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How Purpose Ignites Business Performance

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Purpose is more than a fancy statement that everyone ignores, it is the engine for success, and Business Purpose Guide, Phil Preston, explains what, why and how!

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How Purpose Ignites Business Performance

  1. 1. HOW PURPOSE IGNITES BUSINESS PERFORMANCE Phil Preston Copyright Phil Preston 2021
  2. 2. A long time ago in a galaxy far, far away … ‘purpose’ was a fancy statement that everyone ignored
  3. 3. Not so anymore - it is now regarded as the engine room for success, but don’t take my word for it…
  4. 4. A Harvard study found it was central to the performance of 28 companies that grew by 30% or more for 5 consecutive years
  5. 5. Fortuna Advisors and CECP found higher purpose companies have higher market valuations (by a factor 4 x earnings)…
  6. 6. …and the size of the gap has widened during the pandemic
  7. 7. In Tribal Leadership, the authors found that serial high performers are those with teams focusing on a social mission
  8. 8. Have you ever had that sinking feeling when workers care more about power and ego than colleagues or customers?
  9. 9. Business purpose is the ideal way for improving work cultures, and discovering performance advantages
  10. 10. It’s how you inspire your workers, delight your customers and tell the world what you really stand for
  11. 11. It’s not only great for businesses, it’s important for nonprofits and government organisations too
  12. 12. A listed company seeking to: • Attract younger workers • Energise its current staff • Succinctly communicate its direction CLIENT NEEDS - EXAMPLE #1
  13. 13. An enterprise seeking to: • Better understand its social impact • Use the insights in its strategy process • Improve value for customers CLIENT NEEDS - EXAMPLE #2
  14. 14. A government department seeking to: • Tackle disadvantaged employment • Deepen local business partnerships • Create social and business wins CLIENT NEEDS - EXAMPLE #3
  15. 15. A purpose statement is a good place to start … but it is just the start!
  16. 16. It should convey your benefit to society, be inspiring to employees, resonate with customers and a few other things* * That’s what I help with and more!
  17. 17. Engaging your people in the review process puts you on the right path
  18. 18. Plus you’ll want to gather other perspectives too
  19. 19. And you’ll need a process to embed purpose across you entire business
  20. 20. It’s not as hard as you might think, especially considering it’s a total game- changer in terms of results
  21. 21. Here’s a visual way of conveying the benefits of doing ‘purpose’ well…
  22. 22. SUPPLIERS STAKEHOLDERS Owners / shareholders are clear about your direction Customers know that you are focused on their needs Suppliers become true business partners Executives & leaders stand out as great operators Workers bring their best everyday, fuelling innovation and productivity PEOPLE Investors understand what drives value Communities value your presence and like what you do Talent wants to work with you
  23. 23. Yikes, that was a bit much, let’s throw to a quote …
  24. 24. “Having a purpose as a company and being successful go hand in hand” - Dan Schulman, CEO PayPal
  25. 25. What next for you?
  26. 26. Getting everyone on the same page is a good first step
  27. 27. You might need a speaker or session facilitator on this topic
  28. 28. Make contact to get started phil@philpreston.com.au +61 408 259 633

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