By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Wealth Beat NewsWealth Beat News
  • Home
  • News
  • Finance
  • Investing
  • Banks
  • Mortgage
  • Loans
  • Credit Cards
  • Small Business
  • Dept Management
Notification Show More
Aa
Wealth Beat NewsWealth Beat News
Aa
  • News
  • Finance
  • Investing
  • Banks
  • Mortgage
  • Loans
  • Credit Cards
  • Small Business
  • Dept Management
Follow US
Wealth Beat News > Small Business > Three Ideas To Lead With Purpose
Small Business

Three Ideas To Lead With Purpose

News
Last updated: 2023/10/13 at 6:13 AM
By News
Share
7 Min Read
SHARE

Peter is the CEO and co-founder of Seniors Helpers, a leading national non-medical in-home senior care franchise.

Contents
The Business Of PurposeMake It About PeopleThree Ideas To Fulfill Your Purpose1. Build Your Team2. Find People Who Are Motivated—But Not All About Money3. Be AuthenticMy Lesson From The Basketball Court

I played sports all my life. Growing up, I was always part of a team. When I played basketball in college, I was by no means the star, but I played well and knew my skills contributed to the team.

I had an aha moment when I realized that my role on that team wasn’t one-sided. Being on the team also made me better. I had a purpose on that team, and it provided purpose in my life—the consequence was that it was a win-win for both sides.

That’s how I feel in business today, and it’s a lesson I pass on to my current team. Leading with purpose means contributing something meaningful to society and going beyond mere profit generation. Being part of a purpose-driven company means there is a broader mission that resonates with all touchpoints: employees, customers and stakeholders alike.

The Business Of Purpose

Purpose is essentially brand identity and answers the question: “Why does this organization exist?” Using purpose as your North Star is effective. According to Deloitte, “Purpose-driven companies witness higher market share gains and grow on average three times faster than their competitors, all the while achieving higher employee and customer satisfaction.” In the marketplace, we’re in an era of consumers placing significant importance on brand value when making purchasing decisions, so meeting a brand promise is crucial.

Make It About People

Perhaps the most impressive result of leading a purpose-driven organization is the effect on employees. According to the same Deloitte Insights report cited earlier, purpose-driven companies have 30% higher levels of innovation and 40% higher levels of retention.

This is because when your job, where you usually spend the majority of your day, contributes to the greater good and has meaning, it also gives employees meaning. The organizations that succeed in making their mission personal to employees see performance that sets them apart. According to Gallup research, “just a 10% improvement in employees’ connection with the mission or purpose of their organization leads to an 8.1% decrease in turnover and a 4.4% increase in profitability.” This explains why, when surveyed, nearly 70% of CEOs are now placing more emphasis on purpose.

I’ve found that when your team understands their role and the greater purpose of the company, it creates a much-needed connection. Your team is hungry for it, actually. A McKinsey and Company survey revealed that 82% of employees surveyed feel it’s important for a company to have a purpose, and 72% feel that it’s more important than profit.

Three Ideas To Fulfill Your Purpose

The question is, are you leading a purpose-driven company? Is everyone sharing the vision all the way down the line? Here are some ideas to consider.

1. Build Your Team

Résumés are important. Of course, I want to see a candidate’s work experience. But when I interview, whether for our corporate team or for prospective franchise owners, I interview for character as well. I ask the folks sitting in the chair across from me to give me a five-minute commercial about themselves. I want to hear them tell me 10 adjectives that they would use to describe themselves. I ask, “What would your current manager say about you?”

Here’s why this matters: These are potentially the people who will represent your company. You need to gauge key factors like how well they accept change, whether they have a servant’s heart and whether they align with your company’s purpose.

2. Find People Who Are Motivated—But Not All About Money

I get it, people have to make a living, and companies have to grow. The challenge is getting that done while serving the community and doing your part. People want to feel like they’re a part of something. I believe that was a big reason why the Great Resignation took place. Folks were searching for something more.

In a recent podcast, it was revealed that 70% of people define their purpose through work. That’s why you usually see tenure at purpose-driven companies; it’s because they create a positive culture—and serving others, frankly, feels really good, supplying the motivation to stay.

3. Be Authentic

Define the purpose of your company, perhaps with buy-in from your team, and clearly communicate what your company stands for. For many brands, this might mean adopting policies about hot-button issues like sustainability or other matters of the social good. Make it about people. In a world of technology and robots, people are beginning to feel displaced, so giving your team purpose can help keep things personal, not transactional.

My Lesson From The Basketball Court

Beyond the several companies I’ve started whose existence is purposeful, I currently lead a franchise dedicated to caring for seniors in their homes through companionship and specialized care. I believe in a servant’s heart because I know we are all here to help each other; whether providing service or improving the planet, we all need to find our purpose.

From my basketball days, contributing to the team made me recognize how a career can serve a greater purpose. Thankfully, it’s been a slam dunk.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News October 13, 2023 October 13, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Fast Four Quiz: Precision Medicine in Cancer

How much do you know about precision medicine in cancer? Test your knowledge with this quick quiz.
Get Started
Excelerate Energy: Nearby Best Energy-Source Cap-Gain Prospect (NYSE:EE)

The primary focus of this article is Excelerate Energy, Inc. (NYSE:EE). Investment…

Penske Is Steady, But The Road Ahead May Be Bumpy (NYSE:PAG)

Investing Thesis On Wednesday, Penske Automotive Group (NYSE:PAG) released a superficially encouraging…

Top Financial – No, Stop It, This Is Silly (NASDAQ:TOP)

TOP Financial Moves, yes, but why? TOP Financial (NASDAQ:TOP) was quite the…

You Might Also Like

Small Business

Marketing Versus PR: What’s Really Different?

By News
Small Business

Fundraising Strategies For Businesses Scaling Beyond $100 Million

By News
Small Business

The Power Of Personalization In Marketing And Website Design

By News
Small Business

Brilliant Or Lucky? 4 Key Insights For Ventures & Angels

By News
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Contact US
More Info
  • Newsletter
  • Finance
  • Investing
  • Small Business
  • Dept Management

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions

Join Community

2025 © wealthbeatnews.com. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc.

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?