There is a growing body of evidence showing that purpose-driven companies are more successful. Recent research into entrepreneurial success indicates that entrepreneurs who bake their personal values and purpose into their company’s DNA, become more resilient when faced with the natural challenges of managing a business. Furthermore, insights from different studies show that potential clients are not just looking for a product or service to buy, but rather for companies they can trust and believe in. Organizations are experiencing different types of mindset shifts… and the shift from profit to purpose is real, especially in these unprecedented times.
The great majority of entrepreneurs are chasing investment and growth, and they start with the what in mind; the tangible product or service without stopping to consider why. They typically follow someone else’s ideals – whether that be investors, partners, or shareholders.
Too often, we dive straight into building solutions rather than thinking about why we’re doing it in the first place. What’s driving this big idea? Whose needs are we serving?
To dive deeper into your purpose, take a deep breath and read the next set of questions carefully: What will your epitaph say? Take time to think about it… This is the ultimate test.
I want you to think about what’s behind your company. Craft a statement that feels clear and authentic, journal the answers to these questions for some time, go with your best answer, and re-visit later. Don’t let perfection get in the way.
Try to look for alignment between “what you do best” and “how you benefit the world.” It may take a while to fine-tune your purpose statement, but it will become clearer over time.
Focusing on your why will guide you to make better decisions, create much deeper connections with your audience, and capture people’s hearts and minds. In these uncertain times, knowing what makes you get up every morning will allow you to bounce back from challenges and move forward with whatever comes next.
These are some purpose statements crafted by my clients’ companies after attending my Lead with Purpose Program:
House Cleaning Company: “To support older people by maintaining their house and keeping them company. Relationships are my core.”
Realtor Company: “To help immigrants navigate the complexity of first home buying. I exist to open doors for them.”
Environmental Sustainability Training Company: “To aid the environment by making sustainability accessible to individuals.”
And this is my company’s – Life Full of Goodness – purpose statement: “We exist to spark off individuals’ choice and control to create more mindful, resilient, balanced and fulfilling lives.”
Even in these challenging times, the product and services you offer will no doubt evolve, but your purpose won’t – it will just get clearer…
I’m a firm believer that businesses are an extension of the founder’s legacy, that it’s possible to balance purpose and profit, and that your purpose and values are the compasses needed to navigate difficult decisions.
Leading with your purpose at the core of your company will help you build a more profitable, authentic, and impactful business.
If interested in enrolling in the program Lead With Purpose, let’s chat: find a time here.
Monica Kerik is a TEDx speaker, work-life coach and well-being consultant. She is the founder of Life Full of Goodness, whose mission is to create and support resilient, mindful, balanced, and fulfilling lives. Monica creates safe, non-judgmental spaces for individuals and companies to initiate discussions and ignite business and personal growth. She is trained and certified in different methodologies like Co-Active® Coaching, LEGO® Serious Play® and Science-based tools and strategies that boost resilience and improve well-being. Before Life Full of Goodness, Monica worked for 15+ years in Advertising and Strategic Planning in Mexico, England & the USA. Past clients include HSBC, American Express, American Cancer Society, L’Oréal, and Virgin.