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How to Develop Your Company’s Purpose
- Developing your company's purpose is one of the most critical steps in building a meaningful and successful business
- In today's world, employees seek a deeper sense of purpose
- Companies need to fulfil the basic human need for social connection and meaning and purpose in their workplace
- The purpose is the underlying reason why your company exists and it ignites people with the energy, passion, and motivation to get out of bed each morning.
- A good purpose statement leaves freedom and scope on the how
- Start with your underlying beliefs and passions. Why are you putting all this effort into a business? What is the rallying cry that will inspire others? Why should anyone care?
- If you are an existing business looking for your purpose, try to see "What would the world look like if your company disappeared tomorrow? What hole would you leave in the business landscape?
- Hard work is required to develop your company's purpose: let go of the need to "get it right"
- A strong purpose drives good decision-making, aligns stakeholders, and inspires employees by providing meaning and direction.
- Purpose really matters, as 90% of people surveyed said they would sacrifice up to 23% of their future lifetime earnings for more meaningful work.
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