Creating a purpose-driven business goes beyond having a clear mission that focuses on how your company will make more profit. It involves creating a business that inspires change, empowers others, and more importantly, drives excellent results. In this article, you will learn some of the tips for creating a purpose-driven business.
Unfortunately, creating a purpose-driven business isn’t as easy as it sounds; it comes with its challenges. But if your company has a well-defined purpose that goes beyond profitability, you will always stay competitive. Having a purpose that inspires change and empowers others, increases your business’ chance of success.
So, if you are aspiring to inspire change with your business, here are tips for creating a purpose-driven business:
#1. Understand Your Mission Statement
Most business owners don’t understand the sanctity of a mission statement. Your mission statement defines what your business wants to achieve. Ideally, you should have your mission statement before starting your business.
Again, it’s not just about creating a nicely worded mission statement. It must reflect what your enterprise stands for, and you must follow through to make it a reality. Otherwise, it will be a mere collection of meaningless words.
One of the tips for creating a purpose-driven business is to have 100% clarity in your mission. And to have better clarity of your mission, you need to clarify your business purpose, the plan to achieve the purpose, and the responsibilities involved.
Clarity of purpose gives you and your team an idea of the destination your company is heading. Interestingly, it serves as a light that guides your business tactics and strategies.
On the other hand, the clarity of plans helps you understand how to achieve your business purpose. It gives you a heads up on how to reach your business destination.
Once you understand your mission statement, you can make great decisions to help you achieve your company’s purpose. Your chances of success as a business owner increase if you understand what your company stands for.
#2. Integrate Purpose Into Your Core Business Strategy
Integrating purpose into your core business strategy is one of the tips for creating a purpose-driven business. It will help you make rational decisions that will directly or indirectly help your business achieve its purpose.
Additionally, there are instances where you will be faced with tough choices about your company. But if you have a well-defined purpose, it will be easy to choose the choice that will benefit your business most.
Also, if you realize that any of your products or services don’t align with your purpose, you can stop selling such products.
For instance, in 2014, CVS Pharmacy (now CVS Health) was the first drug chain store to stop selling tobacco products. Their reasons? They realized that tobacco products didn’t align with their purpose, which is “helping people on their path to better health.”
Interestingly, CVS Health didn’t stop at removing tobacco from its stores. The company also launched several programs that help smokers quit.
Guess what? By removing tobacco from its stores, CVS health reduced the number of cigarettes sold by 95 million.
My point? When you align your decisions with your company’s purpose, you will inspire change and empower others in the long run.
#3. Tackle a Global Problem
One of the most effective tips for creating a purpose-driven business is to tackle a global problem. Any business that tackles a global problem will always be outstanding and possibly monopolize its niche.
So, ask yourself this question before you start a business – “If my business succeeds, how will it affect the world?” Trust me, some of the billionaire entrepreneurs we have in the world today attain endless wealth by tackling a global problem.
For instance, Jeff Bezos popularized e-commerce. He made it easier for people to shop for anything they want from the comfort of their homes. And by solving this problem, Bezos is now the richest man on earth.
Similarly, Mark Zuckerberg created Facebook, a social media platform that made connecting with family and friends easier. This solution made him among the richest men in the world.
Larry Page created Google to enable people with an internet connection to have easy access to information. This solution also made him among the richest men in the world.
Furthermore, when the world is clamoring for environmental protection and eco-friendly activities, Elon Musk created Tesla, an electric car manufacturing company. Tesla’s mission statement reads, “to accelerate the world’s transition to sustainable energy.”
Interestingly, Tesla has made Elon Musk one of the richest men on earth. So, always ensure that your business tackles a global problem; that’s what purpose-driven businesses do.
#4. Ensure That Your Business Creates Human Value
If you want your business to be purpose-driven, you should always strive towards creating human value. While you create a profitable business, encourage your employees to be their best self, and inspire them to become change-makers.
Here are tips for creating human value as an entrepreneur;
- Lead your employees and everybody around you with kindness. Being aggressive towards your team won’t make them change makers. It will only affect their performance.
- Don’t compromise honesty for any reason. Once you are honest in every aspect of your business, you tend to achieve business growth in no time.
- Treat your business stakeholders with respect. Always appreciate your customers, employees, vendors, shareholders, etc. They are the backbone of everything you do. Without them, your business won’t be successful.
#5. Have a Good Organizational Culture
Every purpose-driven business has a great organizational culture. Surprisingly, there’s a difference between your business’ culture and its purpose. But they are both essential for your business success.
Your business culture is the underlying beliefs, assumptions, values, and the ways you and your company interact among yourselves. And all these contribute to your business’ unique social and physiological environment.
Your business purpose could be what gets you out of bed every morning. But your culture has to do with your conduct and interaction with your employees.
So, you must nurture your culture and purpose passionately if you want to build a purpose-driven business.
These are the 5 tips for creating a purpose-driven business; study and apply them without delay. Within a short while, your business will be heading in the right direction.