The power of purpose - why your business exists beyond profit
“People don’t buy what you do; they buy why you do it”
– Simon Sinek
One of the most powerful questions you can ask in business is "Why?" Understanding why you do what you do is crucial:
Why do you provide your services?
Why should people choose you?
The answer lies in defining your business purpose—understanding why your business exists for your customers. Yes, your business is designed to generate profit and improve cash flow. However, your customers are more interested in how you can help them. By clearly articulating why your business exists for them, you align their needs with your goals, ensuring mutual success.
Here are some essential guidelines to craft a compelling core purpose statement:
Keep it concise: No more than 7 words.
Memorisation is key: You and your team should know it by heart.
Inspire curiosity: It should spark interest and conversations about how you achieve your purpose.
Motivate your mornings: It’s the reason you jump out of bed and come to work with passion.
Action speaks louder: Back it up with action to avoid it becoming a cliché or, worse, just empty words.
Some great examples of core purpose statements include:
Disney: To make people happy
3M: To solve unsolvable problems innovatively
Nike: Just do it
So, what is your "Why"? If you're not sure or need help defining it, reach out to your trusted local Nelson accountants at Malloch McClean - we specialise in small business accounting and business planning. Let’s talk!