If you value your business No.3 – Define it

What is the purpose of your business? Why does it exist? How does it benefit others?

When I ask I‘m usually met with a blank faces followed by explanations of what their business does.

As a noun it is the reason for which something exists. As a verb it is an object or result towards which one strives.

Even if the purpose of your business appears obvious it’s worth spending some time to define it. Why? Because no matter how your company evolves over the years it’s the one constant that will never change. It will be there to remind you why you began this journey and where you’re heading.

You can view your purpose as the soul of your company or as a light that guides you and keeps you on the course you originally set out on.

A clearly defined purpose will keep you and your people focused. It will essentially bring everyone together for a common purpose.

When people understand better why the company they work for exists, they feel a part of that core purpose and know better how they contribute to that purpose and to the company’s success. So many good things come out of this.

From your core purpose, your vision, mission and values are formed and from them your goals and objectives. When the dots are connected in this way a company is more productive, more effective and more likely to stand-out in its crowd and enjoy long-term success.

To see how to define your business check out the “Core Business Statements” article in the library of free resource.

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