Studies have suggested that only 25 per cent of businesses make it to the second decade of successfully leading a business. In other words, a scathing majority of 75 per cent of entrepreneurs are out of business within ten years. So yes, making a business successful and continuing it for more than a decade is a hopeless task for the majority. Even if you work hard, with smart strategies and creative plans, staying in business for long needs something more powerful. What can help a business last long and become more successful? Yes, you guessed right, the answer is the purpose, and it brings a big difference to the business.
The purpose of all businesses is not just profit or success. The truth is you don’t have to focus solely on profit to succeed. To run a purpose-driven business, you need to focus on the service your business provides and how it can help the customers and the community. Also, success comes when you genuinely care for the customers. Purpose-driven entrepreneurs have an idea or service that they always wish there would have been, an idea which can helps others. So, instead of focusing on the profit alone, if you run a business that can help and support, it will be more successful.
This article deals with three reasons why a purpose-driven business is more successful. Learning the importance of purpose can be a game-changer in your business.
3 Reasons Why a Purpose-Driven Business is Successful
Purpose-Driven Business have Great Social Impact
More than a business that focuses on profit, one that has a purpose and is motivated to provide good service has an impact. When you only aim for profit, people would find no merit in it as there are many businesses only focused on profit. But true success is when you aim to provide good products to customers. The service you do and the social responsibility you uphold manifest your purpose. Corporate social responsibility includes sustainable goals, community development and charity. So, the your role in the community, the service you provide and the benefits of your products to the customers are all factors that influence your success. So, your business purpose and how well you make it a reality will go a long way in helping you lead a thriving business.
Win Unswerving Support of Customers
One of the most important things you need to stay in business and be successful is the support of customers. Their loyalty and support can even get you out of challenging times. The loyalty of customers is hard to achieve; it takes time to win their trust and make your business familiar. But the effort you put into giving the best service will not go unnoticed. Customers will always remember good service and products. The most straightforward way to success is also the same; it is to give good products and services. So, if you do the business to help and not just focus on profit, you will have the unswerving support of customers.
Make Your Business Last Long Time
As I said, not every business lasts a long time in business. Many get out of business within ten years. But that’s not the case with a purpose-driven business. A business that has a vision and one that helps people are useful and valuable to it. People would want such a business around for a long time, unlike one that provides services and products similar to every other in the industry. Yes, your business purpose also makes you stand out from the rest. So, all these factors can make your business strong and add to its worth, making it last a long time.
A business is only successful when it last a long time, has stability, overcomes obstacles and has the support of customers. Leading a purpose-driven business means you have all these factors, and you have a good scope for winning. We all know that profit is a major priority in business, but the only thing to be careful of is that it shouldn’t be the sole priority. You set your business apart and accomplish great new heights by genuinely caring for the customers. Know what they want and what they need; your business should be a help and support; if that’s your purpose, your success is guaranteed.