Why Does Your Company Exist?

Purpose is the single most differentiating reason for the existence of an organization, and the impact it strives to make on the world…

It discerns and directs all organizational activities– originality, ingenuity, strategy, organization, culture, communication, and procedures …

Purpose allows organizations to make a difference in people’s lives…

So, what is the purpose of your company?  You probably started your business because you had a great idea for a product or service and wanted to work for yourself.

That was great then but what about now?  Why does your company exist?

A great purpose can help attract the right kind of customers and employees.  Many people today, especially members of the millennial generation are drawn to organizations with similar values to their own.

So try a simple exercise…

Ask your management team “Why do we exist?”

They may say, “To make money.”

So ask them “Why does that matter?”

They may respond “To provide jobs and tax revenue for our community.”

Ask again, “Why is that important?”

Continue the discussion until you find a higher purpose.

A couple terrific examples of purpose built companies are:

  • Whole Foods Market – America’s healthiest grocery store – seeking out the finest natural and organic foods available, maintaining the strictest quality standards in the industry, and have an unshakeable commitment to sustainable agriculture.
  • Tom’s Shoes – Their program is a One for One program… With every pair of shoes sold, Tom will give a new pair of shoes to a child in need.

Purpose Driven companies have a big advantage…their employees tend to be more engaged and more productive.

Customers as well as employees are both enthusiastic and motivated for a purpose.  In addition to receiving a great deal we all want the satisfaction of knowing that there is more than just a salary or a discounted price.

So, how do you create a purpose driven company?

  1. Inspire your employees…make sure their viewpoints, talents and opinions are valued.
  2. Create a purpose that is serving a greater good.
  3. Build a company that you and your employees are proud of.
  4. Have a set of values that are inclusive and allow for teamwork.
  5. Have a clear vision and goals and make sure that you frequently communicate them to your team.
  6. Build a strong relationship with the community.
  7. Support good ideas.

So, it is definitely worthwhile to have some conversations with your team to define what your company’s purpose is, and then work on ensuring that your employees buy into it one hundred percent.

Remember, every company initially might not have a concrete and precise amazing purpose.  Nonetheless, think about why your business really exists and try inspiring a sense of purpose in your employees and remember this means modeling that sense of purpose as a leader.

Do you know why your business exists?

 

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Dave Baney is the founder and CEO of 55 Questions, LLC.  We work with successful top executives with a driving ambition to crush their competition.  We help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization.www.55Questions.com

Follow Dave on twitter https://twitter.com/55Questions

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