If you find yourself in the position of trying to develop your business, the first thing you need to do is to ensure that it has a mission statement. The mission statement defines what the enterprise is planning to achieve through its efforts.

Although many companies set up their mission statement before they start operating their business, they, unfortunately, don’t follow through to make their mission into a reality. The result is that the mission statement is a collection of words with no meaning.

Here some important things to take into consideration when you are planning the purpose of your business.

Make Sure That Your Mission Statement Has Clarity

One of the major ingredients to creating a purpose-driven business is that it starts with 100 percent clarity in the mission. This clarity becomes the guiding light for all strategies and tactics. Every decision made is then based on serving the company’s mission. When there is a clarity of purpose, your chances of bringing the mission to life skyrocket.

Make Sure the Vision of Your Business Is Relatable

It is super critical to make sure your business is relatable. Most businesses have a “my product will change the world” vision but for software engineers, how would a sales rep relate to your mission? It’s important for founders to break down their vision/mission into a key values framework that is understood by everyone across the company and most importantly relatable.

Make Sure You Understand What Motivates You and Team

To enhance the chances of your business succeeding it is important that you develop enough self-awareness and relationship skills to understand what motivates you and your team. The best teams operate with the same purpose and goal in mind. A team that unites with a common purpose and focus tends to be closer, more supportive and easily able to accomplish their goals.

Focus On Adding Value To The Lives of Your Customers

Your customer should be the centrepiece of your business. The reality is that every business exists to create value for their customer. A compelling purpose that is entirely focused on how to create value for a customer is the starting point. Purpose statements that have nothing to do with the customer won’t drive traction within an organization.

Hire Employees That Believe in Your Purpose

If you want your business to evolve into something special it is important to hire people who believe in your purpose. The first time you speak to a candidate during the interview process, you should tell them what your business is about and what drives the business. The candidate must believe in the purpose of the company as opposed to simply wanting to find a job. As a business owner you should talk about our core values upfront. Let the candidate ask questions about what they mean, and then we do our best to align not just experience and skills, but purpose as well

Fill A Gap In The Marketplace

The best way to create a purpose-driven business is to fill a gap in the marketplace. It is a great idea to bring something to the table that nobody has or to create something different that already exists in the marketplace that people need. Generally speaking, a customer wants and needs products that are as meaningful to the founder/designer who designed the product. Quality is the most important.

Focus On Changing The World For The Better

A company needs to decide how they are going to change the world for the better through their products or services. Market share, scale and valuation comes through a deep understanding of the market and how it currently solves or doesn’t solve problems. A purpose-driven business must keep front and centre how its services change the dynamic of the market, making orders of magnitude improvements to it.

The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)

The following two tabs change content below.
Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

Post Author: Craig Dangar

Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

Leave a Reply