Without a sense of purpose, no company can achieve its full potential.
~
Larry Fink
Purpose brings a sense of meaning to an organisation, its raison d'être, linking with why it exists, its reason for being and how it operates.
Purpose is no longer a nice to have, an optional extra, a side initiative, an evolved CSR platform, it is a must have, must do, for any future focused organisation that wants success with longevity. It is a way to operate, defining the organisation and what it stands for – bringing to life it’s DNA. There is an ever increasing expectation – even demand for - from society for corporate leaders and organisations to conduct their business responsibly and with a positive impact for all. That is purpose.
Therefore, an anodyne statement of purpose whether it be in the corporate credentials, annual report, or on the organisation website is simply not good enough, it needs to be the golden thread running throughout the organisation, with everyone living and breathing it.
By creating meaning, purpose is more than what you simply do, like making shoes, drilling for oil, or selling financial products.
Purpose should form an organisations north star forming a fundamental motivation for the business which then navigates the journey that inspires the vision and the development of the strategy that will set the course to arrive at the end objective. Therefore, it is about how you make those shoes, drill the oil, or sell the financial products in a way that brings benefits to everyone – staff, suppliers, customers, communities and the wider world.
Take for example, Nike. They sell shoes and sports gear, right? No. They sell dreams, they are enablers, the dream makers for anyone to achieve, to win, to be the best, to push yourself to be something more than you are. By selling dreams, they also set out reasons to believe, taking a stand on issues that will resonate with humans and the wider world – they stay true to their purpose and don’t shy away from these issues, controversial or not. They consistently aim to “bring inspiration and innovation to every athlete in the world” – and they do it magically and purposefully.
Society has evolved in general terms to demand more from brands – they want to know that the brand that they are forming or have formed a relationship with is operating in a positive way towards society, to the communities that they operate within, and with the humans they touch. People care what brands do, say and how they operate. People, even make choices to establish a relationship with a brand because they are aligning with their personal beliefs and values – for example, the war on plastic packaging, people are actively making decisions now that is driving behaviour changes, they care that oceans are teaming with plastic, that marine life is being negatively impacted by it.
Purpose over profits?
Therefore, it is important to point out here that purpose doesn’t mean making decisions that impact negatively on profits. When institutionalised, forming a long term and fundamental part of how the business or brand operates, it can form the rallying cry for the staff who each are an ambassador of the organisation driving pride, passion, and loyalty which will contribute to productivity gains. For consumers, it will drive a lot of the same responses especially if they closely align with the purpose.
The opportunity of the power of purpose
At Manara Global, we not only think purpose is important, its fundamental. We care about purpose, we care about partnering with organisations that have purpose at their heart, want to define and express their purpose by making a difference and standing for more than what organisations do.
Our work with corporates and governments focuses on helping to define their purpose, their reason for being, the positive impact they make on society. We also help them to get there by supporting them to set out the vision, behavioural values, credo and culture that will turn their purpose into reality. Our purposeful approach is navigated by creating:
Relevance – Helping organisations to show up where they have the ‘right to play’. Defining who they are, what they do, what they stand for and want to be known for. Operating with authenticity and truth within their local and global ecosystem.
Inspiration – Demonstrating a distinctive leadership position. Setting out clear direction and a ‘rally cry’ that inspires everyone.
Pride – creating a sense of pride for their employees, customers, and stakeholders. Driving advocacy through a sense of belief and trust.
Belonging – creating a sense of inclusivity for all, an environment of belonging and one that cares.
Impact – making a measurable difference every day. Creating a ‘ripple effect’ to promote positive change one step at a time.
We care about purpose, and we agree with Larry which is why we care about organisations achieving their full potential.