Why companies should have a purpose and act on it
Purpose leads to happiness
‘Purpose’ is the new magic word that seems to pop up everywhere, whether it concerns your own personal fulfilment or your company’s success. The idea that a life, where we serve others in our own unique way and by that fulfil our own special purpose, takes flight. Its success comes with the promise that finding and acting on our Purpose might just cover a huge chunk of our quest for happiness, a sense of meaning and belonging.
Acting on Purpose is not easy
At the same time, discovering purpose can be quite a struggle. Let alone turning that Purpose into Action and defining suitable, useful and tangible actions we can execute with others.
These challenges are true on both personal as on an organisational level. With this series of articles, we aim to make that exciting, yet at times daunting journey, a little bit more easier.
The Meaning of Purpose
First things first. What do we mean with ‘Purpose’?
What does purpose mean for businesses?
On a company level, purpose differs from other guidelines such as Mission (what is it that we do and what will it lead us to), Vision (describes the desired future) or Values (that describe the desired culture), in a way that it surpasses your day to day business. It is the higher reason for a company to exist, other than just to make a profit. It is the ‘Bigger Why’.
Purpose vs. CSR
The purpose of an organization is also different than CSR. It ought to be thought of as how you or your company provides its various services in totality. Why are you doing what you do? Why are you in business? How do you serve your stakeholders? Stakeholders usually include your employees, customers, partners, community members, the environment and the planet as a whole.
Strong Purpose is Profit
Finally: a strong Purpose also provides an answer on how you will sustain yourself financially while creating all this value for others. What is your economic engine? What is it that people are paying you for?
A good Purpose statement leads to a life where you can continue to fine tune the very thing that enables you to build meaningful relationships with others.
We already said it is a bit daunting, right? Luckily, you are not alone in this!
Stay tuned for the next blog on how to actually find your purpose. Here it is, the second Purpose blog! Happy reading.