Our definition of purpose is quite simple. The purpose is the impact we want our product or service to have on people’s lives.
For corporations, this definition means we must think well beyond the primary pursuit of profit. Instead, the purpose is the trail we leave behind in the world and the new direction we want to nudge it towards.
Follow these six steps to accelerate the firm’s growth by pursuing a relevant, broader purpose.
Step №1. A crisis can help you surface, recommit or reinvent your purpose.
Start the process by analysing your impact, both positive and negative. Try the exercise called “lovers and haters.” Talk to all stakeholders, even the ones not in favour of your company. Compile a repository of potential directions, innovations, and markets centred on that purpose.
Get a good understanding of your strengths, weaknesses, partners, and potential threats.
Step №2. Go bigger than your company.
Look externally by focusing on global problems. Find the common themes that overlap with your business. How could your organisation’s purpose reflect or address a global challenge?
Step №3. Integrate your new purpose with your strategy and business model.
This is essential. Be serious about it. Put actions and measures into place. Align compensation with success at achieving that purpose.
Step №4. Communicate your purpose clearly with everybody.
Make people aware of what you’re trying to achieve and why. Explain thoroughly. Engage.
Step №5. Execute your purpose
Innovate in areas and ways that maybe nobody else has done before. Use the wealth of technology that exists in abundance today.
Step №6. Avoid purpose washing.
Let your board of directors regularly follow and monitor your actions. Use their guidance to avoid what we call “purpose washing.” Please don’t allow your organisation to stray from its purpose.
