Finding the reason why ‘you do what you do’!
No matter what industry you find yourself in, be it a service provider, tradie, administrative, legal or financial service, a product retailer or working in a caring industry, your business will ultimately have a purpose. You are essentially providing a solution as a response to the needs of your ‘perfect’ customer.
As a business owner, although sometimes accidental, you have chosen to work in a particular industry for a reason. It’s really important to delve deep, and understand and define the reasons why you are providing the service or product that is at the core of your business.
Understanding and documenting your purpose and core values is not just about making a statement, it must become a part of the culture of your business, with all staff, stakeholders, suppliers and customers on board and fully understanding what your business stands for. And it’s actually been found that running a business, based on your purpose, brings with it a tangible bottom line!
Ten years of research completed in 2011 by Jim Stengel, former Global Marketing Officer at Proctor & Gamble, found a direct connection between a company’s financial performance and their ability to provide a service or product that genuinely focused on improving their customers’ lives! Businesses with high ideals and strong humanitarian values grew 3 times faster than their competitors. *
So turn your mission and core value purpose into more than just a motto with these 7 top tips, and experience the benefits of a purpose-driven culture in your business that could lead to exponential growth for 2022 and beyond.
1. Connect (or re-connect) with your ‘why’
Connect with the reason you started your business in the first place, who you are serving and assisting, and what solution you provide. If you are struggling to get down to the nitty gritty of ‘why’, try using the 5 Why Technique developed in the 1930’s by Japanese inventor, Sakichi Toyoda. Drill down as deep as possible to find the real meaning of what your business can do for others.
2. Have 100% clarity on the true purpose of your business
If you used the 5 Why Technique you are likely to have a strong and valuable ‘why’ that will assist and improve lives, but can you communicate it well? Is it clear to others what your purpose is? Make sure you document clearly and concisely your mission in a way that all will understand.
3. Make all business decisions with the purpose in mind
When you make your business decisions solely based on whether the outcome will align with the purpose, you take away any doubt about making the ‘right’ decision. When you ask the question, ‘Will the outcome be of benefit to our purpose?’ you will be absolutely clear if the decision will take you in an aligned direction or not.
4. Connect the team and hire people who believe in the purpose
All stakeholders, staff and new employees must believe and align with the purpose. This creates a ‘can do’ culture with everyone making motivated decisions inspired to achieve the mission. It also encourages a buoyant workplace with high employee engagement.
5. Live your values, believe in your purpose and empower team behaviour
In the 21st century, authenticity is a key word in business. All culture and values within your business come from the top – which means it is obvious to all if you, as the business owner, don’t believe in the purpose and values of the business. Be authentic, lead by example, and live by your values and you will empower others with a passion to create your purposeful mission.
6. ‘Be the change you want to see in the world’
Knowing your product or service is of value and creating solutions to help others is already having a positive influence on making the world a better place but we can all continue to grow, so keeping your purpose as a focal point, are there more ways you can improve the lives of others? Remain vigilant for opportunities and possibilities that can continue to assist others with innovative solutions.
7. Focus on your customers
Ultimately, your purpose will always be how your product or service can assist your customers. If you focus on ways to improve their experience, and make it easy for them to choose you as their preferred supplier, everyone wins.
Here at District32 our purpose is to support SME’s with the motivation to scale their businesses up to $1 million or $10 million – the sky’s the limit. In fact, there is no limit! We want to inspire one million business owners to scale their businesses beyond what they can dream for themselves. With almost 99% of businesses in Australia classified as SME’s, can you imagine what massive small business growth could contribute to communities across Australia? Thriving businesses and thriving economies will create thriving communities with exponential benefits across education, inclusivity, health, and so much more.
As a business owner, if you want to be part of this vision, consider the impact you could have by re-evaluating your purpose to return your focus to the service of your customers. And if you are looking for support to achieve that, why not consider becoming part of a network of businesses with the same values and goals: to serve customers in an authentic way where everyone wins, while creating innovative solutions to everyday problems.