Embracing purpose to transform your business
A purposeful business is one that aims to solve the problems of people and planet in a profitable way, rather than profiting from creating problems.
It’s a simple but profound distinction that could decide your business’s long-term success.
The transition to more ethical, belief and value-oriented business models is gathering momentum. Think of Starbucks with its pledge ‘To inspire and nurture the human spirit – one cup and one neighborhood at a time.’ Tesla: ‘To accelerate the world’s transition to sustainable energy.’ Or Google: ‘To organize the world’s information and make it universally accessible and useful.’
In this new landscape, purpose-driven companies have a clear advantage in retaining existing customers and clients. And winning new ones.
A great purpose will survive executive team shuffles and create an enduring legacy that benefits future generations. Having a purpose connects what you do with what the world needs. It inspires, challenges, and enables you to create long-term value. However, joining the select band of genuinely purposeful companies requires 100% commitment and continuous effort.
Still unconvinced? Here are three compelling reasons why embracing purpose can power business success:
Purpose sets a direction for your business
Aligning your business with a clearly-articulated purpose adds clarity to every business decision and creates deeper engagement with your audience and stakeholders. It must be driven from the top down with senior staff leading the way. Defining your purpose takes time and patience. Bigger than your brand values and more than a summary of what you currently do, it often requires fundamentally rethinking your long-term business goals.
By making your brand and business model stronger, more consistent, and more meaningful, it can set you apart in a cluttered marketplace.
Purpose creates a positive impact
Purpose-driven brands are a catalyst for change. They can set sector-specific goals, for example, making insurance more transparent or technology more user-friendly. Or they can engage with higher issues, for example, investing in a way that mitigates climate change, or adopting a fair-trade sourcing model.
Purpose creates powerful bonds
Clients and consumers favour businesses that share their values. Weary of corporate puffery, they reward companies that have a clear reason for being that aligns with their needs and ideals. Better still, loyal customers become brand evangelists, recruiting new followers and creating a snowball effect.
Defining your purpose may also highlight current weaknesses while revealing new opportunities and inspiring innovation. Change is never easy but setting your guiding star and having every team member align to it may be one of your company’s best-ever decisions.
Need help in creating an authentically purposeful business? We’d love to help. Why not contact us for an introductory chat?