Purpose

Starting your journey towards being a Purpose driven business

Ian Firth

Three key imperatives to get you going

We find that many businesses and organisations are yet to define their purpose or are struggling to properly embed it. Here we take a look at three key imperatives to have in place as you start on the road to becoming a Purpose driven business.

What’s your origin story?

As any keen comic book fan will know, you’re favourite character’s origin story is their raison d’etre. It’s what compels them to do what they do and be who they are. The same can equally be said for any business or organisation - but it is something that is often forgotten as they focus on what they do rather than why they do it. Revisiting your origin story helps you create a more compelling narrative, one that your employees, customers and other stakeholders can understand and get behind.

ClearBank's Purpose of "Unlocking potential", for example comes from insights gathered from the founders around what drove them to start the business and what they hoped to achieve. By creating the UK's first clearing bank for 250 years the business set out to transform payment services and provide Banking as a Service to partners that would allow them to deliver their financial services to their clients. By being open to the possibilities of new technology ClearBank has been able to create a culture focused on its clients and centred around innovation.

Value here, value there, creating value everywhere!

Your business or organisation creates value, not just financially but across all your activities. The products and services you provide. The financial returns you create. The positive impact you have on the environment and the communities in which you operate. Your culture built from the way you are led and governed. All of these represent the value you create and your Purpose is an expression of this as a whole. This is why Purpose is so fundamental for growth. It lets everyone know where to focus their efforts, attention, and strategies.

Understanding this holistic view of value is becoming more important as ESG continues to rise on the business agenda and can be clearly seen in the creation of the International Sustainability Standards Board, announced at COP26 and in frameworks such those from SASB.

New ways need new roles

A business doesn’t grow by itself. It needs nurturing and it needs the right people with a clear understanding of what needs to be done. Ensuring everyone in your organisation understands why they are there needs your  Purpose to be embedded throughout the entire organisation. Consider creating a role that can bring all areas together to ensure consistency of purpose across your business and all its activities.

A quick search on LinkedIn, soon shows how roles such as Head of Purpose are developing and growing, and how much importance organisations are putting to them as they realise the need, as purpose driven businesses to have a purposeful culture.

Find out more about how helped ClearBank uncover their Purpose here