Define your purpose or slowly perish
“A sustainable business that operates with purpose is both profitable and simultaneously impacts the community in a positive way.”
I recently visited a co-working office space where several businesses were sharing ideas, resources and passionately driven by the positive difference they were making to society.
There is a huge trend by a new generation that invests in companies that support rather than harm the planet and are aligning their personal values with their investment choices. In fact, Australian ethical fund assets grew by 62% to $52B in 2015 with outstanding returns.
A report by an international consulting firm also showed that young people believe the number one purpose of business is to benefit society and preferred to work for organisations with ethical practices. Business success is now defined by metrics other than just profits and includes a higher purpose to align with customer’s values and improve employee retention.
Even in the less developed or emerging regions of Asia, I have witnessed that businesses are now prioritising social and environmental considerations to meet the rising demands of the conscious consumer.
How do I create more purpose in my business?
There are many aspects to defining your purpose. Here are three questions, to determine your business’s purpose.
Ask yourself, why does my business exist and how do I make a difference to the people, community and environment? What does my business stand for including vision, mission and values and how am I different to the competition?
What products, services or experience do I deliver to the world that aligns with my purpose? What do I provide that makes it so unique that people want to purchase, be loyal and spread the message?
Who are my stakeholders and what sector of the market needs to be nurtured through the products or services that I offer? How do I positively influence or impact their lives?
It should be noted that purpose is not a marketing ploy or an after-thought but needs to be incorporated in all aspects or the DNA of the business model to gain credibility and produce a sustainable benefit.
A final quote by Miles Munroe; “The greatest tragedy in life is not death, but a life without purpose.”
About the Author: Anthony Chiminello is the Director of Bridgeworld International - property consultants. He is the Founder of Cultural Harmony Now, an organization that creates cross - cultural projects between Australia and Asia for social and economic benefit. He also initiated the Insight Management Forum (IMF), a platform featuring leading speakers sharing personal stories & life experiences for greater work life balance. He is an author, mentor & consultant. Website: www.bwi.com.au