Building a better Brighton: supporting the Better Business Act

Brighton is a city known for its progressive spirit, and this extends through the business community and its ambitions. Whether that is improving society and our communities, reducing environmental impact, or actively seeking ways they can do business for the better, Brighton is a breeding ground for forward-thinking businesses that are leading the way in many areas.

One way that we can show this through our actions, is to sign up in support of the Better Business Act. The Act seeks to amend Section 172 of the Companies Act and proposes a change which allows directors to consider the more long-term interests of their employees, community, and the environment alongside profitability.

The Better Business Act is supported by senior government and business leaders, including Mary Portas, Douglas Lamont, Caroline Lucas, Vince Cable, Holly Branson, Safia Minney and many more. It was a pleasure to hear from some of these voices at the Better Business Day annual event earlier this month on May 16th. This year it was at The Barbican Centre in London and as a Create is a signatory I went along.

Vince Cable opened the event describing the campaign as “Incredibly important work with the potential to make a great deal of difference to the country”. He rallied the audience to think more long term and to give more weight to other stakeholders when making decisions.

This holds many challenges for businesses large and small, but the panel session helped to make this practical. In particular Holly Branson, Virgin’s Chief Purpose Officer outlined the 12 point purpose filter they now use in their decision making process. This helps Virgin ensure that only decisions aligned with their purpose proceed.

Holly was joined by Safia Minney, founder of Fashion Declares, Josephine Phillips, founder of tech startup SoJo, and Chris Turner from B-Labs. 

The conversation from the panel left the audience with much to chew over but Safia’s comments “Having businesses only do things on a voluntary basis is not going to reverse the dilemma we're in” got people talking about the change that is needed. Whilst much of the event was focused on how to bring about a change of thinking from businesses up and down the country I came away with a sense of enthusiasm, knowing that many Brighton businesses already have this on their radar.

So many people I speak to (often at Brighton Chamber events) are going through assessments like B-corp certification or are seriously considering it, they are already embodying these values. Whether we are looking to officially certify these efforts and values or not, one of the things that can be done today is to support the Better Business Act. Aligning business activities with the act is not only the right thing to do for people and the planet but it is now being shown to have many positive impacts. 

Aside from the money that can be saved by looking at improving efficiencies in key areas like power, resource and water usage, customers are increasingly drawn to brands that reflect their values and showcase this through the actions they take and employee surveys are showing a businesses engagement in these areas is important for retaining talented staff. Sustainability and social responsibility are not just trends, they’re critical factors for long-term business success. 

With thanks to Rebecca Kimber for highlighting the impact the Better Business Act.

To join 2,500 businesses and organisations already supporting the Better Business Act pledge your organisation here.

For more information on the Better Business Act visit the website.

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk