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WW#021: Purpose Powers Profit

Apologies for the lack of a newsletter last month, I took paternity leave earlier than expected and well… who needs sleep anyway! 
 

This month, I’m asking ‘What’s the purpose of your company?’.

I’m not talking about the literal purpose of selling product A to customer B, but the higher purpose behind your company: the impact it’s making on a global scale. Is it something you’ve considered?

It’s a divisive subject: ultimately a lot of businesses are there to make money, but there’s been a recent Gen Z-inspired shift in thinking that means people and planet are just as/more important as/than profit.

Are you engaging your team in something that’s more than just making money for the shareholders?

I’m personally super inspired by the speakers on the WiserWedneday Panel on this very subject this month. If you get a spare 60mins (or 45 on a faster rate), watch back above or listen here Spotify (I also found out during that my old company just hit £100m turnover. I was like a proud Dad, all over again!)

Key takeaways from this event: – Purpose helps magnetise great people to want to join your cause – Purpose does not hinder growth, it drives it – Fear is the path of the dark side! So, purpose Matters. It really matters. Unless you’ve worked in an organisation that has created a common purpose, you might question why it is so important. We explored the power of purpose to drive growth and magnetise great people to want to join your cause.

Thanks to the panelists Andy Hawkins (Founder @ Business on Purpose), Isabel Kelly (Founder @ Profit with Purpose), Robbie Staniforth (Policy Director @ Ecosurety) & Nicole Gibson (Founder @ Love Out Loud)! I’m your host as always! Enjoy!

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James Potten

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On a mission to democratise entrepreneurship by providing access to best practice, helping startups sustainably scale up.