A purpose-driven business is an organization that thinks beyond generating a profit. Although profit is important, purpose-driven businesses think about the impact they’re having on the planet and prioritize making positive social and environmental change.
These businesses are guided by a clear mission (aka, purpose) that goes beyond financial gain, and they align their behaviours, actions, company culture, operations, products, and services with this purpose.
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The 6 Keystones of a Purpose-Driven Business
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The 6 Keystones of a Purpose-Driven Business.
A Clear Mission (aka, A Purpose): They have a defined mission or purpose that reflects their commitment to creating positive change in the world. This mission serves as a guiding principle for decision-making and strategy development.
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Social and Environmental Impact: Purpose-driven businesses prioritize making a positive impact on society and/or the environment. This comes in many different forms, and ultimately what’s right for your brand should be closely aligned with your unique mission.
Tesla is a great example of a purpose-driven company.
Whatever your feelings towards Elon may be… the car manufacturing brand is accelerating the world's transition to sustainable energy, reducing our reliance on fossil fuels and mitigating climate change.
…Other popular focuses are poverty, inequality, climate change, or environmental depletion.
Stakeholder Orientation: Purpose-driven businesses consider the needs and interests of employees, customers, communities, and the environment, rather than focusing solely on shareholders. They create unique value for the greater good beyond product and service and maintain transparent and ethical business practices in the process.
Purposeful Operations: Purpose-driven businesses integrate their mission or purpose into all aspects of their operations, including product development, marketing, supply chain management, and corporate governance. Everything aligns back to the mission!
Measurable Impact: They measure and track their social and environmental impact, with all departments aligning to check their own boxes to reach a common goal. This allows them to assess their progress toward achieving their purpose and hold themselves accountable.
Commitment to Continuous Improvement: Purpose-driven businesses are often led by inspired leaders that ensure the organization is committed to continuous learning and improvement. At some point they’ll reach tipping point where the vision lives outside of their care and they need to seek feedback from employees, customers and vested communities. They adapt their strategies based on changing circumstances, and continually reach to build their positive impact.
In short, purpose-driven businesses aim to create value not only for their shareholders but also for the planet, whether that’s people or the environment — but these are really two sides of the same coin because what’s good for the planet is often good for the people, and vice versa.
By aligning their business activities with a strong sense of purpose, they build positive change and contribute to a more sustainable and equitable world.
DID YOU KNOW…
Brands with a strong purpose see top-dollar for products and services.
Sustainability-marketed products, compared to conventionally marketed products, enjoy a 39% price premium
