Why it Pays to Find Your Company’s Global Purpose
Co-authored with Paula Miquelis, Senior Project Manager & Laura Allen, Founder at Gone Adventurin.
There is a human being at the very end of every company’s supply chain. And the people who need a company’s services, use its products, or are on its payroll rely on one planet.
And here is something most can agree on: Our planet is suffering. The list of societal and environmental problems seems endless. Hunger, poverty, inequality, war, water scarcity, climate change, and so on.
Within these wicked problems may lie a company’s most compelling and profitable driver: A global purpose to save the world.
The world’s companies will play a vital role in solving these complex problems for generations to come. The unique ability for companies to reach billions of people and exert tremendous spending power positions them to be key players in reversing destructive trends and restoring our planet.
And for businesses, the economic stakes are high.
Lars Rebien Sørensen, President & CEO Novo Nordisk, warns, “In the long term, social and environmental issues become financial issues.”
Embracing a compelling global purpose now is good business strategy.
And while it may be an inherent moral responsibility of companies to serve the greater good for the long-term benefit of our planet, the ability for companies to awaken and become guided by a sense of global purpose can transform how companies operate and perform today.
Embracing a global purpose pays.
What is purpose?
Purpose is defined as “…the reason for which something is done or created.”
Your company’s purpose is not a mission statement, it is its guiding reason for existence on the planet. And a reason for existence doesn’t fade with time or change with market conditions.
Purpose, when defined as a “reason for existence on the planet,” is much more than a buzzword – it taps into people’s psychological desire to make the world better and permeates every behavior and thought in a company. A good purpose is worth committing to and an authentic calling that inspires service to the greater good.
A company’s purpose has to be more important than the company itself.
And when companies have a guiding global purpose that seeks to better society and the world beyond their financial returns, success follows.
Because a global purpose drives the people who ultimately drive the profit.
Why a Global Purpose Drives Profit
Having a global purpose is good business. Research from Jim Collins in Built to Last, found that companies with a higher purpose outperform the market by an average of six-to-one and experience growth rates three times that of their competitors.
The economic power of a higher purpose can be found when studying a company like Unilever. Unilever’s brands with a clear and communicated purpose toward the societal good – like Comfort, Dove, and Ben & Jerry’s – are growing faster than the rest of the portfolio.
Unilever CEO Paul Polman said, “Our sustainable living brands are growing 30% faster than the rest of our business and delivered nearly half our total growth in 2015, our latest figures show.”
To read more, go to: http://www.purposespeaks.com/2016/12/why-it-pays-to-find-your-companys-global-purpose/