For women business owners, the journey of starting a business is not just a pathway to personal and financial independence. For those who prioritize purpose and align their business with their personal values and aspirations, it can be a powerful catalyst for societal impacts like environmental sustainability, empowering the next generation, contributing to a specific community need or championing a cause that’s close to heart.
The benefits of a purpose-driven business are many. A strong purpose can give you a greater sense of passion and commitment to your work to propel you through the ups and downs of business ownership. It can help you attract and retain customers and talent, as many are drawn to businesses with strong social impact missions and meaningful work. And then there’s the community-building—you’ll connect with a wider network of like-minded individuals and organizations who share in your purpose.
My purpose as a veterinarian in business was two-fold…to raise the caliber of veterinary medicine through training and education of our employees and to support our community by helping our fellow animal rescues/shelters with their veterinary care needs. We are able to accomplish both by having our veterinary staff train when we work on our shelter/rescue animal friends and also keep the cost of care down for the non-profit organization. As a result, we have had amazing attraction of staff and doctors to our business as well as client and staff retention. This is just one example of a purpose-driven business.
Purpose-driven businesses also often experience enhanced performance across all metrics. Studies show they achieve higher market share gains and grow three times faster on average than their competitors, while also attaining higher workforce and customer satisfaction. In fact, companies with a clear purpose financially outperform the market by 42 percent. They also:
- have increased brand value by 175 percent over the last 12 years, compared to a 70 percent growth rate for brands without a specific purpose.
- are four times more likely to have consumers trust, purchase from and recommend them.
- are three times more likely to retain talent due to higher levels of employee engagement and job satisfaction.
These statistics and more underscore the value of integrating purpose into your business strategies, but how do you go about it? Here are some steps to consider:
1) First, define your unique purpose: Identify what drives your business beyond profit. Ask yourself what societal or environmental issue you want to address and what values are central to your mission…and to you.
2) Align your purpose and values: Ensure your business purpose aligns with your personal beliefs and aspirations. This authenticity is essential and will build trust with customers, employees and other stakeholders.
3) Really understand your audience: Know their needs and values and develop solutions that resonate with their desire for meaningful engagement.
4) Embed purpose in your model: Make it a core part of your strategy, not an afterthought. Design products, services or operations that actively support your mission.
5) Create measurable goals: Set clear, achievable objectives to track your impact. Use metrics to measure your progress and hold yourself and your team accountable.
6) Build a strong internal culture: Inspire your team to embrace your business purpose. Also, recruit and retain talent who are passionate about it. Set clear expectations upon hire.
7) Balance profit with purpose: Ensure financial sustainability while pursuing your mission. While profit is quantifiable, purpose is softer and requires constant attention. Remember that your business is not a charitable organization.
8) Communicate transparently: Share your story authentically and regularly with customers and stakeholders. Highlight your purpose in your marketing. Host annual strategic planning events with your team so that they are reminded of the mission, vision and values of the business. This also helps to create buy in from your team.
9) Collaborate for greater impact: Partner with organizations and community groups that share your goals. Collaboration can help to amplify your mission.
10) Be flexible and ready to evolve: Be prepared to adapt your purpose or approach as needs and circumstances change. This will ensure your continued relevance, growth and sustainability.
At NAWBO, our purpose is to power the dreams of our nation’s women business owners through our three pillars: leadership, advocacy and education. By doing so, women business owners will stabilize our economy and continue to make positive impacts in our world. We recently gathered our HQ staff along with our National and Institute Boards to dream even bigger as we embark on our 50th year as the leading women’s business advocacy organization. We’re excited to put our new strategic plan in action in the weeks to come to strengthen NAWBO’s position for the next 50 years.
Meanwhile, we plan to celebrate 50 years as a purpose-driven organization this June 5-8 in Washington, DC, where NAWBO was founded. Please check out our 50th event landing page and watch for exciting speaker announcements over the next few weeks. Right now, Early Bird tickets (a $100 savings for members and non-members) are available. Don’t miss out on this epic event! And be sure to bring your daughters, mentees or those who you inspire, to get them started in their journeys…our next generation of women business owners is the fastest growing segment! I hope to see you in DC so that we can change the world together…one woman business owner at a time!
Mahalo and Happy New Year!