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How to Define a Bigger Purpose Within Your Company

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Kevin Xu explains how to help your company grow by establishing a bigger purpose within the corporate world. Through value and creating a corporate purpose, Kevin Xu gives great advice on how to take your business to the next level.

Published in: Business
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How to Define a Bigger Purpose Within Your Company

  1. 1. H O W T O D E F I N E A B I G G E R P U R P O S E W I T H I N YOU R C O M PA N Y B Y K E V I N X U
  2. 2. • There are a great deal of successful companies that don’t have the same type of impact in regards to their industry or surrounding community.
  3. 3. • But the businesses that can define a bigger purpose can put a much greater meaning behind the brand and it’s service.
  4. 4. • Is your company socially responsible with charitable efforts or does your brand serve as a leading innovator in your industry?
  5. 5. • Creating a value that serves more than just benefiting your business is the definition of a bigger purpose and establishing that aspect, here’s how to go about reaching that level of impact.
  6. 6. W H AT D O E S C O R P O R AT E P U R P O S E M E A N ? • Consider how individuals evaluate their purpose and role in the world, companies are looking to define why they exist as well.
  7. 7. • Different from a vision statement, your company purpose should clearly identify the role your company plays in it’s industry and the world, also what difference it makes in people’s lives.
  8. 8. • Who does your business benefit other than its direct consumers? Establishing a bigger purpose brings more of a meaning to your brand name because your company impact exceeds your consumer base.
  9. 9. • A company must make money and add value to the community it exists to serve. But this is merely operating as a viable entity. Existing to make money does not unlock the potential contained in the power of a clear purpose.
  10. 10. • Purpose focused companies used to be a small class in itself, led by names like Patagonia and Newman's Own.
  11. 11. • But today’s market for social enterprise companies has quite a substantial list, including companies like Warby Parker, LSTN, FEED, MiiR, Cleanwell, The Honest Kitchen, Project 7, and The Paradigm Project.
  12. 12. • Purpose driven businesses like to offer consumers the chance to make an impact through the products they purchase.
  13. 13. • Creating a business strategy with the benefit of other communities in mind helps consumers feel a part of your social mission.
  14. 14. • They know their contributions don’t just result in what they’ve purchased but it’s either towards the purpose of charity or in support of a company’s value itself.
  15. 15. C E N T E R YOU R BU S I N E S S A ROU N D YOU R S T R AT E G I C P U R P O S E • Purpose isn’t confined to the world of socially conscious startups, implementing your purpose through your company’s service helps define why your business is needed.
  16. 16. • Southwest Airlines is a great example of a company showing their purpose in the world through service. • The airline was built to make travel more accessible for Americans and they’ve done that with efficiency for the past 40 years.
  17. 17. • Southwest’s purpose of making travel by flight more convenient is shown strategically through every part of their business. • The airline promotes the mission “Freedom to Fly” through three parts of their business - low fares, periodic flights, ideal customer service.
  18. 18. • Southwest Airlines’ purpose is shown through every function of their business and it’s been beneficial in both profit and customer satisfaction.
  19. 19. • Read a similar article by Kevin Xu about “How to Create Open Communication Between Managers and Other Employees".

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