Why A Purpose Driven Business Can Be More Profitable

In today’s economy your business needs to have more purpose than just turning a profit if you want to see long term success. I’ve personally built my career and life with a focus on giving. Mainly because I love helping or impacting someone’s life in a positive way.

I also learnt a long time ago that when you give without judgement and without expecting anything in return, the Universe has a way of giving it back tenfold!

So it made perfect sense to me to build and create a Purpose Driven Business and infuse my love for giving into my business.

And I will tell you why you might want to consider doing the same…

But first let’s start with what is a Purpose Driven business anyway? Is this like, woo-woo Oprah stuff?

Not at all, you don’t have to meditate, study Law of Attraction or even watch Super Soul Sunday to build a purpose driven business. You just need to be passionate about making a difference whether it’s in someone’s life, with animals, the environment, etc.

You can create a Philanthropy initiative based around your cause/passion that works for you, your company and employees by giving back in donations, opening a charitable organization, volunteer days, discounts, scholarships, etc. The list is endless to what you can contribute.

A Purpose Driven business is a business that has a clear understanding of its purpose. One that consciously decides to make a difference and goes above and beyond making a profit, it has a deeper purpose than just profit but as you will see in this article, you don’t have to sacrifice profit for purpose.

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4 reasons why you should consider creating a Purpose Driven Business…

1. It can be a great and fulfilling thing to do for you, your customers, and your employees, the world and even the environment. As a society we want our lives to be lived on purpose, we crave it. Studies repeatedly show that finding purpose in your work and in life is vital to your well-being, physical and mental health.

2. Because it makes recruiting employees so much easier. With the unemployment rate getting lower, it is becoming increasingly difficult to find talent. Companies are finding themselves challenged with the initiative to be creative in their recruiting efforts. And It’s even more difficult for companies to find candidates that are a good fit with their company culture.

Creating a purpose driven business remedies both of these by naturally attracting more candidates that are aligned with your company’s purpose and culture. In fact, 58% of millennials say they will take a 15% pay cut to work for a company that has a purpose, and shares their values and by 2025 it’s estimated that millennials will make up 75% of the global work force. So like it or not, we are moving into a Purpose Driven Economy!

3. It increases productivity in the workplace. Creating a work environment in which people grow and aspire to new levels each and every day is not only rewarding for them but it is also rewarding for you and your company. When people work with purpose, we work with integrity, and we are more eager to learn and excel. Who doesn’t want a workforce like that?

According to recent study by Deloitte, having a purpose driven business leads employees to build more trust and confidence in your business’ growth, which in turn, leads to a more engaged workforce.

If that’s not enough to see the benefits of building a purpose driven business, how about this…

Your customer’s want it almost as much as you want Starbucks on a Monday morning!

4.  In fact, they want it so much that Purpose Driven Businesses are substantially more profitable than their counterparts!

Check out the stats below taken from Elderman’s 5 year Good Purpose Study and other studies…

  • 47% of global consumers buy brands that support a good cause at least monthly.
  • 72% of consumers would recommend a brand that supports a good cause over one that doesn’t.
  • 71% of consumers would help a brand promote its products or services if there is a good cause behind them.
  • 89% of consumers surveyed have said that, given similar price and quality, they would switch brands to one that supports a cause over one that doesn’t.
  • 90% of consumers surveyed said that a brand with a cause would make them more loyal.

Building a Purpose Driven Business could be right for you, if you have deep desire to make a difference, if you want to attract an engaged workforce, increase your productivity,  stand out from your competition and increase your profits, all the while feeling great about what you do!

 

Wendy Porter

Business and Career Planning Coach

Wendy Porter is a Business and Certified Career Planning Coach, a successful entrepreneur and a professional business woman with over 15 years of experience building, running and operating multi-million dollar businesses. She has recently retired her successful career in Corporate America to focus on her business full time. Wendy is the soul and sass behind digital company, Crowned for Success @crowned4success. One of the fastest growing Networks of ambitious boss ladies on Instagram. She is also the President of Reliance Group and a contributing writer for Huffington Post, Bossbabe and Thrive Global, she was also recently interviewed for Forbes Magazine. Wendy’s passion and purpose is teaching women how to become financially independent by building a business, career and life they love. Crowned for Success offers a membership site and numerous training programs for Entrepreneurs and Career Women.

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