4 Ways a Defined Purpose Benefits Your Business

It is key to identify and recognize the power of purpose when you are working day in and day out to build a lucrative business. As you work to grow your business, you are likely looking for sources of great advice for business owners so you can ensure success. There is a lot of good advice out there, and here is one tip: many entrepreneurs who find success can articulate why they are doing just what they are doing.

A purpose that is defined and motivating gets the entrepreneur through the toughest times he or she will face, sets a higher bar of excellence for the business, encourages people to join you, and attracts customers who appreciate and support what you are doing – and helps you retain these customers, too. Here is some further detail why a defined, clear purpose helps your small business find great success.

Purpose provides staying power

Many businesses cost more to run and make a smaller profit than you would guess – at least in the short term. This time of growth also comes with a lot of falling down and standing back up – there are certainly times where every business owner would rather take the easy way out and not stand up again.

If you’re starting your business to “get rich,” that makes it much easily to simply bail when the going gets tough. Alternately, if you believe in what you are selling, it is so much easier to find the courage to initially survive, and eventually thrive. Have a can-do attitude and know the power of “yes” – stay positive, use positive words, be respectful, smile, and keep your tone warm. Focus on what you can do instead of what you cannot and your message will come across clearly to others as a yes. Your journey will be more enjoyable and in the end, it will be worth every one of those bumps and bruises.

Purpose promotes excellence

Hopefully you have identified a purpose for your business and are in it to win it – if so, you will act in a different way than those who don’t have a defined purpose. If your driving purpose for your business is strong, then every move you make will prove to be consistent with the purpose. The actions you take are important at the moment, and you are fulfilled in real time. You don’t act in ways to make money more quickly in the short term to allow you to exit sooner. The products you create are great because that is essential to your business purpose.

You make it a priority to hire and train valuable employees because they are the lifeblood of your company, and they are a critical component of your purpose. The customer service you give is remarkable because it, too, is crucial to your purpose. You offer services to your community because those actions are integral to your purpose. The consistency of actions, all motivated by your purpose, lead to higher standards of excellence, superior practices, and greater results over time.

Purpose attracts employees

If your purpose is engaging and you make sure to communicate it well to others, it will allow you to attract a strong support group for your business. This could include partners, employees, and even mentors. People who love what you are doing can convey their own values that align with yours when they work with you. These people are key pieces in your quest to effectively grow your business.

The Millennial generation — those born between 1982 and 2000 — make up just over one-fourth of the U.S. population. Research shows that this group is one that is value-driven. Millennials want to work for employers committed to values and ethics, and want to make purchases from companies who have the same standards. They want the work they do every day to be meaningful.

Purpose appeals to and retains customers

When a business owner gives excellent services, offers great prices, hires local individuals, and is active in community activities, this person – and their business – often become attractive to others. These qualities are ones that make customers loyal.

As people see that your purpose is to solve problems, provide extraordinary customer service, serve the community by hiring people in it, or support the community in other ways — guess what – people are more likely to support your business. They will become your biggest fans and only want to buy your products or hire you for services. Remember: people don’t buy what it is you do; they buy the reasons you do it.

Do you have a defined purpose for your small business? How do you make this purpose clear to others?