What Is A Business Purpose? And Why Do I Need One?

What is a business purpose? Why have a purpose?

This post will explore the importance of having a purpose for your business and being able to live and breathe it everyday.

A business idea without a vision or a clear direction is just a hobby or something to fill in time.

It won’t make you money. It will cost you money.

Customers will not flock to your website and buy your products.

You will not get the traffic you need to drive people to read about how fabulous you are and what you do, and what you love.

Being clear about WHY you want to start a business is so important. But WHY your business is in business needs to be crystal clear.

You want your customers to remember your business, not just what they bought from you.

The road of entrepreneurship/business owner can have its ups and downs – so being laser focused on why you are doing this is essential to helping you stay on track.

What Is A Business Purpose?

Your business purpose is the reason that you are in business.

It is something that can be discussed in one or two sentences.

Business purposes are different to the goals and objectives of your business.

Different to your mission statement. This is describing what the objective of your business is, both now and into the future.

Different to your vision. A vision is what you want your business to look like in the long term

Values describe the culture of your business.

Why Do I Need A Business Purpose?

There are a few reasons why you need a business purpose.

YOU

You need to ensure that you are clear on why you are putting your blood, sweat and tears into being an entrepreneur.

Why do you do what you do?

Once you understand this, it can be used to drive motivation and energy.

YOUR CUSTOMERS

Customers do not buy products purely based on price.

Customers are increasingly looking to support businesses that look beyond their own goals and objectives and support the needs of others.

People who are purpose-driven will buy from businesses that are purpose-driven.

YOUR COMMUNITY

Businesses who have a purpose will be able to have an impact on their community – whether that be a physical community or a virtual one.

Purpose-driven businesses will be able to have more influence over their community and provide benefits to both the business, your customers and your community.

Things To Consider When Working Out What Is Your Business Purpose

There are a few things that you can consider when you are brainstorming what your purpose actually is.

• What kind of activities does your business do?
• How will it benefit my customers?
• How will my business purpose be reached through effort?
• Is my business purpose memorable and simple?
• How is my business purpose customer focused?
• Is my business purpose flexible to adapt to the changing environment around me?

 
Now it’s your turn.

Do you have a business purpose? Is it time to create one if you don’t?

Grab our free workbook HERE to help you craft your business purpose.