What's Your Purpose?

What's Your Purpose?

WHY PURPOSE OVER PROFIT IS THE KEY TO BUSINESS RESILIENCE IN 2022 AND BEYOND

March is B Corp Month. Switched-on businesses are shifting from shareholder capitalism focused on just profit margins and financial success to stakeholder capitalism with a long-term, centre-stage focus on the planet and societal impacts of their operations. It’s a re-focussing to build a more digital, sustainable and inclusive future for everyone. How do you bring about true cultural change to transform the business and really make a difference to your customers, your people...and the planet?

What’s the context?

It’s clear that businesses demonstrating a deeper purpose than financial gain are more likely to thrive in the long term. Having a sense of responsibility running through your business could be the single most significant determining factor in the future resilience of the business and its likelihood to retain the trust and support of customers, employees and regulators.

The virtuous circle

Purpose-led, dependable companies benefit from a reputational advantage that decreases customer and employee acquisition costs, increasing value over time. When high levels of trust are achieved, a powerful, virtuous circle is created: customers advo-cate and employees contribute disproportionately more, enabling collaborative innovation and breakthrough performance.

Organisations need to show resilience to survive turbulent times and must recognise that customer trust can be won and lost at any moment. True resilience is in the ability to adapt to the changing nature of that trust. So where do you start?