Business and purpose are two concepts that are increasingly intertwined.
In the past, businesses were often seen as solely profit-driven entities. However, in today’s world, consumers and employees are increasingly demanding that businesses have a higher purpose than simply making money.
A business purpose is the reason why a company exists beyond making profits. It is the company’s underlying motivation or driving force that shapes its strategy, culture, and decisions.
A strong purpose is essential for building a successful and sustainable business.
There are many benefits to having a strong business purpose.
First, it provides clarity and direction for the organisation. It helps everyone understand why the company exists and what it is trying to achieve. This can lead to better decision-making and more effective execution.
Second, a strong purpose can help to attract and retain top talent. Employees are more likely to want to work for a company that has a mission that they believe in. And when employees are engaged and motivated, they are more productive and innovative.
Third, a strong purpose can help to build a strong brand identity.
Consumers are more likely to support brands that align with their values.
And when a company has a clear and compelling purpose, it is easier for it to connect with consumers on an emotional level.
Finally, a strong purpose can help a company to make a positive impact on the world. Businesses can use their resources and expertise to address social and environmental challenges. And when businesses do good, they can also do well.
Here are some examples of businesses with strong purposes:
- Patagonia: “We’re in business to save our home planet.”
- BAM: “Proving it’s possible for a clothing company to be Impact Positive.”
- B Lab: “To create a more inclusive, equitable, and regenerative economy.”
These businesses are all successful, but they are also making a positive impact on the world. They are proof that businesses can be both profitable and purposeful.
If you are a business owner, I encourage you to think about your company’s purpose.
Q: What is the reason why your company exists beyond making profits?
Q: What are you trying to achieve?
Once you have a clear understanding of your purpose, you can start to align your business strategy, culture, and decisions accordingly.
And if you are a consumer, I encourage you to support businesses that have a strong purpose.
When you buy from these businesses, you are not just buying products or services.
You are also supporting their mission to make the world a better place.