Purpose = Profit
Purpose is powerful. Not just as a way of inspiring people to work with you – or to motivate yourself to achieve more – it’s also a means of ensuring greater profits. That’s because people are drawn to a cause, and they love a story that explains ‘why’ people are passionate about their work. And because people ‘get’ people - we much prefer buying from humans rather than from machines.
By building purpose into the centre of your business you:
a) Attract the right prospects - and more of them
b) Retain the best clients - who ‘get you’ and appreciate what you are doing for them
c) Attract the more dedicated and engaged employees and contractors – because they enjoy working in the culture you’ve created.
It’s a win-win-win scenario.
And the good news is that businesses are waking up to the fact that they need to build a meaningful purpose and culture at the centre of their business to ensure long-term success. Because without that passion, drive, and enthusiasm, and that desire to make a difference in the world – life is pretty dull. It’s the spark that gets us excited – and it makes us want to buy from and work for people that have that same spark.
This isn’t ‘new’ news. We’ve known about the power of passion to drive business success a while – books like Firms of Endearment (‘FOE’ - 2007) provide hard evidence of how much more profitable companies are that have a Purpose – share it with their staff, customers and other stakeholders - and genuinely live that purpose through everything they say and do.
The killer fact that FOE cites is that the 18 publicly listed companies identified as ‘Firms of Endearment’ actually outperformed the S&P 500 by 8:1 over a 10-year period. There’s a fact you can really take to the bank.
And yet most business owners have never heard of this book. It seems to have slipped under the radar.
So please visit the FOE website and put this important book on your own radar. It’s a great read – I don’t have any affiliation with this book – so I can genuinely recommend it from an independent stand point.
It really is time to put Purpose at the centre of your business – the hard facts support it.