Does Your Business Have A Clear Sense of Purpose?
What is the purpose of your business?
When you know your purpose, when you can articulate it succinctly, and when your purpose underpins everything you do, you gain customers, recruit and retain talented employees and ultimately, increase business value.
Purpose drives profits.
Showing you have an authentic and credible sense of purpose – a reason “why” you exist beyond the desire to make profit – drives commercial value in an increasingly competitive world.
When Tesco was riding high its former CEO Sir Terry Leahy believed this was due to Tesco’s clarity of purpose – “to earn our customers lifetime loyalty”.
In 2014 Leahy claimed Tesco lost its way when it ended up selling those customers horsemeat labelled as beef.
Failure to control the supply chain suggested that profit, not purpose, had become Tesco’s primary concern.
Customers today want an “experience”.
Today consumers increasingly demand and pay premiums for an “experience” beyond the mere consumption of any branded product or service.
People visit Starbucks as much to “hang out” or catch up on some work as to drink coffee. No wonder Starbucks CEO Howard Schultz described Starbucks as “the third place” between home and work where because of its ambience, and the time you could linger, people would pay a premium price for a coffee.
A business with a clear sense of purpose stands for 3 things
1. They stand for something they believe will deliver true value or improve the lives of their customers or consumers.
2. They stand out from their competitors by intentionally and consistently delivering a distinctive customer experience across every aspect of the business that is consistent with their promise.
3. They never stand still, responding and anticipating continuously to the changing needs of customers and society.
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(Leading Edge Leadership work with leaders and managers in a range of businesses and organisations who are leaders in their field.)