restore the classic 900s,” shared James Murray, Founder & Managing Director of Work Healthy Australia. “I started doing it about a year ago,” he continued. “Once, I had a head-on collision in a Classic Saab 900 and walked away. If I had been driving my Ute I would have had a much worse outcome!”

“I drove Saabs for many years after that but stopped when they went under in 2011. Last year, I realized that SUVs were not for me as I missed my Saabs too much. Since then it’s all Saabs! I have two of the wagons that I use for work and they are both crazy fun to drive,” James revealed.

Paragliding

A sports enthusiast and Executive Director of Sports Tech World Series, Johann Odou is into paragliding since 2012/2013.

“There is something magical about flying. Learning to operate in a different world, one where you go up, down, left, right, forward and back. It's a pretty special feeling to be able to look down on birds flying,” Johann quipped.

Collecting chess sets from the USSR

Rankin Business Lawyers Principal and Founder Rob Roy Rankin has a fascinating hobby. “I collect chess sets with a focus on sets from the USSR.”

Well, if one is a chess enthusiast, why not collect sets from the land of the chess champions? Chess and Russia have a long history together as it is believed that their rulers were partial to this game.

Rob recalled, “I started collecting chess sets back in 1991 when I made my first visit to the USSR. Chess was such an enormous part of Russian and soviet culture in the 20th century and the variety of chess sets produced in that period is incredible. So much of the nation’s culture and history can be gleaned form each set and every piece of each set is a small work of art.”

pinball machines

Dylan Smith, Founder and Managing Director of Rubix, found pinball machines cool. “I started only two years ago and now, I’ve got fifteen of the beautiful creations.”

What makes him take interest in pinball machines is that “I love every tiny little aspect of it. I strongly believe it is the ultimate example of lessons on how to run a global long term business using some of the most complicated and advanced skill sets, whilst keeping a diverse global customer base happy and screaming for innovations, but then complaining when the machines deviate from their definition of pinball.”

He added, “Disciplines include software engineering, mechanical engineering, game theory, manufacturing, pricing, global distribution, support, innovation, sound, lighting, theme licensing, cost of goods, fussy customers, theme integration, storage, business operations, artwork, tournament management and world ranking algorithms plus lots more!”

Cooking new and interesting food

Of course, there are also hobbies that we may find simple, yet relevant in the current situation. For Ben Stickland, Founder and CEO of Alliance Software, he found his interest in preparing food for his family. “I'm enjoying cooking as a hobby, works well in lockdown. Every weekend, I figure out at least one new meal and cook it. My goal is to transition our family to new & interesting food, and a few months in it is working well. It works for me because my wife and children all love food and so it's allowing us to explore new meals together,” he shared.

While most of his growth as an entrepreneur comes from the people he interacts with, many of which are from EO, he finds personal and professional growth through the readings that he does. Still, cooking provides a different kind of value. “Cooking is about an escape. It's a small, completable project. Often as entrepreneurs, we're working on big things that sometimes don't have clear finish lines. When I cook a meal, it's done. Delicious or disgusting, it's done,” he added.

There are many other hobbies out there that entrepreneurs can be involved in and benefit from. What rare or quirky hobby do you have that is not on the list above? Share with us why you enjoy it through the comments section below.

How do successful entrepreneurs get continuous professional growth?

No matter how good one is or even if they are an expert on a particular thing, there will always be room for improvement and growth. It applies to everyone, including entrepreneurs. Each one of us has strengths that we can capitalise for our chosen fields of endeavours, as well as weaknesses which we can still work on to expand our knowledge and hone our skills set.

And when you reach the peak of success in your career, how do you ensure that you continue to grow professionally? Entrepreneurs Rick Nieuwenhoven of Nieuvision, Rob Roy Rankin of Rankin Business Lawyers, and Adam Stewart of Debt Recoveries Australia, ADC Legal and Nova Team Solutions share their experiences and learnings when it comes to pursuing their professional growth.

“There are times I realise the sponge is full and I have to squeeze it dry and start again.”

-          Rick Nieuwenhoven, Founder and CEO of Nieuvision

When it comes to learning, Rick finds that it is different for everyone. “As a lecturer for 10 years, I’ve seen this first hand. Firstly, to constantly grow, I remind myself of the best way for me to learn and grow. I learn most from others and by talking to others,” he declared.

Acknowledging that he thrives in an environment where he gets to interact with other people, Rick saw the significance of joining groups like EO. He continued, “With that, the forum is fundamentally important to my learning experience. I also find MyEO events a practical environment to learn from others because the conditions are more relaxed and I can spend more time with people.”

Yet, there are times when he often faces a wall in his growth and development as an entrepreneur and as a person. “I don’t stress if I hit a plateau. There are times when I realise that the sponge is full and I have to squeeze it dry and start again. Otherwise, I can get bogged down in my learning mode and lose balance with execution. However, what I do is that I set goals based on my learning desire to assists me in keeping focused,” he shared.

 “As an entrepreneur, there is a constant need to improve, adapt and grow as a person.”

-          Rob Roy Rankin, Principal and Founder, of Rankin Business Lawyers

Rob recognises the reality that entrepreneurs like him need to constantly grow, improve and adapt. “To do so, I regularly challenge myself and try to have a mindset of always learning. Some simple and readily available tools I use include podcasts and books. The more I read and listen, the more references and recommendations I pick up, which leads to more reading and listening,” he explained.

Beyond the books and podcasts, Rob also grows through his interaction with his surroundings. For him, “Another way to ensure you’re constantly challenged is to meet new people, look at new industries, and visit new places – all of these things challenge the perspectives and prejudices we accumulate when we stagnate.”

However, it is not at all times that the journey is an uphill climb. According to Rob, “Feeling like you’ve hit a plateau in your professional life is often the result of success and usually by doing the same thing, over and over again, very well. To reinvigorate ourselves we need to recalibrate or adjust our perspective. Two ways of doing this are:

• Go back and examine our purpose. Why do we do what we do? The answer will be different for everyone, but getting back in touch with this reason will inspire new thinking;

• Look at what’s happening in other industries, other cultures, other places. There is always something to learn from others, and by examining what’s strange or new to us and contrasting with our own lives, we come up with new ideas about how to improve.”

“Steady growth over the years was achieved with careful planning and goal-setting.”

-          Adam Stewart, Founder and owner of Debt Recoveries Australia, ADC Legal and Nova Team Solutions

“My first business, Debt Recoveries Australia, was born in 2002. I was living in a one-bedroom flat in Balaclava and ran the business from that flat with a P.O. Box in Balaclava. Right from the start, I made all my plans with the big picture in mind. Everything – from the name, website, office space and debt collection software – was chosen with the end-goal in mind: to be the most successful and profitable debt collection agency in Australia,” Adam narrated.

Starting small, his business grew big. “Constant demand and new clients coming on board meant I very quickly moved the office from that one-bedroom flat into an office in the city. We now have offices all over Australia. Demand for legal services led to the addition of a legal arm in 2012, called ADC Legal Litigation Lawyers.”

By 2013, Debt Recoveries Australia, along with ADC Legal, was well on the way to becoming one of the most successful debt collections agencies and litigation firms in Australia. To accommodate the increasing demand for their services and to provide the best possible service for their clients, they had to have the manpower to back this up. “Again, I wanted control over this part of my company. So in 2010, I set up my BPO (Business Processing Outsourcing) centre in the Philippines, called Nova Team Solutions,” Adam remarked.

As Adam grew his businesses and expanded his reach, he found that he was also growing as a person and an entrepreneur. “Today, I am still as excited about the future of my companies as I was in 2002. I could not do it without the amazing staff I have today, whom I owe much of my success to. I also like to invest in myself, especially when I have hit a plateau in personal growth.”

To do this, Adam sought for groups and individuals that can help him continue his professional growth. “I like to reach out to business networking groups, apart from EO. Recently, I joined the Victorian Chamber of Commerce. I always have at least one mentor who helps me one-on-one. I love getting the personal experiences of someone who’s been in the same boat as me before. I also mentor others. This helps me to give back what I have learnt.”

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If you have tips and learnings to share on continued professional growth, share them with us through the comment section below.