Let’s face it, business is partly science, and partly art.
Every business runs on numbers but feelings and intuition in business decisions occur daily.
Whether it’s 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?
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, what is its potency being determined by if you don’t have a business purpose?
If you’re not sure what numbers are 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
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.