How a great ‘Purpose Statement’ can help your company grow
We firmly believe at Finlay-Mulligan & Co Accountants that the purpose statement of your company is an asset to your business, it’s three to seven words explaining why your business exists for your customers, a mission statement of sorts, it should be about them, not you. It should outline what you can offer them as a business. It is a small statement with immense power – your companies reason for being.
A well-defined purpose statement is an antidote to run of the mill Ireland of the past that just expected customers to understand what a company stood for. Because we now know that consumers are wired to take a self-interest and therefore engage your business if your ‘why’ resonates with them, not having a purpose statement can damage your companies purpose and creating one may well drive the alignment of values and loyalty with prospective customers and could lead to new business.
Here are a few tips from Finlay-Mulligan to help guide you to create a purpose statement for your company
If you don’t focus on purpose, you’re likely to focus on profit.
Guess what? Your customers aren’t interested in you making a profit. They’re too worried about their own profit. They are more than happy for you to make a profit – provided you meet their needs first.
The correlation between a business’s ability to serve a higher purpose and stronger financial performance has been proven. So, defining your purpose is a smart business strategy.
It comes down to engagement with your team and your customers.
Numerous studies have told us that a strong sense of purpose drives team satisfaction, which will help to improve customer loyalty.
Articulating your business’s purpose to your team allows them to see that they’re contributing to something bigger than themselves. Linking your purpose to their tasks and responsibilities allows them to see their connection to the outcome; how their role is contributing to the overall vision of the business and how they’re impacting your customers’ lives.
If we focus on meeting (and exceeding) customer needs, better profitability will be a by-product.
Getting clear on your purpose will transform your marketing. Being able to clearly articulate why you exist for your customers will tie them to your brand and make them more inclined to refer you to others. When that new customer does their due diligence, i.e. they stalk your website and social media, it’s more likely they’ll develop an emotional connection to your business and buy from you.
From working with many businesses across the country we here at Finlay-Mulligan believe that having a clear purpose statement is also about sustainability. There is mounting evidence that in these times of change and disruption, having a clear purpose statement will improve a business’s ability to transform and adapt in unsure times.
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