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Three reasons your business needs a purpose

February 1, 2018

 

Here at BusinessBlades, we’re all about making business simple. And fun.

 

We also know how ridiculous some people will find that statement. We get that. The team behind BusinessBlades has never really approached the world of work in a particularly conventional manner.

 

In any field, simplicity comes from knowing. Knowing what outcomes you’re trying to achieve, techniques and processes that might be required, what inputs you need to make things happen and so forth. The “rules of the game” if you will.

 

None of this is possible without a firm sense of why you’ve put yourself on a particular path. Your purpose. And this is no less true in the world of business.

 

 

“People don’t buy what you do. They buy why you do it”

Simon Sinek – Start With Why

 

 

For owners and leaders…

 

Your business purpose is important first and foremost to yourself as a business owner and/or leader (or to a group of you as co-owners). 

 

Purpose should inform the vision for the business and, in turn, drive strategic and business planning. And it should dictate all activity in the business. If a process or function isn’t delivering “on purpose” you probably need to take a good hard look at it to see if it even should exist.

 

Thought of in this light, a clear and well-articulated business purpose becomes the single most important guiding star for owners and leaders. 

 

For customers and prospective customers...

 

Second, customers increasingly are holding businesses accountable for more than things like service and product range. They want to deal with businesses that demonstrably make a positive contribution to the social good. As Simon Sinek says, people buy not what you do but why you do it.

 

There’s a ton of research that confirms this. A good piece comes from the global communications firm Edelman. Its 2012 “goodpurpose” study shows nearly 90% of consumers are more likely to buy from businesses that support social issues.

 

We’d suggest that’s a number big enough to notice….with clear implications for financial outcomes.

 

For the team…

 

Third, research globally points to the importance of your business purpose in attracting great people to your team, retaining them and inspiring them to provide discretionary effort.

 

Businesses whose employees understand and buy into the purpose are consistently better engaged than those in “non-purposeful” businesses.

 

Again, it’s not just us saying so, with plenty of research pointing to purpose as a key driver of employee engagement. Work by EY, PwC, Virgin and others all reach the same conclusion - that people want to contribute to something bigger. Where purpose is part of your employee value proposition, great people with aligned values will beat a path to your door.

 

More proof needed?

 

If you're still not convinced on the power of purpose, check out this article. It references research by Jim Stengel which, in short, showed that brands that resonate are those that work to the ideal of improving people’s lives resonate with consumers. The top 50 of those companies significantly outperform the rest of the market. Once more, don’t take our word for it…check out his website for yourself.

 

We’re happy to help.

 

We’re willing to bet you’re just a little bit interested.

 

BusinessBlades is all about being “on purpose” helping businesses formulate and communicate a meaningful purpose. We help businesses link that purpose to vision, strategy, customer engagement and team engagement to make business simple. And fun.

 

We don’t think there’s any good reason you shouldn’t give us a call to chat about how we can help your business. Alternatively, click here to drop us an email!

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