27 Apr Outperform your competition by leading your business with purpose…
Outperform your competition; In this time of change, disruption, and uncertainty the expectations on business have never been greater.
Businesses are expected to stand for more than just profits against their competition.
Enjoying a profitable business is not enough. It’s not enough for your team, for your customers, or for your investors and, when other businesses, your competition are doing so much more, its’ not enough for your future growth and success either.
For businesses, large and small, success comes from creating a purpose-led environment that goes beyond profits and dividends. A purpose that creates value and a deeper meaning for everyone connected to your business.
So, what exactly does purpose mean?
The dictionary definition is:
“the reason why something is done: the aim or intention of something: the feeling of being determined to do or achieve something: the aim or goal of a person: what a person is trying to do, become”
In their book ‘It’s Not What You Sell, It’s What You Stand For’ Spence and Rushing state:
“Simply put. It’s a definitive statement about the difference you are trying to make. If you have a purpose and can articulate it with clarity and passion, everything else makes sense, everything flows”
But does having a sense of purpose really make a difference?
Jim Collins and Jerry Porras in their research for their book ‘Built to Last’ found that between 1926 and 1990 a group of visionary companies, guided by a purpose beyond making money, returned six times more to shareholders than their profit-first driven rivals.
Raj Sisodia identified companies loved by their employees, customers, and other stakeholders – he called them ‘Firms of Endearment’.
These ‘Firms of Endearment’ have outperformed the S&P 500 share index by 14 times, clearly demonstrating the success and rewards that leading with purpose can bring. Start watching your competition
And what do you think leading with a sense of purpose could mean to your business?