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Purpose and Profit: Do the two go hand in hand?

“People don’t buy what you do; they buy why you do it.” -Simon Sinek

When you think about profitability and productivity there’s a “p” word you may have overlooked… purpose.

Consider your favorite brands. Why are you loyal to them? Take Airbnb for example, their mission is to “help create a world where you can belong anywhere and where people can live in a place, instead of just traveling to it.” They have lived this mission by implementing purpose-centered programs to donate to nonprofits that help people who have been affected by disasters, conflict, or critical illness. As a host, you can choose to donate a portion of your profits, and as a company, Airbnb has donated over $20 million to help those in need of housing.

Airbnb is a perfect example of how you can live and act on your business’ purpose to create profitability. While focusing on the bottom line of your business is important, it is also essential to consider the purpose behind your business.

What is Your Why?

Consider these reasons to address the why – the purpose – behind your business::

Your brand’s purpose differentiates you among competitors: The consumer market is flooded with options. With a pool of competitors providing what are essentially the same services or products, how can you differentiate yourself?

Purpose and profit: do the two go hand in hand?

When you put focus on your purpose, you offer a unique selling proposition for your customers. When you focus on the impact your business can have on consumers, you build loyalty on a deeper level. Positive word-of-mouth from existing customers can be the best way to attract new customers and retain your existing loyal customers.

Employees work harder and are more productive when they feel they are participating in something that is for a higher good. Businesses that focus on their impact rather than their profit tend to have a better workplace culture. Happy employees will work harder for your company, as they feel as though they are contributing to a greater purpose.

Take our previous example of Airbnb: According to Comparably, 100% of surveyed employees at the rental company are proud to be a part of Airbnb – 100%!

I’d wager that VRBO doesn’t have that level of engagement.

So how can you implement purpose-driven business goals? And how will they impact your bottom line?

Start with your core values.

Don’t just name them, explain why you chose these specific values and what they mean to you and your business. By giving your organization identity and purpose you will attract customers and employees who align with those values.

Lead by example.

What are your personal values? What is your purpose? If you want your employees and customers to align with your company’s purpose you have to show them how. What makes you feel alive? Share that with your team, and show them how you try to live your purpose, so they can do the same. Don’t forget to participate in activities that support your purpose and invite your employees to participate as well.

It starts with hiring.

When you are creating a team that aligns with your organization’s purpose you must ensure you are hiring people who care about making an impact. At Culture Works, we call this Value & Role Alignment. Don’t stop at their skills and experience. Dive into what motivates your potential employees, look for volunteer experience, and chat with them about what drives them to get out of bed each day. Once you have found the right candidate, allow them to introduce themselves to the company sharing their personal goals and passions for making an impact.

Take action.

Leading a purpose-centered organization does not stop at your statements or the words painted on the inside of your office. You must live and breathe your purpose, so it is reflected in everything your organization does.

Aligning your purpose with your organization’s business strategy is vital to your success. How can you transform your company and the world from the inside out? Contact us today to learn how you can transform your company’s culture to lead an organization that makes an impact.