Quick snippets from our morning read on Thursday, 22nd April 2021
Any business should seek to serve a higher purpose beyond accumulating profits. Today’s morning reads, an article by Joey Hodges addresses this particular aspect in business.
In today’s society, customers remember purpose-driven brands. Purpose-driven brands are associated with positive consumer feedback, happier workforces, higher market shares and increased customer satisfaction. Having a clear purpose for your organization gives it a soul. It tells customers what problems you’re here to solve, why your organization exists and what it wants to be.
Businesses that have a purpose will do more for the communities in which they work, create deeper connections with consumers, retain and attract top talent, and increase impact and results.
How to walk the walk
If you’re serious about making a shift in the way your brand does business, it’s time to follow through. Starting a purpose-driven business doesn’t mean you need to be a nonprofit, social enterprise or charity. Instead, it means you’re doing more with your business than just churning a profit.
Having a purpose allows companies to use their platform to solve problems they care about. Plus, purpose attracts the type of talent you want for your workforce. According to a 2018 LinkedIn survey, more than 71 percent of professionals would be willing to receive less salary to work for a company with a mission they believed in.
If you want to start a purpose-driven business or lead your culture to become more purpose-driven, there are a few basics you need to set up the foundation and framework. Jump into action by following these tips:
- Ask yourself hard questions
Creating a purpose-driven business takes self-reflection and the ability to ask yourself hard questions. Ask yourself if your business model is ethical. Go through each part of your business’s supply chain to ensure there is a good reason — besides profit — you’re using a vendor or material.
If you need to make a significant decision in your business, get in the habit of asking if it aligns with your overall purpose. Don’t do what everyone else is doing. Do what you believe is right, even if it’s not the easy route.
- Find the bigger goal
What is the “why” behind your business? How will your business impact the world? How will others benefit from your creation? Your bigger goal can be on a global or community scale. Having a “why” helps create policies and a company culture that aligns with those values.
- Inspire your team
It’s essential to have the right team in place when trying to create a purpose-driven company. If your employees aren’t invested in your company’s mission, it’ll be hard to see your purpose or intentions followed through. Ensure your employees have the right tools and equipment to meet their goals and do their jobs successfully. Keep them motivated, emotionally and mentally safe, and make them a part of your company. Share updates, company information, and wins you’re making in your business, especially towards a bigger purpose.
Read the rest of the article here.
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