Outperform your competition by leading your business with purpose…

In this time of change, disruption and uncertainty, the expectations put on business have never been greater.

Businesses are expected to stand for more than just profits.

Simply having a profitable business is not enough. It’s not enough for your team, for your customers or for your investors and, when other businesses are doing so much more, it’s not enough for your future growth and success.

For businesses, large and small, success comes from creating a purpose-led environment that goes beyond profits and dividends. A purpose creates value and a deeper meaning for everyone connected to your business.

So, what exactly does purpose mean?
The dictionary definition is:

“the reason why something is done; the aim or intention of something; the feeling of being determined to do or achieve something; the aim or goal of a person; what a person is trying to do, become”

In their book It’s Not What You Sell, It’s What You Stand For, Spence and Rushing state:

“Simply put, it’s a definitive statement about the difference you are trying to make. If you have a purpose and can articulate it with clarity and passion, everything else makes sense, everything flows.”

But does having a sense of purpose really make a difference?

Jim Collins and Jerry Porras, in their research for their book Built to Last, found that between 1926 and 1990 a group of visionary companies, guided by a purpose beyond making money, returned six times more to shareholders than their profit-first rivals.

Raj Sisodia identified companies loved by their employees, customers and other stakeholders – he called them ‘Firms of Endearment’. These Firms of Endearment have outperformed the S&P 500 share index by 14 times, clearly demonstrating the success and rewards that leading with purpose can bring.

What do you think leading with a sense of purpose could mean to your business?