These days, most progressive companies want to not simply be profit-minded, but purpose-driven too. This is a concept that’s rapidly growing in popularity around the world, and it’s really taking off across Africa – perhaps because it resonates with us and our deeply-held belief in ‘ubuntu’. Indeed, the idea that ‘I am because we are’ is at the centre of a purpose-led business and life.
Far from simply being a philanthropic, feel-good corporate make-over, businesses with real purpose are out-performing their competitors hand over fist, with a staggering 2 out of 3 consumers willing to pay more for products that commit to making a positive social impact.[1]
It’s not just consumers on the outside bolstering this trend however, it’s employees on the inside. For those corporates wanting to retain talent and attract the younger workforce, your purpose will have to look as appealing as your profit margins…
According to Inc, Millennials will make up 75% of the workforce by 2025 and they’re looking for socially responsible employers[2].
So how does one go about building a sustainable business that’s as purpose-driven as it is profitable?
At Hluma, we’ve been asking this very question ourselves. Here are some of our thoughts…
1. Start by really believing that purpose and profitability are not mutually exclusive terms.
The statistics bear us out on this one, google them! If you begin to pivot your business toward a more purpose-led destination, your company will profit from it in the end.
2. Accept that defining your company’s purpose is going to take hard work.
It will not be a neat, quick marketing excercise. It requires vulnerability, honest reflection, tough questions and open dialogue. Leading on from this…
3. Involve everyone.
Discovering your company’s purpose can never be a solo endeavour. It’s not the work of a crafty wordsmith or a singular, visionary leader. True purpose-led businesses ‘leak’ their purpose from the ground up. It spills out of every person who works there, it’s reflected in the way they work – how they work and why they work too. As uncomfortable and inconvenient as this truth may be, your company’s actual purpose is not what is written in your corporate profile, or highlighted on your website. It is the collective distillation of every stakeholder’s purpose. Who are these stakeholders? Certainly not just the marketing team and shareholders – it’s every employee, consumer and client.
4. Give less answers, ask more questions.
One’s real purpose is only ever found at the honest end of questions like: “Who am I?”, “Why am I here?” and “What am I called to do?” When it comes to finding a collective, corporate purpose then, these kinds of questions need to be asked and answered by the collective. For your employees: drill down into why they come to work every day, when they feel most alive at work, and what would give their job greater meaning and purpose? For your clients, determine why they really use your product or service. Then go deeper still. Find out what both of these groups of people’s pain and passion points related to your company really are…
5. Look to the mountains.
Well, metaphorically speaking at least. What are some of the mountains that your industry, country or clients are facing? Which social mountains loom largest in your collective brand’s eye? Perhaps you’ve been assigned this mountain to show it can be moved. Building a purpose-led business means not running from the giants – but facing them… seeing them not as roadblocks but roadsigns toward your company’s true purpose.
As we’ve reflected on all of the above, our purpose (as Hluma) feels inextricably tied to yours. We dream of helping more and more brands and companies to discover their unique purpose, define it as potently as possible, and then communicate it with the world. All so that together, we can see more social giants fall and more oppressive mountains move.
This is our purpose. What’s yours?
[1] According to the Forbes article, The Power of Purpose by Afdhel Aziz, published in March 2020, consumers the world-over are increasingly belief-driven.
[2] The Cone Communications Millennial Employee Study found that 64% of Millennials won’t take a job if their employee doesn’t have a strong CSR policy, and 83% would be more loyal to a company that helps them contribute to social and environmental issues (vs. 70% U.S. average).
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