Let’s face it, business is partly science, and partly art.
Every business runs on numbers, but feelings and intuition occur in business decisions daily.
Whether it’s based on experience or knowledge, there are times when decisions are made and prove themselves right for the business.
But what are these decisions based on?
And if they are not right, why aren’t they?
So how do you deal with innovation and ideation in your business?
Everyone has a great idea, just ask them!
But when presented with an idea or concept, the question of ‘For what purpose?’ can be a great way to determine its potency for the business.
So when the question is answered, and you don’t have a business purpose, what is its potency being determined by?
Exploring innovation without a clear direction for the business can be time consuming and expensive.
It’s also frustrating for employees who invest their own time and effort into concepts that never get off the ground because they are unclear on where the business is going, and what it’s looking for.
So if you’re not sure what numbers can be affected by having a clear purpose for your business, here is a sample released by Simon Mainwaring, CEO of We First Inc.:
- 63% of executives say purpose drives business
- 81% of purpose driven brands grow more in value
- Purpose is the #1 motivating factor for employees
- Purpose driven brands have a 50% reduction in employee turnover
- There’s a 20% price premium on purposed-based assets
- Purpose driven organisations outperform the market by 15-1
The reality is, every number can be targeted and affected.
Being purpose led allows your feelings to be targeted and clear, and removes time and effort wasted on those measures that won’t move your important business numbers.
Being clear on your purpose and clear on your success measures allows alignment and speed in decision making within your teams.
Have a great day!
Ivan Spyrdz
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By the way, I’ve released an e-book called “MAKING PURPOSE YOUR BUSINESS – How to attract, build and keep high performing business teams (even when they’re remote)”. This e-book provides information and insights on why purpose is important to your business and the 6 Key Pillars of Commitment you need to commit to today to drive your performance and success. I invite you to grab a copy by downloading it free here.
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