An article written by Harvard Business Review, which talks about steps for defining, communicating, and integrating purpose throughout an organization
Key takeaways
- Purpose can be a powerful driver of business growth and strategy, beyond just creating shared value or improving morale. High-growth companies often use purpose to redefine their playing field and reshape their value proposition.
- Purpose helps companies expand into larger ecosystems of connected interests and relationships, creating more growth opportunities. For example, Mars Petcare moved from just pet food into the broader pet health field.
- Purpose guides companies in responding to trends, building trust, and addressing customer pain points in order to reshape their value proposition. For example, Mahindra Finance extended its financing offerings to meet the unmet needs of rural customers.
- Leaders need to make purpose central to strategy by transforming the leadership agenda and disseminating purpose throughout the organization. For example, Mars Petcare changed its leadership focus to generating “multiplier effects.”
- Purpose helps unify organizations, motivate stakeholders, and broaden impact. Employees rally around a higher purpose, and stakeholders are more likely to trust purpose-driven companies.
- Defining purpose and putting it into action requires an ongoing, sustained effort by leaders. It’s not a one-time initiative but a continual reassessment and adjustment.
