You could be thinking: ‘I know exactly what my business’ purpose is. Making a profit.’ And, you’re not wrong! You do need to churn out those profits every year to keep yourself afloat. But… What if you could do more than that? What if you could energise every level of your business with an exciting new angle? Take a look at the one thing every top-performing company has in common: Purpose. The business behemoths each understand that there’s a revolution occurring in plain sight. Just like the digital revolution before it, these purpose-driven businesses are storming the competition thanks to the radical transformations that their new core values are driving through.
Purpose? What Purpose?
Long gone are the days when companies only produced good thanks to their Corporate Social Responsibility Department (™). It’s standard practice for businesses to act sustainably and to uphold equality – as it should be! Cause marketing (marketing that seeks to increase profits and improve society through activism) can be seen all over our feeds. It’s not enough to just produce no harm. Purpose leads companies to create social good through their products, services, and business models. Think Ben & Jerry’s ‘caring capitalism’ and their social justice/environmental campaigns. With a focus on grassroots activism, they’ve transformed themselves from a simple ice cream company to a creative and consumer conscious giant with a huge social media presence.
Think about your customers, your employees, and your investors. Each of these groups at united by their desire to be a part of something bigger. Your customers want to purchase products from companies that create good in the world. Your employees want to be a part of creating that goodness. Your investors want to believe they’re helping to build a future that’s brighter. It’s a no-brainer that the companies that create bright and positive changes within their industry would attract the best talent, the most loyal customers, and the most resolute investors.
If any company knows the power of purpose, it’s Microsoft. In 2014, their competitors were rising quickly, their stock prices had barely budged an inch in years, and it was beginning to look like Microsoft was in a lot of trouble. That was until Satya Nadella became CEO. He pivoted the company with the idea of empowering every person and organisation on the planet to achieve more. With purpose-driven initiatives at the core of their business, Nadella has championed double-digital revenue growth and a market capitalisation of $1.6 trillion. The power of purpose cannot be overstated. From silicone valley to your front door, a company’s purpose is a vital and transformative asset.
Take a look around your glass office before you start throwing stones at other businesses. Issues like social equality, inclusion, and environmentalism deserve serious attention. Purpose is all about choosing how and where you’ll help the world. A pretty daunting challenge, right? It’s all about being scalable. Choosing a core value that helps the world and your business’ bottom line at the same time will keep your goals achievable.
At the centre of everything your company does should be a desire to make the world a better place for your customers, employees, and investors. People are driven towards businesses that do good. So, have a think about what your company really wants, how it could affect the social landscape, and how that might improve the world (and increase your profits too!) From social justice to your bottom line, it’s a win-win all around.