At The The 500 Group Group, we learned that one of the most powerful actions a business can take is to clearly define its Business Purpose!
That is, why does the business exist? What is its reason for being?
From the customer perspective, the products or the services a business sells are simply a means to an end. It is within what the product or service does, or the type of experience provided, that your Business Purpose can be found.
Profit is an outcome – not a Business Purpose!
A critical mistake many businesses make is confusing its Business Purpose with the need to generate a profit.
Certainly, businesses need to be profitable – however profit is simply an outcome, or a result of what you do. It is not a Purpose!
In corporate Australia over recent years, we have seen what occurs where the primary focus of the business becomes profit and return on shareholder funds!
It drives the wrong type of behaviour and invariably leads to more of an internal focus rather than a customer focus! Ultimately, a business focused solely on making money, will lose its way and at some point customers will become disillusioned and drift away!