Uncover Your Personal and Business Purpose
Defining your personal purpose may seem as complex as debating the centuries old philosophical question, “What is the meaning of life?”
(And no, the answer isn’t 42!)
But as an entrepreneur, you will encounter many, many, many occasions where you will need to dig deep to plough on/ so as not to quit. At these times, reminding yourself what you want to accomplish in life and why you want to prevail helps to keep you going.
Because your personal purpose reflects your core values and what you stand for, it also directs you along the right track without compromising your principles along the way.
At the same time, you are your business! Use your personal purpose as a starting point for describing the purpose of your business in a sentence or two – kinda’ like an elevator pitch for your venture.
Business Purpose Statement
📖 Focusing more on actions than beliefs, an organisation’s purpose statement explains why it exists, the positive change it strives to make, and why it functions the way it does.
Defining why a company exists beyond profits sparks meaningful connections with stakeholders:
Attract and Retain Great Employees
When it’s time to start hiring a team, your purpose statement will be a magnet for top talent.
Not only does it make sense to start from scratch with stellar employees, but reducing staff turnover also fosters a more cohesive team. It’s a financially savvy move too, as the ROI in your workforce is larger and longer lasting.
Increase Productivity
When your team members are inspired by your business’s raison d’être, they are more motivated to get out of bed in the morning. Their productivity isn’t based solely on being paid to do a job.
Persuade Customers
Modern-day consumers need a quick and easy way to remember what your brand stands for.
Outdo Your Competitors
Engaging emotionally with audiences through your purpose statement differentiates you from the competition:
Step-by-Step
Formulating your business purpose is as easy as 1-2-3:
- Problem Statement:
What meaningful problem do you solve?
-
Solution Orientation:
How do you solve it better? -
Target Segment:
Who exactly is this for?
✍️ Use the workbook guide to write your business purpose statement.
Vision Statement
Two down, two to go….
You have already articulated your values and purpose. Next up, your vision and mission statements.
It doesn’t matter how large or small your business is, every organisation benefits from creating a compelling mission and vision.
The power of mission and vision statements lies in clarity. Start with your values and purpose and think about the wider impact you hope to have on the world through your customers. Then narrow it down to how you plan to achieve that.
📖 Looking ahead to 5-10 years’ time, a vision statement paints a picture the ideal future state that your brand is working towards. It’s a sentence or two stating what achieving success will look like.
Because a vision statement points out the long-term direction of your venture, it is also the foundation upon which you will build your business strategy.
“If you look at many of the great examples of super successful companies over the last 10, 15 or 20 years, there’s one thing they have in common:… a really simple, clear vision their business and people can understand and coalesce (unite) behind.”
Ryan Saundry
✍️ Use the workbook template to write your vision statement.
Mission Statement
“Here’s what’s at stake: if we mistake mission for vision,
we just might accomplish what we set out to do — and then stop there.”
Anita Stubenrauch
The final piece of the puzzle is the mission statement.
📖 Focusing on the present, a mission statement describes the overall purpose of your business – who it serves and what its objectives are – and outlines what it does to fulfil those objectives.
Your values state which principles are non-negotiable in your organisation.
Your business purpose statement explains why you started out.
Your vision statement shares what impact you want to make.
Your mission statement describes how your venture chooses to pursue that vision:
- Think of it is a more specific roadmap that relates directly to the company’s products and services.
- Use it to ensure that everyone in the business understands its motivation.
- Let it guide planning for more strategic decision-making.
- As part of the public face of the organisation, your mission statement lays the foundation for marketing and advertising.
✍️ Use the workbook to write your mission statement.
↙️ Next
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👀 Additional RESOURCE Suggestions
🖥️ *Porter Novelli’s Purpose Perception Study
🖥️ Purposeful Work as a Secret Weapon
🖥️ Vision, Mission, Purpose Demystified