INTRODUCTION
People and in turn, employees who act from inspiration and motivation are unleashing their deeper potential. At work, involving teams in the creation of a meaningful business or team purpose will in turn inspire and motivate people and teams to act with a natural commitment to make a difference. They are no longer only following and complying with rules, social, work or organizational norms. Their work becomes more meaningful to them as they are guided by a vision of their role in something meaningful to their own sense of self and identity. As such, their participation becomes self-actualizing.
PURPOSE
Purpose in business is a clear and compelling ontological and existential statement that answers “Why you exist” beyond making a profit.” Purpose should reflect a deep underlying passion that is larger than any one person’s self-interest. Here are a few examples of corporate statements of purpose that answer the question “Why they exist”:
Coca-Cola: “Refresh the world. Make a difference.”
This statement clearly identifies the business realm of Coca-Cola as anything that refreshes the world while making a difference. This allows for an almost infinite extension of their beverage offering into new beverages that go beyond their traditional carbonated refreshment line. In fact, today Coca-Cola is one of the world’s largest manufacturers and distributors of water. With this purpose, it is also clear what businesses Coca-Cola will not engage in. For example, any product that is not perceived as “making a difference” in the world today as defined by contemporary generations will not be invested in. Coca-Cola uses the statement, “Make a difference” to define what’s relevant for the brand at any point in time and this allows the brand to reflect changing times, tastes and generations.
General Mills: “To make food the world loves.”
With this statement General Mills clearly stakes its claim in the food industry. Their focus is on creating foods people love verses foods that are nourishing or healthy, another clear guideline put forth by their purpose. As such, brand extensions into things like cosmetics, pharmaceuticals, or clothing will likely never be in alignment with their purpose. And like Coca-Cola, “food the world loves” allows for the changing perceptions of new, up and coming generations.
Target: “To help all families discover the joy of everyday life.”
One visit to a Target store and this purpose becomes clear. They have a clear focus on providing the categories of products used in our daily lives. From paper towels to clothing to hardware to home essentials, Target stays true to its purpose. Every new product that is considered by Target for introduction into its stores must comply with “helping all families discover the joy of everyday life”. By using the words “everyday life” they also imply affordability verses high-end luxury.
Wells Fargo: “To help our customers succeed financially”.
Very simply stated, Wells Fargo is in the financial services business. That may sound obvious, but keep in mind that Wells Fargo was born transporting gold from the Philadelphia Mint and "express" mail delivery that was faster and less expensive than U.S. Mail. Today, their purpose clearly puts them in the consumer banking and lending business with wealth management and investment services that help their customers succeed financial. By using the word “customer” they also point to their retail focus verses something different in the financial services world such as private banking wherein substituting the word “client” may have delineated a higher-end, not so retail focus.
CONCLUSION
Purpose answers the question, “Why do we exist as a business beyond to make a profit?” Purpose serves as the compass that guides all your strategic choices. Each high-level decision about what you offer and to whom you offer it should align with your business purpose. Ultimately, a compelling purpose attracts talent and motivates people to take on the challenges associated with change.
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