In my last blog, I spoke about how visionary companies with a mission, tend to be more successful, valuable and profitable in the long term than those who are purely profit seeking. But not only is this true, I believe this is increasingly the case, and only likely to be more so in the future. Why?
In a world of increasingly cynical and savvy consumers, it’s imperative that businesses have a compelling story for their customers: why should they buy from you? In a highly competitive marketplace, where they’re spoilt for choice and have to decide between tens or hundreds of options. Struggling to juggle questions of price, quality, customer service, and so on, what sets you apart?
Your mission is something that can elevate your products into being something more. You’re no longer a faceless corporation. Your values and mission can create a real emotional connection between you and your potential customers.
Something very similar is happening with employees too. Millennials, who make up an increasing proportion of the workforce, place greater emphasis on a company’s mission and aims when they’re deciding where to work.
Whereas, in previous years, recruits would have had to rely largely on the interview experience to tell them what a company is like, today there’s a wealth of information. Websites like Glassdoor which offer online employer reviews from existing employees give potential prospects insight into the company, meaning you can’t neglect your culture and employer brand!
Yet many businesses are still way behind the curve. It’s the entrepreneur’s role to drive changes forward, but that has to involve educating the whole team that value is more than profit and instilling an understanding of the company’s vision and mission so that everyone understands what ‘value’ really means.
If the team doesn’t understand value, they simply won’t be able to make the right decisions about what opportunities to pursue, how to best go about their jobs, set targets, and so forth. On the other hand, if you train up your team to understand what value means to the company, they’ll be able to independently ‘do the right thing’ regardless of the situation.