How to become a business with purpose
Does your business have purpose? Research shows that one in four managers would actually take a pay cut to be part of a business with a purpose! A business with a purpose is attractive to both staff and customers and the result is clear – more and more businesses are making sure that their purpose is clear and visible.
Whenever we take on a new client we always ask them about their purpose. We’re interested in the drive behind the business. However, we sometimes find that businesses don’t know their purpose. Does your business have a purpose outside of making money? How should you go about finding your purpose? Read on to find out more!
Purpose: it’s more than just money
Every business naturally has a ‘purpose’ – the purpose of any limited company is to benefit shareholders by making money. However, it’s not all about money. There is purpose beyond profit. This deeper purpose could be anything – some businesses aim to have a positive impact on the environment, others want to impact their local community or wider society.
At DP Accounting we’re an accountancy business with a clear purpose. Obviously we want to generate a financial return, whilst at the same time satisfying the needs of all of our clients. However, we also want to have an overall positive impact on society. That’s why we’re always referring back to the fact that, for us, accountancy is about more than just numbers.
We want to do as much good in this world as possible. For us, this looks like supporting businesses in helping them grow, not just filling out their tax returns. We want to provide a service than enables business leaders to have the life that they always dreamed they would have – not one where they are slaves to their business. We hope that what we do will benefit people’s lifestyle – from their family life to their mental health. This is our purpose.
Business with purpose
When you stop and think about it, more and more businesses have a purpose at their core.
Take many of the supermarkets here in the UK – many have started supporting local charities and community projects through in-store initiatives where customers choose which charity they want the supermarket to support. These supermarkets, often boasting of huge profits, have realised that there’s something valuable in having a purpose outside the money they are making. They’ve realised the value in giving back and their new purpose is now to support local communities.
Why is purpose important?
As already mentioned, research is showing the importance of purpose for businesses. Not only do managers in British companies want to work for a business with a clear purpose beyond profit, 32% have said that they would leaveif the company they worked for didn’t have a purpose. Purpose can clearly be the difference between your business thriving or not.
In general, purpose-led companies have staff that are more positive, more engaged and have greater career confidence. Furthermore, these businesses are more attractive to potential customers, particularly to the Millennial generation (currently in their 20-30s). The result is that purpose can be attractive to staff and drive profits.
Top tips for finding your purpose
So what is a good purpose for your business? There are many directions you could take your business. We love talking to businesses and helping them determine their purpose – if this would be valuable, call us on 01246 451133. We can help!
We do have a few tips to get you start thinking:
1. Don’t choose your purpose overnight
Your purpose needs to be well considered – it’s not something you can quickly select overnight. Take your time to think about who you are and what your business stands for. What matters to you? How do you want your company to evolve? Taking time to ponder these questions will ensure that you move in the right direction.
2. People can tell when it’s a marketing gimmick
Purpose-driven brands may be far more attractive to consumers but people will avoid your business like the plague if it is a clearly superficial marketing gimmick. A notable recent example of this was a Pepsi advert featuring Kendall Jenner. Pepsi tried to capitalise on the spirit of protest currently prevalent in the world and claimed they were trying to spread a message of “unity, peace and understanding” – however upon the launch of the advert they were widely condemned as using protest movement imagery to sell drinks. After the heavy criticism they quickly pulled their campaign. Consumers and clients can tell when your purpose is disingenuous.
3. Simplicity is often better
You don’t have to tackle the most complex social issues or set impossible environmental goals that will never be attainable. Purpose is all about the direction that you would like to head in. Something simple and achievable is often better. Indeed, an overly complicated purpose may mean that staff or customers struggle to connect with it. Choosing simplicity can mean that your purpose is perceived as a sincere attempt to make a difference in an area you care about, rather than a cynical marketing campaign.
4. Take advantage of the help on offer
Recognising the value of purpose, the government has launched a free digital tool to help businesses find their purpose. Visit www.getpurpose.ly to find out more.
Purpose can make a difference
From this article we hope that you will have seen that it is the right time for you to become a business with purpose. If you do need any help, please don’t hesitate to get in touch with us.
If you could benefit from an accountant that gives you more than just numbers,
then its time to get in touch!
Call DP Accounting today on 01246 451 133
We look forward to hearing from you!