Purpose Driven Business
I recently started meditating. In fact, it’s been just 15 days, but I’ve stuck to it, every day.
There were many times in the past that I’ve tried to take up this habit, but this time I know it’s going to stick. Like the pig in an American breakfast, I’m committed.
Fortunately, ETR’s Publisher and my business partner, Matt Smith, is an expert and has been giving me great advice.
But most important of all is the mature approach I’m taking in this attempt. I’m doing it right. And I’m not letting anything get in the way.
Similarly, this week’s BIG IDEA task requires mature, advanced thinking.
Today, you are going to outline your very own Purpose Driven Business.
You see, according to the Fall 2012 issue of Rotman magazine, purpose breeds trust, speeds decision making, engages team members and customers, develops leaders, helps branding and promotes company change.
Next, you’re going to outline the 7 parts of a purpose driven based based on what Rotman calls the, “collective ambition compass”.
Come up with detailed answers to and notes on the following:
1) Purpose
Start by asking yourself this question, originally from Jim Collins:
“Why is my company in business? What would the world lose if we were to disappear?”
Write down your company’s reason for being; why it exists; its core mission. If you do nothing else on this list, just do this part.
“When you discover your mission, you will feel its demand. It will fill you with enthusiasm and a burning desire to get to work on it.” W. Clement Stone
2) Vision
You know how important I think this is. In fact, most of my answers to people that need help with their business is to go and watch this video:
Your vision is your success.
Write down what your company aspire to achieve over the next few years.
So much can be accomplished with a long term vision and resilience to short term setbacks. Not every problem is conquered overnight, but if you persist and never give in, you will succeed.
3) Target/Milestones
Identify the metrics used to assess progress toward your vision. Will it be sales, revenue, or number of transformations (like my vision)?
4) Strategic Priorities
List the actions that must be taken (and the actions that must NOT be taken) in pursuit of your vision.
5) Brand Promise
Don’t get this confused with trying to do “branding”. That’s not what this is about. Instead, simply identify what your “brand promise” is to your customers.
What commitment about brand experience will your business provide? For example, do you commit to delivering a Zappos-like level of customer service, or an Apple-like product design?
At ETR, we commit to providing simple, useful information that helps people live a better life. Our design is okay, and our customer service is great, but the core focus is delivering great content.
6) Core Values
Establish the guiding principles that dictate what your company stands for You can read about the ETR core values here.
“When values are clear, decisions are easy.” – Roy Disney
7) Leader behaviors
List how company leaders (i.e. YOU) act day-by-day while implementing vision and strategy in pursuit of brand promise while in accordance with values.
In the Rotman article, I found this quote to be worth writing down:
“Dramatic growth wasn’t going to happen through doing more of what we’d done in the past.” – Gustavo Valle, Dannone CEO If you want to accelerate your change, it starts with leaders – YOU – having that 2X mindset that we’ve discussed in the past.
Keep pushing,
Craig Ballantyne
“Whatever you do or plan, there will be obstacles that you won’t be able to predict. And the bigger and more important the undertaking, the more likely the odds of encountering them will be. However, every obstacle is not actually an impediment, nuisance, or disaster: it is an opportunity for success. It is by overcoming obstacles that you learn and grow, and even find a sense of meaning and accomplishment.” – Neil Strauss