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Purpose over profit companies gain rapid market share

Updated: Jan 31

In today's business world, it's easy to get caught up in the pursuit of profit. After all, isn't that the ultimate goal of any business? While profit is certainly important, it's not the only thing that matters. In fact, many successful companies have found that focusing on purpose over profit can actually lead to greater success in the long run.


So, what exactly do we mean by "purpose"? Simply put, it's the reason why a company exists beyond just making money. It's the underlying mission or values that drive everything the company does. For example, a company might have the purpose of improving people's health or protecting the environment.


The benefit of purpose over profit

One of the benefits of focusing on purpose over profit is that it can lead to greater job satisfaction. When we feel like our work has meaning and purpose, we're more likely to be engaged and motivated. We're also more likely to feel a sense of fulfillment and accomplishment at the end of the day.


Another benefit of focusing on purpose over profit is that it can lead to greater loyalty from employees and customers. When people feel like they're part of something bigger than themselves, they're more likely to stick around. They're also more likely to recommend your business to others and to become brand ambassadors.


How to implement purpose over profit within a company

So how can you focus on purpose over profit in your business? Here are a few ideas:


1. Define your purpose. What is your business meant to accomplish? What problem are you trying to solve? What impact do you want to have on the world? Once you've defined your purpose, make sure everyone in your organization understands it and is working towards it.


2. Align your actions with your purpose. Make sure everything you do is aligned with your purpose. This means making decisions that are in line with your values and goals. It also means being transparent about your actions and communicating them to your employees and customers.


3. Measure your impact. How are you making a difference? What metrics can you use to track your progress? By measuring your impact, you can see how your actions are contributing to your purpose and make adjustments as needed.


4. Engage your employees and customers. Make sure everyone in your organization understands your purpose and is working towards it. This means communicating your purpose regularly and providing opportunities for feedback and input. It also means engaging your customers and making them feel like they're part of something bigger than themselves.