If you’re in it for the money, you’re in it for the short game.
Of course, we work to make money, don’t we? Why else would we start a business?
There are much more fulfilling and satisfying reasons to start a business other than money. And they’re more sustainable in the long game.
Most businesses don’t skyrocket as soon as they start. Even more, the majority of businesses face their up seasons and down seasons. If you’re only in it for the money, what’s motivating you to keep going during those times?
Let’s change the way we view our businesses. Let’s move beyond the profit and into purpose. In our course, we discuss the paradigm shift from the “for-profit” model to the “for-purpose”
model. We spend about one-third of our lives working (even more if you’re an entrepreneur). Why not enjoy it?
“Entrepreneurship should be a form of enlightenment, of enjoying life. It is a process of exploring and expressing yourself —a way of being more”, p. 6).
If you’re working toward something that drives you and can make a difference in the world, you won’t only be a wealthy entrepreneur, but you’ll be a happy entrepreneur.
Not only will this change your life and business, but your customers will notice, too. They’ll feel your energy shift and reap the benefits of the change. They’ll be ready to support you, just as you support them.
It all comes down to defining the purpose behind our businesses. Once you shift your business paradigm, a newfound and deeper success can be opened.
What is Purpose?
Purpose can empower our businesses. In short, it’s your “why.”
Your purpose is the driving factor behind why you go to work each day, why you choose growth over complacency, and why you can make a difference. It’s a beautiful combination of the mission, values, and vision behind your business. It elevates and redefines your business as a journey and connection, rather than just a means to an end (Bright Business Workbook, p. 24)
Most importantly, purpose is power. This power can positively impact you, your team, and your customers.
It motivates you and your team
Purpose motivates you, your co-founders, and team players to work with more passion. It gives you each a reason to do your best beyond just clocking in and getting a paycheck.
Research shows that nearly 50% of people would take a pay cut if they could find more purpose in their current position.
Knowing the work you do makes a difference and has a positive impact on others can change your entire outlook and work ethic.
It motivates your customers to buy
People want to support and cheer on your brand when you have a clear sense of purpose. By effectively communicating and embodying your purpose, you encourage customers and clients to become loyal fans.
These days, many consumers have very low trust in businesses, as they feel most businesses are only in it for the money. By having a purpose-centered and customer-oriented brand, you can build a sense of trust, opening up opportunities for repeat customers, collaborations, and even brand ambassadors.
Let’s take a look at a very well-known business that’s applied purpose into its practices.
Case Study
In 2014, CVS Health, then known as CVS Pharmacy, stopped selling tobacco products –– becoming the first U.S. drugstore to do so.
The dangers of tobacco products were common knowledge. However, stores claiming to be pro-health were still selling them.
CVS Health focused on its purpose: “helping people on their path to better health.”
Because they prioritized purpose over profit, they not only removed all tobacco products from
their 7,600+ stores’ shelves, but they launched programs to help customers quit smoking.
The results
Because CVS is a drugstore, cigarettes were one of their major sources of income.
In their first year, they lost $2 billion worth of sales they would’ve made from the products. However –– here’s the power of purpose over profit:
After that decision…
- – Pharmacy sales increased over 4% in the last quarter
- – Overall revenue increased 10%
- – They gained a $69 billion merger with Aetna
- – Stock gains increased
While big businesses like CVS still have a long way to go in aligning their practices with their purposes, major steps like this are a testament to the power of putting core values over dollar values. In a statement released, they wrote, “Ending the sale of cigarettes and tobacco products at CVS Pharmacy is simply the right thing to do for the good of our customers and our company. The sale of tobacco products is inconsistent with our purpose – helping people on their path to better health.” Choosing purpose over profit not only helps your customers, but it helps your company. It’s a win-win equation putting empathy, emotion, and empowerment back into the business world.
Purpose – Bright Business Programs
How Purpose Can Help Your Business Thrive Beyond the Profit
By resetting your business practices to align with your purpose, you’ll not only create an enjoyable, problem-solving customer experience, but you’ll be able to wake up each day, excited knowing that you’re making a difference by going to work. But how do we achieve this? There are two steps in helping your business thrive beyond the profit:
- Defining or redefining your purpose
- Implementing your purpose into every aspect of your business
Purpose – Bright Business Programs
Let’s start with defining your purpose.
Defining your purpose
In our course, we talk about framing your purpose. It’s all about getting back to your “why.”
Besides money, why are you in business? What is going to keep you going through the ups and downs and give you a greater sense of satisfaction?
Think about your customers. What are their problems? How does your product, service, or content serve them?
Take Bright Business Programs for example. Our driving purpose is to help entrepreneurs build a business that generates growth beyond profit.
This is the purpose behind everything we do. We do this by coaching and mentoring entrepreneurs to help them find a bigger sense of purpose and meaning in their businesses.
So, what is your “why”?
It often stems from your passion, your experiences, or your struggles. You can your skills to solve others’ problems or your story to help others overcome what you’ve conquered.
But how? Let’s create an actionable approach to implement your purpose into the foundation of your business.
Purpose – Bright Business Programs
Putting Purpose in Your Business
Implementing your purpose into your business isn’t a one-time thing. It’s a continual process of checking and reevaluating your business to see if your practices and products align with your core values.
Many feel lost and unmotivated in their businesses because they’ve disconnected their business from their purpose. This is what divides bright entrepreneurs vs. dark entrepreneurs.
Here are a few questions to continually ask yourself to ensure purpose remains your #1 goal:
Purpose – Bright Business Programs
- Does this product, service, or content contribute to my overall purpose?
- Am I launching this to solely take advantage of others and make a profit in my business?
- What’s a product or service I could make that would help sustain my purpose and solve my customer’s problems?
Purpose – Bright Business Programs
Again, it’s a way of checking and nudging yourself in the right direction when you get distracted by money or lost on motivation.
But when those stars align and your business is built on your purpose, you’ll never feel like you’re working a day in your life.
That’s when your customers become your supporters and your business becomes a personal success.
Purpose – Bright Business Programs
Your Homework
One of the key factors of working with purpose is to take action in your business strategy. Let’s practice what we preach and make our businesses inspire ourselves and others to keep going.
With that, here is a SMART (Specific, Measurable, Achievable, Realistic, and Timely) action plan to both establish your purpose and continually incorporate it into your business.
Defining your purpose
Purpose – Bright Business Programs
Write down the following over the next 3 days:
Purpose – Bright Business Programs
- What makes you excited about your business (beyond the sales)?
- Besides money, why did you start, or why are you going to start your business?
- What are your core values?
- What struggles have you overcome that you could help others do the same?
- How can your business solve problems?
Purpose – Bright Business Programs
After answering these questions, create a powerful, 1-sentence purpose statement to hang on the wall or desk of your office space.
Incorporating your purpose
After completing the assignment above…
Take a look at 1. Your products or service, 2. Your everyday business practices and rituals, and 3. Your online presence/how you interact with your customers.
Now, ask yourself: Do each of these align with your purpose?
After taking 3 days to examine these aspects of your business, take some time to remove what doesn’t and add what does align with your purpose.