Why did you set up your Company?

Why dO you keep working so hard?

Why do you get up every day?

Why, Why, Why…?

We all have a purpose. 

A lot of us don’t think about it so maybe don’t know what it is.  Or we may not ask enough questions to get to our true purpose.   

As well as our own purpose your company will also have a purpose.  The reason you set it up and keep working so hard on it. 

Why is a purpose important? 

Quite simply because it is your reason for doing.  It is your north star that you keep working towards and the reason you exist.  It isn’t the end point – it’s the driving force. 

A company will find success hard if it doesn’t know it’s reason for existing.  A study by Harvard Business Review found that purpose-driven companies benefitted from greater global expansion (66% compared with 48%) and more product launches (56% compared with 33%). 

Most leaders I speak to can articulate their company purpose.  But very few have communicated that to their team. 

Whilst it may not seem important – our teams are increasingly becoming more aware of themselves and their needs.  A company’s purpose and how that aligns with their values and beliefs is critical to that much talked about wellbeing we all strive for.  Working for a company that you don’t believe in is bad for your health!  I’m sure we can all think of an example of that. 

Having a purpose isn’t enough though.  You must also embed your purpose and that is more difficult.  According to a survey by PwC only 28% of respondents said they felt fully connected to their company’s purpose.  In addition, 79% of business leaders said they believed a company’s purpose was central to success yet only 35% use it as a guide to decision making.   This suggests a worrying trend of decisions being made that are not purpose-driven plus a missed opportunity to provide clarity and direction to 72% of people.

Purpose is what drives you and your team and the company forward.  So, if you don’t have one, or you can’t clearly articulate it, you need to put some work into it. 

 Get in touch if you’d like a Purpose creating session!

fiona@colliverconsulting.co.uk

07841401693

The Power Of Purpose And Why It Matters Now (forbes.com) 

Our research on the connection between strategic purpose and motivation | Strategy& (pwc.com)