How do you move beyond profit and into purpose without sacrificing one for the other? Many organisations across the globe are seeking opportunities to create impact and contribute to the changes they want to see in the world. It is clear to many that maximising profits as a single or primary goal is no longer effective, sustainable or equitable. In fact, when purposeful ambitions are established in alignment with a genuine stakeholder (customer) need and supported by a clear strategy, implementable operational plans and an engaged workforce, purposeful leaders can create impact with scale and increase their profits at the same time.
At People With Purpose, we firmly believe businesses have exceptional power to improve the world as they possess the decision-making agility, geographic freedom, public voice and financial and other resources required to lead the charge for change. This has been seen time and time again, with one of the most recent examples including companies worldwide taking serious climate action, with many (including ours!) committing to Net Zero by 2030.
We are also seeing a movement for social capitalism, with organisations finding opportunities to give back to their communities, contributing to causes anywhere from equal employment opportunities to fighting against food waste. The opportunities for purposeful impact are diverse and abundant, giving leaders like yourself the chance to make a difference in an area you are passionate about.
Where to Create Impact
As a purposeful leader, consider how your business wants to improve the world. We recommend identifying a key focus for your company to help guide decisions and operations. The UN’s Sustainable Development Goals offer a global perspective on big priorities that would benefit from focussed business investment and innovation. Reflect on these thoughts to help you decide where your business can create the most purposeful impact.
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What are your organisation’s values?
Why was the business founded (other than to make a profit)? What does the organisation and its leaders and employees believe in and stand for? Is your team particularly passionate about something?
2. What are your capabilities and resources?
What skills, knowledge, resources and other capabilities does the business have to offer? How do you create value and for whom? How portable are these capabilities to other more purposeful and impactful opportunities?
3. What are the meaningful market opportunities that align with your values, capabilities and resources?
What do you sell? Who do you usually work with? Are there any key social or environmental issues your business deals with on a regular basis already? Where might it be possible for you to operate an even more viable business by solving a social or environmental problem? How might you make profit purposefully?
Use your company values to guide your decision, and ensure your team is onboard and are as passionate as you are. Purposeful impact occurs when the whole organisation is engaged, which is best done by aligning with your company’s values.
Measure Your Impact
To start on your journey towards creating purposeful impact, it is important to create a purposeful plan. To begin, know where you currently stand as a business. This can help you better understand what operations you already have in place to set you up for success, and what else you can implement to guide you and keep your organisation on track.
We are big fans of the B Impact Assessment, as it provides a holistic overview of your company’s current position and how it creates impact within 5 areas: governance, workers, community, customers, and the environment. The free assessment will provide a snapshot report for your business so you know where you already excel, and which practices it could improve on. If you score 80 points or more, you may be eligible for B Certification, which is globally recognised and indicates to all your stakeholders that your business is a force for good.
Want a Thinking Partner?
Sometimes, there are so many opportunities out there that it can be hard to narrow down our goals and start moving in a specific direction. Sometimes an outside opinion or facilitator can act as the catalyst your business needs to start taking purposeful action. Whether you are looking to better define your company purpose, develop your strategy or achieve B Certification, our consulting team would be delighted to help.
