5 Reasons Why Having a Purpose is Good for your Business

Group of business partners discussing strategies at meeting in office

Large corporate organisations all have mission statements, as you know, and most employees can’t recall what they are, as you know.

Small businesses don’t have mission statements, but some do articulate their purpose. With more companies aligning with charities and causes they wish to support to help make the world or their local community a better place, having a purpose is even more important.

It may be altruistic, or purpose could be driven by wealth accumulation, but having a purpose brings benefits to your business:

  1. When you communicate what you stand for and the reason your company exists, you will attract people – clients and employees – who that purpose resonates with. They will be in alignment with you.
  2. When you’re clear on purpose, it will help guide your strategic decision making. Different opportunities and options will become easier to filter down to those that are right for your business, and that will keep you on your path.
  3. Having a clear purpose gives you and your team clarity about what the future looks like. You want your team to stay and grow with you because they like the journey you are all on together, and want to contribute to that.
  4. Purpose gives you focus on what needs to be done and what the priorities are. A strong purpose is like a compass as it brings you back to the right direction when business becomes complex and hectic.
  5. Companies with a strong purpose create powerful brands that reach our emotions, which are the fuel that drives creation and achievement.

And by the way, I think the same applies to individuals as well as businesses…..