Partner Article

How to run a profitable business.

The global great resignation of late 2021 forced businesses to look inwards and assess their worth and value. Back in November 2021 4.7 million people exited the workforce in the US. Now we find ourselves in the economy of impact.

What is a purpose driven business? Purpose-driven businesses are set up to deliver meaningfully and tangibly on their purpose. It is not enough for a business to simply exist. They must also have a clear plan on how they are going to live out their purpose in practice. This often takes the form of adding value through ensuring employees are contributing to the team ethos and values. The pandemic changed the working landscape. Business owners realised they had to prioritise making an impact above just making money. A shift happened and employees started to lead the need for a different set of core values within their organisations.

A purpose driven business adds value. There is a general misunderstanding of what a purpose driven business is. People believe you can’t make money if you focus on being a purpose driven business. However, a purpose-driven model allows businesses to go beyond selling products and make a difference through their decisions and strategies, or through their support of social and environmental programmes. You can add value to your customers and employees and still make money.

Identify your value. Finding your purpose as an organisation is paramount to your growth and success. Ask yourself these questions: Why is it that you exist in the first place as a company? Why are you doing what you’re doing? What value do you deliver? Your business will grow if you effectively and consistently deliver value. You can achieve this by communicating with your employees and customers. A quick win business is unsustainable and temporary. Take time to understand your motivations and how those motivations translate into the service you offer.

Post pandemic values have changed. Values that you may have identified for your business pre pandemic may not be the same now. Take time to reassess how those values are different. Have your customers behaviours changed? Are your employees needs different? Your value will likely be tailored to a new reality. Every business has the opportunity to be a purpose-driven business and thrive in the purpose economy.

Embrace change. Build team relationships in a human centred way. We are spending more time working digitally and remotely but we can still build relationships in the same way we would in person. Ensure your staff understand what is expected of them. Communicate with them and understand their individual needs. Realise that as a business leader it is not all about you! It is about the value your business adds to the marketplace. You find that by communicating, learning and being flexible and open to change with both your teams and customers.

Keep learning. If you stop learning about your business, your customers and your employees then you can very often grind to a halt. Your business will stagnate and ultimately fail. Business owners need to connect their personal purpose and the unique capabilities their staff bring to advance their corporate purpose. Provide your staff with stability, help them to build relationships and a community that they can’t get on their own. Make your team and your customers want to be a part of your organisation because it feels good.

This was posted in Bdaily's Members' News section by Lucy Hood .