Businesses have long been seen as profit-driven entities, and having a clear goal of a healthy financial return is essential for any successful business. But years have seen a growing trend of companies looking beyond the financial bottom line and towards something more meaningful. 87% of executives believe that companies perform best in the long term if their purpose goes beyond making profits. And 9 in 10 people would be willing to earn less in place of doing more meaningful work.

What is a Business Purpose, and Why is It Important?

A business purpose is a set of values or principles that guide your operations and define what you stand for. It provides a framework and direction for decision-making, and sets the tone for how the company interacts with customers, employees, and other stakeholders.

Purpose-driven businesses strive to go beyond simply making a profit. They focus on what their core values are and how they can be used to make an impact in their chosen markets. When you understand what matters most, you can create long-term strategies and goals that have clear objectives. Maybe reducing environmental impact or improving customer satisfaction is your goal.

Below are excellent real-world examples of purpose statements and strategies from prominent businesses:

• Amazon: “We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.”
• Microsoft: “At Microsoft, our mission is to empower every person and every organisation on the planet to achieve more.”
• Tesla: “To accelerate the world’s transition to sustainable energy “
• Aurizon Holdings: “To grow regional Australia by delivering bulk commodities to the world.”

If you’re keen, you’ll notice that all these companies employ key strategies to ensure that their purpose is realised. Amazon focuses on convenience, Microsoft on productivity, Tesla on sustainability and Aurizon Holdings on regional growth.

Steps to Identify Business Purpose

No two businesses are alike, and your purpose should be crafted to match the core values of your company. Here’s how you can identify your business purpose:

1. Analyse Your Company: Take a step back and look at what makes your business unique. What are the different aspects that give it an edge over competitors, such as its product or service offering, customer relationships, or corporate culture. What do you stand for?
2. Evaluate Your Strengths and Weaknesses: Take an honest look at your company’s strengths and weaknesses. Identify areas of the business where you excel, opportunities to improve, or how you can leverage your key strengths to make a bigger impact.
3. Create a Purpose Statement: After evaluating your company, draft a purpose statement that reflects what sets your business apart and unifies its mission. Make sure that it’s clear, concise, and aligns with your organisational goals.

Ways to Integrate Purpose into Your Business Strategy

Business owners have a unique opportunity to lead by example and create meaningful change in their communities. Here are a few ways you can ensure that your purpose-driven goals are integrated into your overall business strategy:

• Build a Culture Around Your Purpose: Start by communicating your purpose statement to employees and customers. Encourage open dialogue about what matters most to the company and how it impacts decision-making. For instance, if sustainability is a key value, consider implementing policies that encourage eco-friendly practices throughout the business.
• Evaluate Your Processes: Take a close look at your operations and identify ways to make them more efficient or effective while staying true to your purpose. For example, if regional growth is a priority for your business, consider ways you can better serve and support local communities through product offerings or philanthropic initiatives.
• Promote Your Purpose: Use various marketing strategies, such as content creation, events, and social media campaigns, to promote your purpose-driven goals. Let customers know about the positive impact that your business is making in its chosen markets.

Conclusion

By understanding and embracing your company’s purpose, you can create meaningful strategies that will drive growth and make a lasting impact. As you evaluate and refine your purpose statement, remember to keep it simple, clear, and focused on what matters most to your business. With the right strategy in place, you’ll be well on your way to achieving success with a purpose.

At Oracle Tree, we believe that working together, we can build a better future for everyone. We’re talking about more than just consulting and marketing. Giving back is a key part of our purpose, and we’re committed to making meaningful contributions to the world around us. Whether it’s through helping businesses grow or simply offering sound marketing advice, we strive to use our knowledge and expertise for good.

Don’t hesitate to contact us for strategic business growth consulting or to learn more about our commitment to making a difference. Let’s work together to create a brighter future.

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