The Value Of Purpose for Businesses

Why is purpose so important in the 2020s?

Two reasons: Customers and Employees.  If either of those two things are important to your business, then operationalizing and communicating a genuine purpose for your business must be a critical area of focus for you in the 2020s. 

How do we know purpose matters to customers?  These days consumers are more empowered than ever with dozens or even hundreds of product choices just a click away.  There are thousands of examples to point to for how effective purpose is at attracting customers, but here are a few that are very recognizable:

How does that shake out when we look at businesses in a more generalized way?

Shareholder Return

Sales Data

So what about employees?  If you’re paying someone to work, why does purpose matter?

These days people are less and less satisfied with exchanging their life energy simply for a paycheck.  There is a dizzying spectrum of opportunities for individuals to either create or be a part of something that feels aligned with their beliefs and priorities.  Micro-financing, micro-facturing, kickstarter websites, and online goods and services marketplaces make it possible to start a business in nearly any sector within weeks.  And now that retirement has been pushed out of reach for much of the working population, the question of “what is a worthy way to spend my life energy” has become a central factor in where and how people choose to work. 

Employee Attraction & Retention

Defense From Disruption

Employees in purpose-centered companies are:

(From Great Place to Work’s Research into the FORTUNE 100 Best Companies to Work For® List)

If you want to learn more about how to win with purpose, check out:

            Purpose-Driven Self Assessment for Business Leaders

            Tying Purpose to Human Needs