The power of purpose
TLDR Purpose can help you generate sustained profitable growth, stay relevant in a rapidly changing world, and deepen ties with your stakeholders
In a global study of high growth in companies examining the importance of three growth-oriented strategies (creating new markets, serving broader stakeholder needs, and changing the rules of the game), an unexpected 4th driver was discovered – purpose.
The study included interviews with C-level executives at 28 companies in the US, Europe, and India, companies with an average CAGR of at least 30% over the prior 5 years.
By moving purpose to the core of their strategy, these companies were able to “generate sustained profitable growth, stay relevant in a rapidly changing world, and deepen ties with their stakeholders.”
How did it help? Purpose played two important strategic roles which helped them overcome a variety of challenges, including slowing growth and declining profitability–
Redefined the playing field
Reshaped the value proposition
In addition, McKinsey research found that 82% of employees believe it’s important for their company to have a purpose. And that purpose can “shape company strategy, engage customers and community, and steer choices at moments of truth.”
Are you ready to get clear on your purpose?
At Sea Sprite, we ground your business strategy in your WHY. It all starts with your North Star. If you get really clear on your purpose, everything else will flow from there.
We can help you create a strong, intention-based operating framework which will provide structure that allows you to–
Define corporate-level objectives and key results
Create a framework for team-level strategic initiatives
Evaluate the people, tools and processes needed to successfully execute the plan
If you are ready to get clear, let’s talk!
Just curious? Happy to chat and share more. You can reach us here.
Cheers,
Miche
