Purposeful Business – What Is It And How Do You Implement It

Corporations wield immense power in our world. That’s why consumers use their dollars to vote for the sort of world they want to live in. A high-quality product and catchy marketing will go a long way in attracting clientele but building a purposeful business that will garner support because of the principles it stands for. How can you start creating this effect? 

What is Purposeful Business? 

Most businesses have a purpose in the form of a mission statement or a list of core values. In most businesses, a mission statement serves as a way to keep members of staff united with a common goal in mind. It can also attract positive evaluations from prospective customers.  A purposeful business is different. The primary objective of a purposeful business is to attack a specific world issue with sales being a vector for positive action towards this goal. 

What Are The Benefits? 

According to the Harvard Business Review, purposeful businesses are 202% more likely to be profitable. It may sound counterintuitive, but when you focus on tackling a large global issue instead of your sales, you are much more likely to find success. 

Purposeful businesses tend to attract better employees who stay for longer. In fact, 75% of millennials consider a company’s societal and environmental commitments before working with them according to Deloitte. An additional 75% would take a pay cut if they felt as though they identified positively with a company’s purpose. 

Not only can you expect to experience more financial success as a purposeful business but you can also experience the backing of a passionate team who cares about the value they bring to the table. 

How To Build Purpose Into Your Business

Align With A Higher Purpose 

Perhaps you already have a mission statement. “Our mission is to sell you the tools you need to live a more sustainable life.” As a purposeful business, you’ll want to shift your goal from sales to a higher purpose. For, example, the mission statement above can be changed to “our mission is to end climate change with our reusable products”. In the second example, the primary objective is evidently to solve a global issue that affects us all. Presenting your product as a solution shows that you are working to be a part of the solution. 

Let Your Purpose Inform Every Business Decision 

Becoming a purposeful business does not simply involve coming up with a mission statement. Prospective employees and customers will be curious to see how your purpose informs decision-making within your company. Whether you’re reaching out to investors or choosing a logo, let everything be led by your purpose. 

Give Back 

Prospective employees and customers will also want to know how you give back to your community. Dedicating a certain percentage of your budget to charity and getting directly involved in relief efforts that help advance your higher purpose are great places to start. 

Building a purposeful business takes a lot of work  – from you and the people who work for you. 

Staying on the same page with your team will be essential for successfully building a higher purpose in your business. It’s wise to leverage as many tools as you need to strengthen your team’s common understanding of the company vision. 

Navo is a bookmark manager designed to keep all team members connected to important files and web pages that they need to advance the purpose of your company. Start your 30-day free trial to see how you can take advantage of Navo’s other business-boosting features today.