01142747576 bestadvice@knowleswarwick.com

How purpose drives success

20th April 2020

By Lyndsey Hall

How purpose drives success Knowles Warwick Chartered Accountants Business Advisors Sheffield South Yorkshire

 

In order for businesses to succeed, the pursuit of profit alone is not enough.

Profit is important of course. However, in order to create a business that enjoys sustainable success, managers and business leaders must look beyond profit and focus on the purpose of the business.

More satisfied customers

It is a competitive world. Having a business with purpose allows you to stand out from the competition. Not only does having a purpose attract customers, it also tends to make them more loyal. Tesla is a good example of a business with a strong purpose.

Tesla enjoys a famously loyal following, yet the firm wasn’t created to sell more cars to people who probably already owned a car. Their mission is to accelerate the world’s transition to sustainable energy. Who wouldn’t want to play a part in that?

Motivated employees

If you can create a firm where employees derive meaning from their work, they tend to become more engaged and energized.

Various studies have shown that employees who believe in the purpose of their organisation enjoy greater levels of job satisfaction and they are more likely to stay with their firm in the long term.

Better business outcomes

Given that companies with purpose enjoy more motivated, loyal employees and satisfied customers, it is not surprising that these businesses enjoy a higher rate of success. Time and again, purpose driven businesses like Google, TOMS or Airbnb outperform their key competitors.

Profit isn’t a purpose. It is a result. Purpose driven businesses attract the best people, with the best minds, the most passionate customers and the result of all this is a healthy profit.

 

Let us know your WHY, the purpose and motivation behind why you started your business and what makes you get out of bed and go to work (or your home office) everyday. Leave a comment below or share your story on our Twitter or Linkedin page.

 

Related articles:

It's all in the WHY

What does your brand stand for?

Creating an employer brand

 

 

Happiness is a Positive Cash Flow

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire 

ICAEW Chartered Accountants Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website 

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.