Is it really possible to balance purpose and profit? My guest, Phil Preston, the business purpose guide, talks about how it’s not only possible, it’s profitable! On today’s show, we discuss exactly what purpose is (and what it isn’t), and the criteria for a great purpose statement. We’ll talk about how modern business mindsets are evolving with some examples of how purpose-driven organizations benefit financially from a brand perspective, and how purpose leads to profit growth. Finally, we’ll discuss the first steps leaders can take to align profits with purpose. Sit back, enjoy, and take heart that there is proof that, as I always say, cash flow, creativity and compassion are not mutually exclusive!
- Philanthropy is great, but it is not enough on its own. You also need to align your business with purpose every day.
- Your purpose statement should be scoping, not too broad and not too specific, inspiring to your people, tells your customers what you stand for, is easy to communicate, and is durable.
- When you’re gathering input on your purpose statement, do it with intention.
“Hope is not a great strategy. You’ve actually got to define what success is going to look like.” — Phil Preston
About Phil Preston:
Business Purpose Guide
Phil left a comfortable corporate career where he oversaw $50 billion of investments to help companies go beyond symbolic acts of charity and align social and environmental challenges with core and profitable business. As an independent practitioner he helps executives and leaders across all sectors navigate the transition to the new economy, and is the author of Connecting Profit With Purpose.
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