63% of global customers base their brand purchases or advocacy on their values and beliefs, according to research. Another study shows that having a clear mission and core principles is crucial for prospective workers as well as clients: Making a difference in society is the reason 44% of millennials and 49% of Gen Z said they choose to work for their company.
Purchase decisions, job decisions, and brand loyalty can all be influenced by a compelling, genuine company mission. Effectively conveying your company’s mission is not merely a nice-to-have in a cutthroat market; it is a strategic advantage.
Let’s hear what our professionals have to say about aspiring business owners.
Purpose Defines Audience and Drives Business Success
When I started Hero Time, I just wanted to help creators see their game ideas come to life. Having this defined purpose was very important for identifying our audience and building an offer they care about. Without understanding the emotional and knowledge-based barriers our audience faces, we would have fallen flat and failed to reach them effectively.
My advice to someone looking to start a purpose-driven business is to learn as much as you can about your field, your objectives, your obstacles, and your customers. The more you know about the goal you’re trying to accomplish and the people you’re trying to help, the better you’ll understand them and be able to connect with them to form meaningful relationships.
Hershel Glueck, CEO, Hero Time
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Start With Why, Solve Real Problems
Begin with “why”, and then build “how”. Define your goal, then align your services, prices, and team with it.
Solve a real problem, not just something you love. Giving something a purpose is nice, but it will only last if it meets a real need that people are willing to pay for.
Include a sense of meaning in everything you do every day. Track, reward, and base your choices on your own actions, not just selling.
Mark Hirsch, Co-founder and Personal Injury Attorney, Templer & Hirsch
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Measure Your Purpose With Clear Metrics
The most important piece of advice I can give is measure the purpose from day one. Purpose without metrics is an empty vessel. If your purpose is to increase access to healthcare, know how many individuals you will reach in year one, how much you will save them in dollars. When I tell clients we can reduce their cost by 10 to 40 percent in nine days, purpose takes a physical form that can’t be argued away. Quantifying purpose makes it more difficult to ignore, easier to get excited about, and more powerful when presenting to investors, customers, or employees.
Guillermo Triana, Founder and CEO, PEO-Marketplace.com
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Research Market Viability Before Pursuing Purpose
With any business, especially a purpose led one, its always important to make sure it’s a viable option. So, do your research; explore the market, understand your audience, and test your ideas. Otherwise, your passion may overtake your purpose, and without the right foundations in place, even the most purpose led mission can fail.
Purpose is powerful, but it needs to have a structure to thrive. That means asking yourself:
* What are you offering, and why does it matter?
* How will you fund your impact without burning out?
* Are your policies, and systems built to protect your brand and your buyers?
When you back your purpose by strategy, you create something that not only inspires, but something that also endures. You build trust, attract the right customers, and stay resilient when those challenges arise.
Emily Maguire, Entrepreneur and Career Consultant, Reflections Career Coaching
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Balance Heart With Planning For Sustainable Impact
Make sure the purpose driven business functions to fulfill a need that exists, or it improves upon an existing solution for that need. When entrepreneurs start their businesses, purpose driven or not, the emotions and beliefs that embody that purpose driven business also need to remain in check to ensure the business is sustainable over time. One would think a purpose driven business automatically secures a spot in the market but some have come and gone because they lacked effective business planning, especially in operational and financial aspects of the business. The latter drive and support the purpose [per se the function] the business is meant to perform to help its intended clients. Bring your heart to the business while ensuring sensible planning is integrated to allow the business to grow and serve its purpose.
Sasha Laghonh, Founder & Sr. Advisor to C-Suite & Entrepreneurs, Sasha Talks
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Offer Value First, Revenue Will Follow
Think about what you are good at and what skills bring the most value to those around you. Be the bridge that connects the community with their needs, hopes, and dreams. As an HR consultant, I help people with a complimentary audit, which sometimes leads to a contract, but the real satisfaction comes from knowing that I helped them avoid fines. Do not be dormant or reactive; rather, anticipate their next move and offer yourself up, even if money does not come in right away. My take: do not waste an opportunity to be useful.
Jeremy Golan SHRM-CP, CPHR, Bachelor of Management, HR Manager, Virtual HR Hub
About Purpose-driven Insights
Welcome to Store with a Heart’s HeartBeat’s blog series, Purpose-Driven Insights, which unites experts and changemakers to discuss what it really means to make a difference. This series offers readers practical advice and novel viewpoints by showcasing insights from leaders in charity, sustainability, mental health, social entrepreneurship, and other fields through insightful round-ups and interviews.
Purpose-Driven Insights offers the insight and motivation required to transform your goals into significant action, whether your goal is to lead with compassion, improve your community, or support a cause that is dear to your heart. Come explore organizational strategies, individual experiences, expert insights, and industry practices that enable us all to make a positive impact on a more compassionate and interconnected society.
Purpose-driven Insights: Kindness Journalism, Media, and Marketing
Why do true stories from ordinary people often feel more powerful than the loudest campaigns? This piece explores that quiet…
Keep reading
Purpose-driven Insights: Empowerment Through Sports
Why does trying a new sport sometimes unlock confidence in ways nothing else can? This piece explores that unexpected shift—and…
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