Why Purpose Matters

Information

Why Purpose Matters

The day you start your business, you should place "Purpose" at its forefront. This is a critical issue that fails to get enough attention. Many business owners that are asked, "What is the purpose of your business?" will answer "to make money" (or something similar). You might be thinking, "Isn't that the purpose of being in a for-profit business?" I can confidently say "no." By serving a purpose well and doing it in a profitable manner, you will "make money." The greater, the more needed and more desired the purpose you choose to serve, the more money you can make.

If I met you at a party and asked you to tell me about your business, where would you start? Most people tell me about their role, title, function, or product or service. For example, one person might tell me they are the Managing Partner in an accounting firm, or a tax accountant, or an auditor. A CEO might tell me he owns a company that manufactures retail skincare products. However, if that is what they view as their purpose they are in trouble. If you look at the marketplace, there is an oversupply of just about every product and service you can name. Think about it. When was the last time you thought, "There isn't a tax accountant or auditor to be found anywhere?" When was the last time you heard someone say "I wish I had more choices of skincare products because there are just not enough of them?" It just isn't going to happen. Because there is oversupply, services and products are available everywhere you go, as well as online and over the phone, and can be delivered in 24 hours.

Now imagine those same people had a different view of what their purpose is. For example, I have an accounting firm client whose purpose is to increase the wealth of the firm's clients. They have built a set of practice areas in tax, audit, technology, wealth management, etc. For each client they create a team that uses the strengths of each team member to devise the best strategy each year to help maximize their clients' wealth. While you might point out that every sizable firm has the same practice areas, this firm's view of what they are doing and why they exist is the difference-maker. My client's view causes them forge a nontraditional client relationship structure. They build specialized tool kits, hire specialized resources, and act in a way towards their client that has specific intention. I can assure you that not every accounting firm is creating the kind of relationship with their clients that would allow for such positive outcomes to occur and thus they are failing to help their clients reach their fullest potential as a result.

Only after you have established your purpose are you in the position to answer the following questions:

1. What problem(s) does our business solve for our client? 
2. What should our business do to achieve that purpose 
3. What types of clients do we want to have, and what will our relationships look like?

 

Members: 1
Latest Activity: Dec 26, 2015

Discussion Forum

This group does not have any discussions yet.

Comment Wall

Comment

You need to be a member of Why Purpose Matters to add comments!

 

Members (1)

 
 
 

 

Click Here For Jobs Listings

Sponsors

This Month: [open]

Previous Recent Sponsors:

Cafe Monteverde

Featured Non-Profit:

Charity Cup

[more info here]

 

NEW Become a Sponsor

Latest Latest Activity on InHouston Feed Featured Blog Articles on InHouston


Add a comment to any profile you are viewing now


Working Capital

Need Cash To Grow?
B2B Company?
Request More Info


Advertising

All Blog Posts

 

Latest Activity

Gale June Petrowski liked Newell Cheatheam's event InHoston Katy Premier Business Professoinal Networking Mixer
Thursday
Serge Gregoire posted an event

Free Health Seminar at Mind and Body Solutions

July 11, 2017 from 6pm to 7pm
Adrenal 101: From Fatigue to FabulousSee More
Jun 21
Downunda Pools and John S Glynn are now friends
Jun 15
Maria posted an event

Speed Dating for Professionals- Ages 34-49 at The Tasting Room -CITYCENTRE

June 15, 2017 from 7pm to 9pm
Register HEREPre-Dating's speed dating events are the fun and efficient way for people from the Houston area to meet face to face, live and in-person. Come to The Tasting Room - CityCentre at 818 Town and Country Blvd #100, Houston, TX 77024 for some Speed Dating and enjoy the great atmosphere while you go on many face to face 6-minute mini-dates with other busy…See More
Jun 15
Stephanie R Garcia liked Eric Standlee's event Limited to first 50 RSVPs, NW Houston Gregg Abbott Meeting
Jun 13
Ed Hendrix and Johnny Ogletree, III are now friends
Jun 13
Chris W. Guidry is now a member of InHouston
Jun 13

InHouston
Eric Standlee's event was featured

Limited to first 50 RSVPs, NW Houston Gregg Abbott Meeting at American Prudential Capital

June 20, 2017 from 7pm to 8pm
                                           Friend, Now that we have a Republican majority on the national and state levels, we are doing nothing but fueling the fire of the Democrats with every piece of legislation we pass and every word that our Republican representatives say. That is why it is more important than ever that we remain mobilized and fight to protect what makes Texas special: our Republican stronghold. On June 20th, we will be hosting a strategy meeting at 10216 Fairbanks N…See More
Jun 13

About

Badge

Loading…

© 2017   Created by Eric Standlee.   Powered by

Badges  |  Report an Issue  |  Terms of Service