HOW TO DEF INE A B IGGER PURPOSE WITHIN YOUR COMPANY

B Y K E V I N X U

• There are a great deal of successful companies that don’t have the same type of impact in regards to their industry or surrounding community.

• But the businesses that can define a bigger purpose can put a much greater meaning behind the brand and it’s service.

• Is your company socially responsible with charitable efforts or does your brand serve as a leading innovator in your industry?

• Creating a value that serves more than just benefiting your business is the definition of a bigger purpose and establishing that aspect, here’s how to go about reaching that level of impact.

WHAT DOES CORPORATE

PU RPOSE MEAN?

• Consider how individuals evaluate their purpose and role in the world, companies are looking to define why they exist as well.

• Different from a vision statement, your company purpose should clearly identify the role your company plays in it’s industry and the world, also what difference it makes in people’s lives.

• Who does your business benefit other than its direct consumers? Establishing a bigger purpose brings more of a meaning to your brand name because your company impact exceeds your consumer base.

• A company must make money and add value to the community it exists to serve. But this is merely operating as a viable entity. Existing to make money does not unlock the potential contained in the power of a clear purpose.

• Purpose focused companies used to be a small class in itself, led by names like Patagonia and Newman's Own.

• But today’s market for social enterprise companies has quite a substantial list, including companies like Warby Parker, LSTN, FEED, MiiR, Cleanwell, The Honest Kitchen, Project 7, and The Paradigm Project.

• Purpose driven businesses like to offer consumers the chance to make an impact through the products they purchase.

• Creating a business strategy with the benefit of other communities in mind helps consumers feel a part of your social mission.

• They know their contributions don’t just result in what they’ve purchased but it’s either towards the purpose of charity or in support of a company’s value itself.

CENTER YOUR BUSINESS AROUND YOUR

STRATEGIC PURPOSE

• Purpose isn’t confined to the world of socially conscious startups, implementing your purpose through your company’s service helps define why your business is needed.

• Southwest Airlines is a great example of a company showing their purpose in the world through service.

• The airline was built to make travel more accessible for Americans and they’ve done that with efficiency for the past 40 years.

• Southwest’s purpose of making travel by flight more convenient is shown strategically through every part of their business.

• The airline promotes the mission “Freedom to Fly” through three parts of their business - low fares, periodic flights, ideal customer service.

• Southwest Airlines’ purpose is shown through every function of their business and it’s been beneficial in both profit and customer satisfaction.

• Read a similar article by Kevin Xu about “How to Create Open Communication Between Managers and Other Employees".