The search for meaning: it’s something most of us are familiar with in our personal and professional lives. Why do we do what we do? What drives us to achieve and succeed? What keeps us waking up and getting at it on those tough mornings? If you’re a business owner, the pursuit of purpose is even more essential. After all, owning a business is hard work, and ensuring success for yourself and your employees requires you to tap into a sense of purpose that’s strong enough to get you through those hard days, those seasonal slumps, and those touch-and-go moments.
Luckily, identifying your purpose and maintaining sight of it is easier than you might imagine.
3 Reasons to Identify YOUR Purpose
Think of the great companies you admire. Each has a mission statement, right? Why do you think this is? The answer is simple: a mission statement allows a company to distill and centralize its purpose and to make that purpose a foundational element of the way that the company serves its clients, treats its employees, and does business, period.
If you’re a business owner, understanding your purpose is essential. Not only does it ground you in the why of what you’re doing, but it makes it possible to keep pushing and to keep achieving. Here are three good reasons to start thinking about YOUR purpose this year:
1. Purpose Animates Your Company
Apathy doesn’t inspire passion. Purpose, however, does! In a 2019 letter to CEO, Larry Fink (CEO of Blackrock) says the following:
“Purpose is not the sole pursuit of profits but the animating force for achieving them. Profits are in no way inconsistent with purpose—in fact, profits and purpose are inextricably linked.”
If you want to drive profits and be successful (and what company doesn’t?), you need a purpose to animate your pursuit of that goal. Without a sense of purpose, your company is like a rudderless boat – just drifting around aimlessly, not achieving anything.
2. Customers LOVE Purpose
Today, customers have more choices than ever when it comes to which companies they want to do business with, and why. Thanks to this smorgasbord of options, they also get to be more discerning than ever before.
According to a global survey of customer buying behavior, conducted by Accenture, nearly two-thirds (63%) ofo global customers prefer to purchase products and services from companies that support causes, missions, and purposes that reflect the customer’s values and beliefs. Additionally, 62% of customers want companies to stand up for the cultural, environmental, and social issues they care about most. Accenture’s survey goes on to state the following:
Sixty-five percent of Accenture respondents based purchase decisions on the words, values and actions of company leaders. Consumers are also drawn to brands that are committed to using good quality ingredients (76%), that treat employees well (65%) and that are focused on reducing plastics and improving the environment (62%). A company’s ethical values and authenticity influences purchase consideration for 62% of consumers, and 74% said they want more transparency in how companies highlight issues like sourcing products, ensuring safe working conditions and enforcing policies on animal testing.
This means that in addition to animating your company, defining and committing to your purpose also helps you create relationships with new and existing customers.
3. Purpose Drives the Industry Forward
Purpose is the tide that lifts all boats. When your company defines its purpose, it’s beneficial to your employees, customers, and your bottom line. It’s also, however, a perk for the entire industry as a whole. Here’s why:
Purposeful action on the part of companies works to make things better for everyone. By serving an under-served population, for example, or supporting a charity or cause you care about, you inspire the companies around you to do the same. This, in turn, makes the world a better place to live, play, and work – for everyone.
How Alloy Aligns Itself With Purpose
Here at Alloy, our purpose is to show people a better way, offer a higher quality of life, and bring a better personal training experience to the fitness community. We found a system that works and we want to share it with you.
We know firsthand how vital a sense of purpose is for companies in the fitness franchise industry (check out our recent blog on the topic here). Because of this, we give monthly to a company called Causely.
Each month, our donations go to support a different charity organization, and we write about it and send the info in our newsletters. In May, we supported a cause called Vitamin Angels. Vitamin Angels works to improve the health of children around the world by providing vitamin and mineral supplements to those in need.
Vitamin Angels is a non-profit organization dedicated to reaching underserved children and moms around the world. Its outreach efforts help reduce preventable illness, blindness, and death, and create a healthier world for everyone. In 2018, Vitamin Angels reached over 70 million children and moms in 74 countries, including every U.S. state. How’s that for impact?
In April of this year, we teamed up with Causley to give back to those affected by Covid19. We’ll be working with Convoy of Hope as they help people across the country access emergency supplies. Convoy of Hope is responding to the COVID-19 pandemic to help those in desperate need. They have committed to providing at least 50 truckloads of emergency food and water — approximately 2 million pounds of relief supplies — to people most affected by the coronavirus.
If you want to learn more about Convoy of Hope, you can check them out at convoyofhope.org.
As the year goes on
We’ll continue to partner with charities that support vulnerable populations and make the world a better place. In the meantime, we encourage you to do the same. While defining your purpose as a franchise may seem unimportant, it’s one of the essential things you can do for your company. In addition to providing the animating lifeforce you need to stand out in your industry, it’s also an excellent way to improve the lives of your customers, clients, employees, and the people working alongside you in the fitness industry.
Ready to learn more about Alloy and our franchise opportunities? Contact us today to request your free information packet.