What's Your Why? 5 Ways to Lead a Purpose-Driven Small Business.
Purpose-driven businesses offer their products and services to effectuate change. That change is typically targeted toward social or environmental missions aligned with the company’s core values. Organizations like Amazon, Facebook, and Airbnb achieve financial success by balancing profit with purpose.
Becoming a purpose-led small business brings personal satisfaction, increases productivity, and builds trust with your team. It can also generate financial growth and increase market share. But it also requires clarity of purpose, offers solutions, and shares how your company is involved.
Let’s discuss five (5) ways you can begin to lead with purpose.
Reconnect with your why
It can get lost in the daily shuffle of running your own small business, but reconnecting with your “why” will help you stay focused on your purpose. Take time to reconnect with the core values and passion that led to why you started your business in the first place. Think of your “why” as an aspect of your company, consistently check in with it, and measure its growth. When your purpose feels stalled, try refreshing your strategy. What are the things working toward fulfilling your goal, and what things aren’t? Audit, eliminate, and recreate.
Build a purpose-driven culture
Purpose-driven companies have 40% higher levels of workforce retention than other organizations. Engage with your team about the company’s purpose and how it affects change. Building a culture that supports the company’s mission will keep great employees and attract new talent. The best teams perform at higher levels when they can unite for a common purpose. So share your “why” with them and build a culture that supports it. Remember that finding and keeping good employees is often more about creating a purpose-driven culture and less about an hourly wage.
Create solutions at the local level
Most national organizations have local chapters. If the cause you’re contributing to has a local group, seek it out. You can use your expertise, services, or products to support community events to effectuate change in your area. Begin fostering and developing relationships with those organizations and discuss ways to help year-round.
Form local alliances
Think of forming local alliances as creating a force for change. Partner with businesses that complement your products and services and potentially fill a gap to deliver more comprehensive support to your community. You will also expand your reach while acquiring and influencing new customers in positive ways.
Hold yourself accountable
Remember to ask yourself the hard questions. What is my company doing to move the needle? How can I help in meaningful ways? Am I thinking of our purpose in everything we do? You can also work with a mentor or someone on your personal advisory board to keep you accountable. Depending on the answers to your questions and guidance from your mentor, you can re-strategize your plan.
Leaning into your company’s purpose can help you stay focused, be inspired, and make a real difference.