There is a growing consensus that the interests of both society and investors are best served by organizations that focus on multi-dimensional value creation for the benefit of all their stakeholders, not just shareholders.
Yet there is still a long way to go before many organizations take this rhetoric seriously and act on it—if at all.
Purpose is a complex concept that can be difficult for leaders to grasp and even more challenging for organizations to activate. This can result in poorly defined or misunderstood corporate purposes and value statements, leading to an absence of consensus on how goals should be pursued.
Purpose is not a static thing. It evolves over time, and it needs to be continually refined to remain relevant and compelling.
When we lack purpose, we can become indecisive and apathetic. We’re no longer focused on the end goal but rather on what feels right in the moment. This makes it hard to stay on track and achieve our goals.
So, how can we start to activate a purpose that is compelling and actionable?
The first step is to determine what value your organization contributes with, who it serves, and to whom.
This may seem obvious, but many organizations struggle with this task because they haven’t taken the time to define and implement their business model and strategy clearly. Without this foundation in place, it’s difficult for an organization to know where its efforts should be focused or what success looks like.
Involve your stakeholders in this work, they might have a lot of valuable information for your process!
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Unlocking Your Purpose: How Engaging Your Stakeholders Can Drive Success
March 14, 2023
By Helene Ahlberg