4 Steps to Building a Purpose-Driven Business Learn how to build a purpose-driven business that thrives by focusing on sustainability, community and impactful values.
By Chris Bowman Edited by Chelsea Brown
Key Takeaways
- Building a business with purpose has become a necessity, as the world is increasingly focused on sustainability and social responsibility.
- Having a mission-driven business can significantly impact your success, with 70% of consumers choosing to back brands that support causes, even when facing tighter budgets.
- There are four practical steps entrepreneurs can take to build a purpose-driven business.
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In a world increasingly focused on sustainability and social responsibility, building a business with purpose has become a necessity. A purpose-driven business creates a nurturing environment for its stakeholders, which reminds me of some of the underlying principles of running a successful chicken coop and my experience building Chicken Coop Company. Here, we'll explore the lessons we can learn about infusing a business with a strong sense of purpose.
Make no mistake: Having a mission-driven business can significantly impact your success. Even when facing tighter budgets, 70% of consumers, which marks an 11% increase from 2022, consciously choose to back brands that donate money or supplies to causes that are important to them. Italian shoppers are especially enthusiastic, with 84% prioritizing these mission-driven brands.
To ensure your business operations reflect your values, start by clearly defining your mission and values. Integrate these values into every aspect of your business, from product development to customer service. Just as a chicken coop must have all its components working harmoniously to create a safe haven, your business should have its operations seamlessly aligned with its values.
Related: 3 Ways to Become a Purpose-Driven Company
Conduct regular assessments to ensure your practices line up with your values. This might involve auditing your supply chain for sustainability or implementing employee training programs focused on your mission. Also, communicating your mission effectively is crucial for attracting and retaining customers. Transparency and authenticity are key. Share your story and the impact of your mission through various channels, such as social media, your website and marketing campaigns.
This is a great time to make sure your company "voice" is aligned with your purpose-driven mission. For example, if you were reading your website, emails, SMS or other communications, would you clearly be able to hear, perceive and understand the purpose you're trying to communicate? If not, now's the time to put the right words, graphics, gifs and videos together to communicate the benefits of your product or service to the customer and do so on the foundation of your mission-driven purpose.
Taking lessons from the chicken coop, let's explore practical steps to build a purpose-driven business.
1. Define your mission and values
A clear mission and set of values act as a compass for your business decisions and help attract like-minded customers and employees. Whole Foods Market's mission of "Whole Foods, Whole People, Whole Planet" guides their focus on natural and organic products, employee welfare and environmental sustainability. This clear mission has helped them build a strong brand and loyal customer base, even when they are the more expensive option. Just as chickens thrive in an environment designed for their needs, employees and customers are drawn to businesses that reflect their values.
Adding to this, it's crucial for businesses to regularly revisit their mission and values, ensuring they remain relevant as the market evolves. This ongoing alignment not only builds internal coherence but also enhances the external perception of the brand as genuinely committed to its foundational principles.
Related: 4 Essentials for Making Your Company Mission Thrive
2. Integrate your values
Integrating values into business practices ensures consistency and builds trust with stakeholders. Dr. Bronner's, the organic soap company, integrates its values by committing to fair trade, organic ingredients and ethical sourcing. They also cap executive salaries and donate a significant portion of their profits to social causes. This commitment has earned them a loyal following and industry respect. Like a well-constructed chicken coop that provides consistent shelter and food, businesses that integrate their values create a reliable and trustworthy environment for their stakeholders.
Companies should consider establishing partnerships and collaborations that reinforce their values. For example, partnering with non-profits that align with a business's mission can enhance credibility and extend its impact beyond direct customers. A great example of this would be a vitamin company aligning with Vitamin Angels to give free vitamins to those who are malnourished.
3. Be transparent
Transparency fosters trust and loyalty among customers and stakeholders. Everlane, a clothing company, practices "radical transparency" by sharing the true cost of its products, detailing the manufacturing process and providing transparent pricing. This approach has resonated with consumers and set them apart in the fashion industry. Transparency in your business, like a clear, clean and open chicken coop, helps build trust and loyalty among those who depend on it.
According to a recent survey by Sprout Social, 86% of Americans believe transparency from businesses is more important than ever before. The same survey found that 73% of consumers are willing to pay more for products that offer complete transparency. Buffer, a social media management platform, practices transparency by openly sharing company financials, salaries and business metrics on its public blog. This transparency builds trust and aligns with their value of openness.
Related: 5 Examples of Companies Succeeding Through Transparency
4. Engage your community
Building a community around your business can increase customer loyalty and advocacy. The Honest Company focuses on community engagement through social media, customer feedback and educational content about healthy living. Their approach has helped them build a strong, engaged community of parents who advocate for the brand. Just as a coop is a community for chickens, developing a community around your business creates a supportive and loyal customer base.
To that end, consider hosting community events and workshops that promote your products or services while providing value and enrichment to your audience, thereby strengthening the bonds within your business's community.
Ultimately, building a business with purpose — much like constructing and maintaining a chicken coop — requires dedication, alignment and transparency. By ensuring that your business reflects your personal values and communicates its mission effectively, you can create a positive impact on both your bottom line and the world. Take the lessons from the chicken coop and start building a business that not only thrives but also makes a difference.
