In our fast-paced, money-driven world, putting purpose over profit isn’t just admirable, it’s key to lasting success for business. This agenda-setting mindset emphasises the importance of making a meaningful impact and putting the wellbeing of people and planet ahead of short-term financial gains.
Companies can make a significant impact on society, showing that true success is measured not just by financial gains but by the lasting, positive difference they make. This helps to build trust and loyalty among consumers, attract and keep great employees and create a well-respected brand.
When purpose equals profit
The Lloyds Bank British Business Excellence Awards aims to celebrate companies that prove that ethics, integrity and a social conscience make commercial sense with The Business Purpose Before Profit Award.
Specialist housing experts The Housing Network, winners of the 2023 award, illustrates this by leading with social purpose, offering support and housing to some of society’s most vulnerable members. Gary Teper, Managing Director, believes that a purpose-driven business model gives them an edge over competitors focused solely on maximising shareholder value. “If we focus on purpose/mission and stay true to our values, then we believe that success for the whole business will follow,” he says.
They prioritise values over immediate profit, which lays the foundation for a robust workplace culture that creates resilience, positivity and trust. This approach cultivates a workplace where joy fills meetings, trust breeds confidence, and growth and leadership are defined by service and empowerment. Embracing boldness in challenging the status quo and inspiring imagination in leadership further improves the organisational culture.
Fine food wholesaler Cotswold Fayre, recipients of the 2022 award, showcases these principles through core values that prioritise fun, trust, empowerment, innovation and inspiration. Paul Hargreaves, Chief Empowerment Officer, says: “A clear purpose helps companies be more focused on their goals, work together better and grow faster. These days good people don’t just want to come to work to make themselves or the shareholders money, but they want to make the world a better place.”By embodying these values, companies not only attract consumers and partners but also promote a culture where profit naturally follows, as stakeholders are drawn to organisations that stand for something greater than themselves.
In an environment where purpose over profit is emphasised, innovation and creativity naturally flourish, and when a company’s purpose drives its innovation, new ideas are embraced, collaboration is encouraged, and employees feel secure enough to take risks.
To nurture this kind of innovation, companies should adopt key strategies such as promoting a growth mindset, open communication and encouraging collaboration across all departments. Rewarding creativity, providing employees with independence and investing in ongoing learning all contribute to the development of this kind of groundbreaking thinking.
Leading by example
Leaders play a pivotal role by modelling a commitment to the company’s purpose and creating a safe space for risk taking. Aligning this innovation with the company’s mission and celebrating diversity and inclusion ensures that all voices are heard and valued.
Paul Hargreaves echoes this sentiment. “The number one aspect here is to create an atmosphere of psychological safety where people are not afraid to try new ideas and make mistakes, knowing that, if the worst happens, they will be commended for their innovation and creativity. Ensuring that our leaders are authentic and demonstrate vulnerability also helps.”
By implementing these strategies, companies not only boost innovation and creativity but also make significant strides toward achieving their purpose. Leading to meaningful and impactful progress, ensuring that the company’s growth is sustainable and deeply rooted in its core values.
Sarah Austin, Director of the Awards says: “Consumers and employees today are increasingly mindful of accountability, looking at the broader impact when deciding where to invest their money or time. They want to be assured that the companies they support are equally committed to responsible practices and positive contributions to society.
“When a business has a clearly defined purpose, it signals that the company values more than just profit. This purpose-driven approach shows a genuine commitment to making a meaningful difference which resonates deeply with stakeholders.
“It builds trust and loyalty, demonstrating that the business is invested in the greater good, not just the bottom line. Ultimately this mindset builds a stronger, more respected brand that attracts dedicated employees and loyal customers who share those values.”
Find out more about the Lloyds Bank British Business Excellence Awards 2024, awards categories and criteria, and how you can enter here
Source: independent.co.uk
