$10,000,000 in revenue. 500 employees. 20% year-on-year growth.  

Impressive figures, aren’t they? But they tell us little about why a business exists or what drives it forward.  

In boardrooms across the country, executives pore over spreadsheets and financial projections. They debate market strategies and dissect competitor moves. Yet a fundamental question often goes unasked in this flurry of activity: Why are we doing this at all? 

I’ve sat in those boardrooms. In the early days, as an accountant, I crunched numbers with a focus on the bottom line as the ultimate measure of success.  As I’ve transitioned into business consultancy and mentoring, I’ve come to a startling realisation: the most successful companies I work with aren’t solely driven by profit. They’re propelled by purpose.  

This isn’t feel-good fluff or corporate jargon. It’s a hard-nosed business reality reshaping how companies operate and compete. Purpose is a critical driver of growth, innovation, and long-term success 

What exactly is a business purpose? How do you define it? And most importantly, how can it transform your company’s trajectory? 

The Power of Purpose: More Than Words 

At its core, a business purpose answers the question: “Why does our company exist?” It goes beyond what you do or how you do it to examine your underlying motivation and the impact you aim to have. 

But why does this matter? Let’s break it down: 

1. Decision-making tool: When faced with tough choices, your purpose becomes your North Star. It guides decisions, big and small, ensuring you stay true to your core values. 

2. Employee engagement booster: A compelling purpose transforms a job into a mission. It energises your team, giving their work meaning beyond a pay check. 

3. Customer magnet: Today’s consumers are savvy. They’re buying into ideas as much as the products and services they choose. A clear purpose helps you connect with customers who share your values. 

4. Innovation catalyst: Understanding your ‘why’ opens up new avenues for creativity. It pushes you to find novel ways to fulfil your purpose, driving innovation across your business. 

5. Resilience builder: When the going gets tough (and in business, it always does), a strong sense of purpose keeps you focused on the long game. It’s your bedrock in turbulent times. 

Unearthing Your Business Purpose 

How do you go about defining your purpose? It’s not about picking a nice-sounding motto from a hat. It requires deep reflection and honest conversations. Here’s how to get started: 

1. Dig into your roots: Why did you start this business in the first place? What problem were you trying to solve? What change did you want to see in the world? 

2. Assess your impact: Look beyond your product or service. How do you make life better for your customers, employees, or community? What void would exist if your company disappeared tomorrow? 

3. Think bigger than your offering: Your purpose transcends what you sell. A car company’s purpose isn’t to sell vehicles – it might be to revolutionise sustainable transportation or provide freedom of movement. 

4. Engage your stakeholders: Don’t do this in isolation. Talk to your employees, customers, partners. Their perspectives can offer invaluable insights into your company’s true value. 

5. Be authentic and aspirational: Your purpose should reflect who you are and who you aspire to be. It should feel true to your company’s DNA while also pushing you to grow. 

6. Keep it simple: Aim to articulate your purpose in one clear, memorable sentence. The thinking behind it may be complex, but the final statement should be straightforward. 

From Words to Action: Living Your Purpose 

Defining your purpose is just the beginning. The real challenge lies in bringing it to life within your organisation. Here’s how: 

1. Communicate relentlessly: Your purpose should be everywhere – in your marketing, your recruitment, your investor relations. Make sure everyone knows it, understands it, and can articulate it. 

2. Align your practices: Review your strategies, policies, and operations. Do they align with your purpose? Be prepared to make tough choices to maintain this alignment. 

3. Set purpose-driven goals: Translate your purpose into concrete objectives. Yes, you still need financial targets, but also set goals related to your broader impact. 

4. Empower your team: Give your employees the autonomy to make decisions in line with your purpose. Recognise and reward behaviours that exemplify your ‘why’. 

5. Stay accountable: Regularly assess how well you’re living up to your purpose. Be transparent about your progress and challenges. Be willing to evolve your approach over time. 

The Journey Continues 

Defining and living your business purpose isn’t a one-and-done exercise. It’s an ongoing journey. As your company grows and the world changes, you may need to revisit and refine your ‘why’. 

But by putting purpose at the centre of your business, you create a foundation for sustainable growth, engaged employees, and meaningful impact. 

In my years of advising businesses across various sectors, I’ve seen how a well-defined and earnestly pursued purpose can transform organisations. It turns routine tasks into meaningful work, attracts top talent, builds customer loyalty, and yes, drives financial success. 

As you consider your own business purpose, I challenge you to think deeply about the unique value you bring to the world. What legacy do you want to create? How can your business be a force for positive change? 

Answering these questions will not only set your company up for long-term success but also contribute to a more purposeful, impactful business landscape. In my book, that’s worth far more than any number on a balance sheet. 

So, what’s your why? 

“The two most important days in your life are the day you are born and the day you find out why.”

– Mark Twain

Do you know why you were born?  What your life’s purpose is?

How well do you know you?  Whose definition of you do you live into?

Events in your life so far will give you the hints you need to begin to understand why you are on this earth for this time.  The value you have to share is there to be uncovered.

Take time to reflect – is there a common theme – evidence of a gift that comes up again and again?  What good stuff has happened?  What challenges have your experienced?  What have you learnt?

What are you really good at?  What do you love doing?  What makes your heart sing?

So many questions… are you too busy to stop, reflect, consider and find the answers?

Are you afraid that you might be so far off purpose that it may be way too confronting to stop, reflect, consider and find the answers?

Who on earth are you?

The day you choose to stop, reflect, consider and find the answers, will be the day that you will know that Mark Twain spoke the truth.  And you will wonder why it took you so long!  So don’t delay.

Our LIFE by DESIGN Program are a perfect way for you to advance your knowledge of you… to stop, reflect, consider and find the answers… with guidance and with care.  Getting to be clear on your own definition of you and on your purpose is the first step towards designing a bespoke life – a life full of joy and possibilities.  Makes us smile just thinking about it!