For entrepreneurs and start-ups, defining your purpose is important.
Better still is to make your purpose one that answers an environmental, social, or ethical problem. This is what separates businesses and purposeful businesses: the consideration for the impact they are making, and how this can be offset or improved.
If this is something that is important to you, or a core focus of your work, read on for tips on how to grow a purposeful business, as well as examples of the most successful purposeful businesses around today.
What is a purposeful business?
A purposeful business is one that combines selling a product/service with tackling a problem or challenge in the world. The sale of your products and services become a vehicle for this positive change.
What is the point of running a purposeful business?
The main benefits of running a purposeful business are:
Products/services are worth a higher value
Strong brand loyalty from customers
Neutral/positive impact on environment
Culture of consideration for other people
Partnerships with charities/non-for-profits
Greater feelings of accomplishment
Social/environmental success alongside financial success
Alongside these benefits, you may also find your work/business to be more popular with consumers. These days, customers expect to know who made their clothes, where their homewares are made, and what ingredients are in their food. A purposeful business can provide that information, and add value to its products by being transparent about its supply chain, working with ethical factories, sourcing from responsible suppliers, and getting independently certified by bodies such as B-Corp, Fairtrade, Soil Association.
This is noticeably more costly and time-consuming than simply not caring about these factors. But not only will your consumers appreciate your effort, they will be willing to pay more, and foster a strong loyalty with your brand.
How do you create a purposeful business?
Here are a few steps you can take to develop your business into a purposeful one:
Define your purpose - what is important to you personally?
Align with a bigger cause - this may be a charity, an activist movement, or an online community
Articulate the purpose across your branding, copy, communications, marketing, and website
Recognise opportunities to do more - could you become a face for the movement?
If you are looking to align your work/business with a bigger cause, we also recommend coming along to our next event, where we will be hosting a breakfast seminar Abigail Ireland. A qualified personal trainer, Pilates instructor and nutrition coach, Abigail will share her expertise on achieving peak performance in your work, taking an integrated approach that focuses on mind, body and business strategies.