Discover the Power of Purpose for your Small Business
- Business Rescue Business Growth
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The power of purpose for small businesses should not be underestimated. Purpose can be transformational and helps businesses connect with employees, stakeholders and customers. At Be Rescued, we’re firm believers in understanding your purpose and the positive impact it can have on your business. Following the path to purpose can really pay off. Want to know more about purpose and what it could mean for your business? Here’s the low-down from the Be Rescued team.
1. First, let’s clear up some confusion
What’s the difference between vision, mission and purpose? It’s easy to get confused.
The Cambridge Dictionary defines purpose as “Why you do something or why something exists.”
Purpose is the reason you exist as a business and your value is beyond the purely financial.
Vision is what you want your business to be.
Mission is the route map to get there and encapsulates what you do and for whom (customers, society at large etc.)
Your purpose should underpin everything you do in your business.
2. The importance of purpose
Your purpose is central to the Business Model.
At Be Rescued, we think there should be an additional step in the academic model - a point 0 - Purpose.
Now for the science bit! The Business Model is split into 9 segments: customers, value proposition, revenue streams, channels, customer relationships, activities, resources, partners and cost structure.
Without understanding your purpose and your reason for being, you can’t truly understand your business and its wider value.
A clearly defined Purpose Statement will help you differentiate your business from its competitors.
If you need help distilling your purpose, Maria Pombo at Be Rescued can help. Book an appointment with Maria who can also help with business planning for small businesses.
3. Why your WHY is crucial to purpose
Purpose relates to your WHY as a business, so understanding your WHY is key.
When we are kids one of the most common things we ask is “Why…? Sometimes to the embarrassment of our parents! As grownups we can shy away from asking Why. Adopting a WHY and indeed a HOW mentality is crucial to business success.
To get to the heart of your Business Purpose ask:
“Why are we doing the work we do?” and "How we will deliver the work we do?"
This question on the WHY is crucial. Inspirational speaker and author of “Start with Why”, Simon Sinek says: “People don’t buy what you do, they buy why you do it.”
Understanding your WHY helps you define your business.
Your WHY permeates everything about your business - your brand, your values and more.
Your WHY helps customers connect with you on an emotional level, incorporate it in your story and tell it across your marketing channels.
Crucially, your WHY motivates customers to purchase from your business.
We will explore the question on the "How" as we unravel the virtues of the Business Model in blogs to come.
4. The importance of understanding your customers’ WHY
As well as understanding your WHY as a business, it’s vital that you understand your customers’ WHY.
Getting in touch with your WHY will help you get a deeper understanding of how you help customers and the benefits you offer. It’s crucial to business planning for small businesses.
Ask “Why do our customers choose our business? What problems do we solve for our customers? What do we stand for? What are our values?”
Knowing WHY your customers buy from you is gold dust for your business. You can understand what attracts them to your products and services. Then do more of what meets their needs and solves their problems.
Are you a small business owner who would benefit from some help understanding your customers? Maria at Be Rescued can work with you to identify your core target market and create customer personas so that you get a deep understanding of your ideal buyers.
Get in touch with Maria for a chat about how she can help your business.
5. The value of being a purpose led business
Being a purpose led business has benefits for the business, employees, stakeholders and customers.
The most obvious benefit is that when you communicate your purpose and your WHY you encourage customers and employees to connect with your business on an emotional level.
The result, more motivated employees and increased customer engagement.
Your WHY could be the reason employees love their job or customers speak enthusiastically about your products or services.
Small businesses that put purpose at their centre can innovate better, they understand WHY they do what they do and will not veer off course. Any transformation will be true to their business and brand, resonating with customers.
Purpose pays off
So, the key takeaway is, adopting a path to purpose can have a positive impact on your business.
Maria from Be Rescued is here to help you create a Purpose Statement and understand your business WHY. If you don’t have a Business Model, Maria can create one for you.
Do you need a Business Manager?
Maria can be your Business Manager, taking care of your financial and business planning. You will have all the benefits of professional advice without the oncosts of hiring a permanent resource. Simply pay as you go and get the support you need when you need it most.
Ask about our special Business Manager offer, 5 hours for the price of 4!
Be Rescued work with business owners on our doorstep and beyond. So, if you’re looking for small business advice in Downham Market or King’s Lynn we’re local but whether you are in Norfolk or Northumberland, we can help.
Get in touch with Maria to find out more.