|| Print ||
|Thursday, December 05, 2013|
BY WENDY MAYNARD | GUEST BLOGGER
“Core purpose” – it’s been identified by the most influential business authorities of our time as one of the key ingredients for a high-performing organization.
Jim Collins and Jerry Poras, authors of the innovative business classic Built to Last, embarked upon a 6-year study of truly exceptional companies that have prospered over the long term, including well-known brands such as Hewlett-Packard, 3M, Procter & Gamble, Nordstrom, Disney, and Marriott. These long-lasting organizations each have a remarkable average of 100+ years of sustained business performance.
Collins and Poras uncovered some key components that have allowed all of these high-performance businesses to both endure and thrive.
One of these key components is a deeply-held core purpose that creates a strong sense of identity and continuity throughout a business.
Here’s how Collins and Poras describe an organization's core purpose:
"[It’s] the organization’s fundamental reason for being. An effective purpose reflects the importance people attach to the company’s work—it taps their idealistic motivations—and gets at the deeper reasons for an organization’s existence beyond just making money."
What’s your company’s core purpose?
A core purpose is bigger than a charismatic leader, product, service, team, or technology.
As Simon Sinek says in his book, Start with Why, it's the idea of who you are as a company and why you exist. As such, an organization's core purpose has to be completely idealistic.
Your ability to prosper as a company is not about what you sell, it's about what you believe. And it should drive everything you do.
Unfortunately, too many companies fail to capture this concept. Instead, they end up with uninspiring, cliché mission statements that are neither motivating nor memorable. These businesses are often driven solely by profit and performance, which in today’s rapidly evolving marketplace isn’t sustainable.
“Leaders die, products become obsolete, markets change, new technologies emerge, and management fads come and go, but core ideology in a great company endures as a source of guidance and inspiration,” Collins writes.
The whole point of your core purpose is to motivate and lead your people. It’s the glue that holds your company together as it grows, expands, and diversifies. Employees at every level of your company must know that at the heart of what they do is something meaningful that continuously anchors their daily activities.
Defining your core purpose is all about clarity, genuineness, and alignment. It doesn’t have to sound impressive on a billboard or as a tagline. It does, however, have to be meaningful to your business.
A true core purpose will endure throughout the lifetime of your company.
How do you identify your core purpose?
Collins identifies five important characteristics of a company's core purpose:
Bear in mind, your core purpose is not your strategic differentiator. In fact, you can have the same or a similar core purpose as another company, even one that is in an entirely different industry.
For example, both an interior design company and a landscape company might have a core purpose of "bringing beauty to people's lives." A puzzle company and a team-building event organization may share a core purpose to "provide tools of imagination."
Not sure where to start? Here are some questions that can help you determine your core purpose:
You’ll know when you finally identify your core purpose because it will be accompanied by a strong sense of conviction. Your team will feel a deep "yes!" when it is uncovered.
Delving into the depths of your business and finding your core purpose will take effort – it’s a major evolution in thinking. But when you make the strides to shape your business from the inside out, you are undertaking actions that have a high ROI.
Knowing your core purpose will heighten employee and customer engagement. Your purpose-driven brand will create and inspire enthusiastic advocates who are personally invested in your company’s success.
Have you uncovered your company’s core purpose? Let us know in the comments section below.
Wendy Maynard is a marketing strategist and business consultant who coaches CEOs and leaders on how to build brand awareness and become the top company in their industry. She is the co-founder of Kinesis, a Portland-based marketing firm.
|10 Innovators in Rural Health|
|The Private 150: From Strength to Strength|
|Farm in a Box|
|Preserving the Legacy|
|Flattery with Numbers|
|Downtime with Debra Ringold|
|Amazon earns $92M in profit|
|Under Armour bests Q2 earnings expectations|
|More than a hundred passengers forced to stay overnight at PDX|
|Immunization rates to be available to parents|
|CEO who pledged $70K minimum wage sued by brother|
|Toshiba executives resign over $1.2B accounting fraud|
|Elusive snow leopard captured in photos|
Court experience helps legal firm anticipate potential problems for clients and prevent expensive litigation.
When Garmin AT needed to consolidate operations for its 550 employees, it scanned its entire corporate map for possible sites.
The technology industry is always in flux. And this rapid rate of change poses challenges to companies ranging from nimble startups aiming to make their mark to established organizations fighting to remain relevant. This is particularly true in the competitive digital display market, where an Oregon company has been at the forefront of nearly every major breakthrough in the last three decades.
A look back at the shifting sands of Portland’s growth and development.
Robert S. Wiggins has joined Lane Powell as a Shareholder in the Corporate/M&A Practice Group. Wiggins is a well-known lawyer, entrepreneur, and investor with more than 30 years of experience leading and advising established and emerging companies in the Pacific Northwest. Wiggins will focus his practice on offering outside general counsel services, including general corporate and board representation, business transactions and capital events.
DEDICATION PARTY: Help the Port of The Dalles celebrate its newest shovel-ready industrial land Friday, July 31, from 1:30 to 4 p.m.