11 Reasons To Build a Purpose-Driven Business Now
What is the single best reason to become a purpose-driven business?
To help you become knowledgeable about the benefits of building a purpose-driven business, we asked purpose-driven business leaders and CEOs this question for their best insights. From attracting top talent to becoming more problem-resistant, there are several reasons why you should build a purpose-driven business now.
Here are 11 reasons why these leaders recommend you build a purpose-driven business:
● To Attract and Retain Top Talent
● More Momentum and Drive
● Nothing Motivates Like Responsibility
● Leads to Purpose-Driven Innovation
● Fosters Enriched Work Culture and Job Satisfaction
● To Make a Living While Making a Difference
● Because People and Our Planet Need You
● Aligns With Internal Integrity
● Creates a More Sustainable, Profitable Business
● Money
● Become More Problem-Resistant
To Attract and Retain Top Talent
The biggest reason to become a purpose-driven business is to attract and retain top talent. Millennials make up over one-third of the workforce, and they are quickly becoming the most dominant generation in the workforce. These “Gen Y” or “Millennial” employees overwhelmingly favor businesses with missions that support their values. In order to attract and retain top talent, businesses must be mission-driven. If you want to attract and retain the best and brightest employees, you need to start by thoughtfully communicating your purpose.
Matthew Ramirez, Paraphrase Tool
More Momentum and Drive
When your business has a purpose as a whole, your employees are more likely to have more motivation and drive to help customers and reach KPIs/objectives. People need to feel like they are making a difference. Thus, having a purpose-driven business helps employees feel like their work is meaningful and important. The more someone feels like their work is purposeful, the more they will do to grow and help the company reach optimal performance.
Aerin Ogden, QFloors
Nothing Motivates Like Responsibility
The best reason is the most authentic reason which is to do good in the world and because you want to. When you believe in yourself and your product, you have a different level of motivation than most people because you know that all your hard work is for more than just you. Nothing motivates like responsibility.
Ubaldo Perez, Hush Anesthetic
Leads to Purpose-Driven Innovation
When you are purpose-driven, you are constantly looking for ways to improve and make a difference. This mindset leads to innovation as you strive to find new and better ways to achieve your goals. In turn, this innovation can lead to competitive advantages that help you stand out in the marketplace. Innovation is also a key driver of growth, so as a purpose-driven business, you are more likely to scale and achieve success in the long term.
Marc De Diego Ferrer, MCA Assessors
Fosters Enriched Work Culture and Job Satisfaction
Becoming a purpose-driven business often means deviating from having revenue be the single bottom line. With Gen Z quickly saturating the workforce, studies have shown that this new generation’s work goals lean toward personal fulfillment, good workplace culture and work-life balance. Therefore, a purpose-driven company aligns with those needs by diversifying what success looks like. It enriches the company culture with purpose, drives motivation, and stimulates growth on the individual, organizational, and even societal scale.
Eric Ang, One Search Pro
To Make a Living While Making a Difference
When I opened Waterlink Web I started from the beginning with a charity of choice. Yes, I need to earn a living, pay the mortgage, buy groceries, and do everything else that we all need to do. But, I am also committed to my community and working with other community members to make our neighborhood better.
My company's charity of choice is a nonprofit group I volunteered with long before opening my business. Maintaining that commitment has only deepened ties to the community, and it is consistently a blessing to see how this small nonprofit, Friends of Pier Park, continues to grow. Over the past few years, we have worked with neighborhood children to plant hundreds of native plants, put on events, and in other ways advocated for and improved this neighborhood park.
Try it for yourself. Pick a charity of choice for your company. I believe you will find, like I did, that your time is well spent.
Mary Ann Aschenbrenner, Waterlink Web
Because People and Our Planet Need You
What is not a good reason to want to become a purpose-driven business:
- because it's cool
- to get 80 points and get a badge
- to do just enough to have things to put on social media
- to look the part
The single best reason to start, or work for a true purpose-driven business is because you care and want to be actionable to do the work of making things better. Whether behind the scenes, under the radar or out front, communities, people, animals and the environment need you, need US to do things to be the change in areas we care about. It means continuously seeking ways to measure and learn how to do more and better. You're needed! Focus on a purpose and do it! Good businesses do this with profitability and sharing.
Kim Allchurch Flick, Mighty Epiphyte Consulting LLC
Aligns With Internal Integrity
A profitable business is hard enough, becoming a profitable purpose-driven might be a bit harder. I believe the best reason is to have the upmost integrity in what you do because you are focused on a true cause that's not solved each fiscal year. I’m not saying, profit-driven businesses, lack integrity but rather decisions are primarily economic based. Whereas a purpose-driven business aligns with one's internal integrity and gives us the courage to take the roads less traveled.
Juan Kingsbury, Career Blindspot
Creates a More Sustainable, Profitable Business
There are many reasons to become a purpose-driven business, but the single best reason is that it can help you create a more sustainable, profitable business. By aligning your business with a higher purpose, you can attract and retain customers and employees who are passionate about what you do. This can help you create a competitive advantage and drive long-term growth.
A purpose-driven business can also help you make a positive impact on the world. By focusing on solving social or environmental problems, you can create a business that makes a difference. This can help you build brand loyalty and attract customers who are looking to support businesses that align with their values.
Travis Lindemoen, nexus IT group
Money
When people ask me why I run my business how I do, I think they expect me to say something less materialistic than money, but the truth is, that's the purpose of any business. We're here to turn skills and products in to profit for ourselves, our clients and our stakeholders. But I'm picky with my money. I don't want it to come from suffering, I also don't want to spend it on cheap stuff. I make good money off good work, and I spend it on things that will have the most impact on the community around me.
One of the metrics of success for New Coyote is how many of us are able to buy houses or fund continuing education or travel. How many of us who want kids have kids? Money means that I can pay a living wage, which means my team can invest in the parts of life that have meaning for them, which creates a community and ultimately a world where we can all thrive and achieve our goals.
Marina Martinez-Bateman, New Coyote Consulting
Become More Problem-Resistant
As human beings, we find purpose in everything we do to justify why we do them. In the same way, there's always an underlying purpose why people run a business.
When businesses establish a purpose and are dead-set on doing their mission, they can make organizational changes that impact their employees, community, and customers. Having a purpose and knowing the business has a positive impact on society gives the owners and their team the enthusiasms to keep on going.
In contrast, the lack of purpose will increase the likelihood of closing when there's a massive hurdle to overcome. The purpose by which businesses operate makes them accountable for their actions and encourages them to take action to fulfill that purpose.
Tristan Buenconsejo, TriBu LinkBuilding