What’s happening on Better Business Day 2024?

It’s Better Business Day. Our annual moment to call for the changes to business that we urgently need. Three years on from launching the Better Business Act, we are looking to the future and focussing on what’s needed to raise the floor standard for all UK businesses. 

The Better Business Act is calling for a change to the law that would see every business in the UK act in the interests of people, the planet and profit. It is now backed by a coalition of over 2,700 supportive businesses, and is growing fast. The coalition includes names within and beyond the B Corp community who are spreading the word across 514 constituencies in Scotland, England, Northern Ireland and Wales. 

Proof that a purposeful approach to business works

B Corps are already paving the way for this change to the system. By changing their legal articles to align people and the planet with profit, B Corps are proving that purposeful business models work. We can see this from performance data which shows that B Corps experience higher revenue growth than traditional SMEs (26% vs 5%), are better at attracting talent (14% vs 1%) and are more likely to be looking after their employees during the cost of living crisis. And the UK now hosts over 2,000 companies that have adopted this model of business, making it a global leader and one of the largest and fastest-growing communities of purposeful business in the world.

Becoming the mainstream

But it’s not enough for a selection of businesses to choose to do business the right way. The climate emergency and social inequality are becoming ever more urgent. The next government will inherit a mountain of problems with limited public spending, meaning business will need to step up and play a more significant role in tackling these challenges. 

However, businesses currently have obligations to shareholders and are required to make a profit at all costs. The law lets this happen and our economic system encourages it. We therefore need a change to corporate governance — through Section 172 of the Companies Act — to empower directors to make better, more long-term decisions which align the interests of all stakeholders.

Creating more purposeful business provides us with the models we need but it needs to become the mainstream; a new way of doing business that lays the foundations for a strong and sustainable economy. Our communities and the environment will benefit and it will also pay dividends. Research has shown that a purpose-led economy could generate a £149bn (or 7%) boost to UK GDP per year. Our purpose dividend. 

It’s time for the government to take note, take action and send a message to empower businesses to become part of the solution.

This year, the theme for Better Business Day is ‘The Pitch for Better Business’. Using the voices of business leaders to garner support for the Better Business Act through our campaign film and open letter in the Times. We need your support to amplify the message, so make sure to get behind the campaign.

So how can you get involved?

1. Check out the Better Business Act’s website and join the coalition
2. Keep an eye on our Linkedin to share our activity on and around Better Business Day with your networks
3. Encourage your investors, businesses in your network and peers to support and advocate for the campaignGet in touch with your MP. Writing to, or meeting your MP is an effective way to keep this issue on the government’s agenda.