The Power of Purpose: Transforming Your Business Vision
Understanding and defining the purpose of your business is crucial. A clear purpose not only provides strategic direction but also aligns your team’s efforts toward a common goal. Successful businesses driven by a strong purpose inspire both employees and customers. But how do you discover this purpose.
Before we dive into purpose, a key questions we find is critical in dealing with clients is understanding who / how I am supposed to serve. This turns the “purpose” discussion from something that could be intrinsically selfish into a truly selfless, and energizing exercise.
In my upcoming video series I take some time from the trails to talk about purpose, how we define it and why it is important. Here are some of the key elements from the videos, kind of a “spoiler alert”.
Purpose Statements From Well Known Companies
Patagonia: “We’re in business to save our home planet.”
Tesla: “To accelerate the world’s transition to sustainable energy.”
Google: “To organize the world’s information and make it universally accessible and useful.”
TOMS Shoes: “To improve lives through business.”
Warby Parker: “To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.”
IKEA: “To create a better everyday life for the many people.”
These purpose statements clearly articulate the companies’ missions and guide their strategic decisions, influencing their products, services, and customer interactions.
Why Purpose Matters
Direction and Focus
A clear purpose provides a strategic direction for the business, guiding decision-making and aligning all activities towards a common goal. It helps prioritize initiatives and allocate resources effectively, ensuring efforts are concentrated on what truly matters to the business and its stakeholders.
Motivation and Engagement
Employees are more motivated and engaged when they understand and believe in the purpose of the business, leading to higher productivity and job satisfaction. A well-defined purpose fosters a sense of belonging and commitment, encouraging employees to go above and beyond in their roles.
Brand Differentiation and Customer Connection
A strong purpose sets a business apart from competitors, making it easier to attract and retain customers who share similar values. It builds trust and emotional connection with customers, leading to increased loyalty and advocacy for the brand.
7 Great Questions to Help Unpacking Your Purpose
1. What problem or need does my business address?
– Understanding the core issue or need your business solves can reveal the underlying purpose driving your efforts.
2. Why did I start this business in the first place?
– Reflecting on the original motivations and intentions behind starting your business can provide insights into its fundamental purpose.
3. What impact do I want my business to have on customers and the community – how am I supposed to serve?
– Consider the positive changes or benefits you aim to deliver to your customers and the wider community through your business.
4. What core values are most important to me and my business?
– Identifying the principles and values that guide your business decisions can help clarify your purpose.
5. How do I want my business to be remembered or perceived in the long term?
– Envisioning the legacy and long-term reputation of your business can provide a sense of its deeper purpose.
6. What inspires and excites me about my business?
– Recognizing the aspects of your business that bring you the most enthusiasm and passion can point toward your purpose.
7. How does my business contribute to a greater good beyond profit?
– Reflect on how your business activities contribute to social, environmental, or cultural well-being, aligning with a broader purpose.
Aligning Purpose with Action
Once you have identified your purpose, ensure it is integrated into every aspect of your business. Communicate it clearly to your team and stakeholders, and let it guide your decisions, culture, and customer interactions. Purpose-driven businesses not only achieve greater success but also create meaningful impact, fostering loyalty and trust among employees and customers alike.
ACTION STEP: The Forged Business – Coaching and Mentoring
The Forged Business coaching and mentoring programs help you unpack critical questions like “What is my purpose” both in business and in life. We help you take these ideas and turn them into tangible business outcomes. Check out our coaching and mentoring programs. The Forged Business Group Coaching offers a capped number of business owners or leaders who want to go deeper. The Forged Mentor Program is a more affordable and accessible program for businesses who need community and facilitated input to grow their business.