While many of you are continuing to cope with the day-to-day needs of your business in the face of ongoing lockdowns, social distancing requirements, and more, the future looms. How you respond to the post-pandemic environment will determine the success of your business. Undoubtedly, there will be changes for many of us and “business as usual” may be impossible for you. With that in mind, being able to prosper in the aftermath of such a worldwide health crisis requires that you understand and express that you are doing business with a purpose.
Not to get too deep here but, it makes sense that many people are going to be re-thinking their priorities pretty soon, if they haven’t begun already. From the things they value to the people in their lives – as well as the companies they’re willing to do business with – a lot of folks could be making a lot of changes in their lives.
This type of response to our recent crisis may lead to a very different business landscape in both the immediate and long-term future for all of us. A superficial reason like “making money” as the purpose of your business just won’t cut it any longer (if it ever did!).
Where Does Your Business Go From Here?
While turning a profit is a necessity to keep your business up and running, it has little to do with purpose. Rather, “Your business purpose is the reason you have formed your company boiled down to a single sentence (or two). It can be industry specific or general enough to include ancillary and future business activities. To understand business purpose, it is important to distinguish it from your company’s vision or mission.” (Score.org)
More simply, your purpose is the very reason your business exists. It helps to justify the long hours and sleepless nights you’ve endured to get it started and keep it going. Making money just won’t work for most of us. Frankly, a real entrepreneur needs more, a higher purpose if you will, than simply “cashing in”.
Narrowing your business’ purpose to an industry specific goal is fine, of course. But, for most of us who work for ourselves, something broad but real offers greater inspiration. As renowned business consultant Alan Weiss explains:
“The purpose of a business is to offer value to customers, who pay for the value with cash or equivalents. Minimally, the money received should fund the costs of operating the business as well as provide for the life needs of the proprietor.”
“OK,” you say. “But that’s a bit vague and a little too philosophical for me. How does it apply to my business every day?”
But, is it really? Offering value to your clients is not vague at all. In fact, it’s the foundation of the principles of online marketing; to offer greater value than your competition does (or can).
Defining Value for Your Business Purpose
Of course, when it comes to defining value, we’re looking at a whole new kettle of fish. (Which is appropriate considering how deep we’ve dived in this post!)
At its most fundamental, a client believes they’ve received a good deal when the value of your products or services are worth more than they paid. If you can deliver that to them consistently, you won’t have to cope with tough times again because there won’t be many of those for you – an acknowledged value giver!
And remember this: When you offer real value, all that annoying “business stuff” (all those “costs of doing business”) seem to take care of themselves, without much conscious thought or effort – or loss of sleep.
If you’re having trouble figuring out what doing business with a purpose means for you, and what that purpose may be, we can help. Get in touch with the YOMT Team today