Your business’ purpose must be just as clear, if not clearer, than your business name. The reason for this is that achieving more in business goes beyond numbers. Do you know that many employees are ready to take pay cuts when there is more purposeful work? Business executives around the world are beginning to understand this so they are beginning to connect to employees through purpose.
In a recent survey, 90 percent of the respondents said they felt more engaged at work because of a well-defined purpose. All of these stats show why you need to focus more on defining the purpose of your business. Let’s show you a few more reasons why purpose is important in business.
Reasons why purpose is important in business
Purpose fulfillment is not just a religious journey. Everything we do must be governed by purpose. So whether you run a Christian ministry, an online Christian community, or you are an entrepreneur, purpose discovery is important. Here’s why purpose is important in business.
Reduces employee turnover
It is easier for you to retain employees for longer periods if they feel engaged with a business purpose. A clear purpose in business shows employees a bigger picture and tells them what role they play. It makes them see why they are important to your business.
All of this pushes up your employee retention rate. If there is an overarching purpose, then employees see the reason to stay even if you don’t pay as much. Studies show that millennials find it easier to stay when there is a deep connection to an employer’s purpose.
It is easier for you to set a mission statement for your business if you know your purpose. Interestingly, it goes beyond the mission statement for the whole business to its different departments and teams. What this does is that it makes it easier for each team to set tangible goals. This is because they already know their role in achieving the ultimate purpose of the business.
With understanding roles and achieving goals comes a feeling of fulfillment for each employee. When an employee is driven by purpose, they put in a lot more effort. Imagine all the employees in a company working this way, productivity rates will soar. Bain & Company researched workplace productivity. The results showed that employees inspired by their employer’s purpose have a productivity level of 225%.
Recruiting talent is not an easy process, but it could get simpler if you knew your purpose. Top talent wants to know that a company they will be working for has a higher goal. They want to know what this goal is and check if their values are consistent with it.
Rutgers University carried out research that shows more students prioritizing positive contributions to society when choosing jobs. As we mentioned at the beginning of this post, you must make your business purpose as big as your name. Doing this makes it easier for you to attract top talent in your industry.
Improves customer engagement
Infusing purpose into your business doesn’t just influence your employees, it affects your customers. Top brands like Warby Parker and Burt’s Bees are particular about why they manufacture their products the way they do. It is because they understand their purpose and are sticking to it in running their business.
Customers understand this and want to be a part of it. Everyone wants to make a positive impact on the world. If customers feel that patronizing you will help them do that, you can bet that they will keep patronizing you. Just like the brands above, sticking to purpose in business will soon bring yours into the limelight.
Free brand ambassadors
Who wouldn’t want to identify with a brand that is affecting its world positively? When you infuse purpose into your business, your brand gains popularity. Both employees and customers become your brand ambassadors without your asking them to. It just happens naturally.
Employees will begin to improve on their services and marketing efforts. Each employee becomes your brand in the most meaningful and authentic way. Customers will not stop telling people around them about what you do and how they are contributing to the cause.
How can you marry purpose to business? The first step is to define your business purpose in clear terms. After doing this, begin to embed it in every aspect of your business strategy as well as daily operations. Communicate this purpose to every manager, team leader, and employee. Don’t hesitate to inform your customers about what your business purpose is.
The more you communicate and infuse your purpose into your business, the clearer it becomes. Check out GodKulture for more articles on purpose discovery and fulfillment.