Got purpose?

The standards for business are being re-written – It’s not just about outright profit anymore.

So many businesses exist for a purpose.

In a single day this week, I met:

• A lawyer who runs a zero-waste coffee shop;
• A reformed gambling addict whose marketing business now supports others battling addiction;
• A cleaning company who will donate $1million to charity this year; and
• An insurance broker who sacrifices sleep to comb through the fine print in her clients’ insurance policies, because she’s seen too many young tradies go out of business from shady policies that didn’t protect them.

Business plans (if you’ve ever completed one start to finish) ask for certain criteria – this is directly from Lawpath’s business plan template. To complete it you must include:

• A business overview
• Your products and/or services
• Your structures and resources
• Your business management and operations
• A market analysis and strategy
• Your financial analysis

None of those items asks about purpose.

Also from Lawpath:

“These days venture capital firms, banks and Investors insist that you have a business plan in place before they invest. Additionally, it’s a great sales and recruiting tool for courting key employees and future investors.”

Adding a purpose would still support the statement above. In fact, I’d say it would only strengthen it.

And while I agree 100% that a sound business plan is a smart asset to create, I’d argue that excluding the purpose for which this organisation will exist is like excluding the topping from a pizza. Who wants a pizza with no flavour?