Here is a simple truth: when it comes to giving your business a bigger reach, having a purpose and a cause others will be happy to fight for is essential. Period!
Whether you are a single entrepreneur, a high-level executive, a creative mind or a researcher, making an Impact is one of those important things which can change your life. And others’. Often, however, entrepreneurs and executives tend to think that making a difference or having an Impact is optional. Business is business, as they think.
Except that this way of seeing things is rather incorrect.
As it turns out, changing the rules of the game can be a good thing and it only requires a little bit of curiosity and a willingness to consider things differently.
Believe it or not, having a purpose and a cause is not just relevant to social entrepreneurship and charities. Ultimately, some businesses can make money without having a positive Impact, but in their struggle for money, many entrepreneurs miss the principle and fail. Those who try to make a difference for people, however, have a real opportunity to do better.
Without a doubt, an organization that changes the lives of people will attract philanthropy and funding, right? The same applies to business. When a product or a service makes a change, demand appears and the money comes.
The question is, where can you start and how can you build an impactful strategy to get you where you want? In this business blog article, we elaborate on the basics. At the end of the day, all it takes to make a difference is a problem to solve, a cause to defend, a beneficiary to fight for, and a commitment to keep moving on…
Interested? Keep reading.
The basics of having a purpose.
If, like many people, you believe that your business does not need a purpose, think again.
Of course, many businesses have no purpose apart from making cash and cash again. Yet, the key idea here is to say (and realize) that companies with a purpose or raison d’etre have much more weight than those that merely go with the flow.
When it comes to finding investors, for instance, many startups struggle with the very idea of explaining why they solve a problem that people will pay to get rid of. Actually, you would be surprised to see how many startup entrepreneurs start a project on a hitch and spend years developing a solution without actually wondering whether there is, ultimately, a problem to solve….
In any case, the point is simple: having a purpose means that your business’ foundations are built on something solid that others can relate to because they find value in the impact it makes on the world, on their life, or on someone else’s life. Yet, how do you do this?
Long things short, the idea here is that there can be no future Impact without a very specific set of factors. You need a problem to solve, a beneficiary for whom to fight, a cause to defend, and a deeply-rooted passion or commitment to keep you moving.
Yes, we know. That’s a lot. But read the previous paragraph again and think about it. Can you really expect to make any type of difference without those basics?
Your business needs a problem to solve.
The starting point when thinking about making an Impact is to spot a problem that actively needs to be solved. Interestingly, there are two ways to look at the ‘problem’ aspect.
In some circumstances, the problem is a genuine problem. There is a visible difficulty and there is hard-to-overcome trouble for people or organizations or all types. Simply put? There is a pain point, and that pain point gives you an opportunity to make an impact through alleviation and relief.
But your problem can also relate to a more positive set of circumstances. Take Elon Musk’s Space-X ships for instance. What is the key motivation behind the adventure? Saving taxpayer money? Not the point. Sending people to space? Sounds much more motivating, don’t you think?
Said differently, finding a problem to solve can be a matter of alleviating (relieving someone from) a major difficulty, but it can also be a matter of innovating to push existing boundaries to make the world progress. Spotting a pain point is a helpful impact indicator, that’s for sure, but we really need to start thinking creatively.
So, what problem does your business actually solve?
Your business needs a beneficiary for whom to fight.
Merely putting your finger on a problem is not going to be enough, though. A problem isn’t an actual problem if there is not beneficiary to fight for. You are unlikely to have an Impact if nobody is affected by your hard work, right?
If you run a business, whatever you sell needs to solve a problem for someone, so your beneficiary could typically represent a genuine market segment.
If you are a Non-Profit, the money you spend aims at improving a situation for a community, wherever it is and whatever its size. And the same story also applies if you are a researcher, an academic, a civil servant or a medical doctor.
Call your target a client, a customer, a patient, an end-user or a beneficiary. Pick any term you like, but in all these cases, the raison d’être of your organization is to fight for someone. The question is, who is the ultimate beneficiary of your fight?
Your business needs a wanted Impact.
Having a cause to fight for is just the beginning, however. Ultimately, your allies, your supporters and your funders will want more than a reason to fight. They will also want to know what Impact you are planning on making.
The point is important for several reasons.
One, knowing the Impact you want to achieve means that you make your fight more practical and more tangible for people. For instance, saying that you want to protect the oceans is a good cause, but explaining that your Impact will consist of literally taking five tons of plastic away from the sea makes your story much more tangible.
Two, and in a related manner, having a tangible Wanted Impact means that you will be able to develop test and measure mechanisms along the way to determine how much progress you have made and, of course, how much work remains to be done before you get to your Impact. That’s what we call Impact Thinking.
Three reasons why your business needs a purpose.
In case you had doubts, we thought that giving you a few examples could help, so here we go. First, a business with a purpose has great potential when it comes to attracting allies and partners. Second, a business with a purpose creates a deeply-rooted sense of commitment to keep you moving.
1. A business with a purpose and a cause attracts more allies.
First, a business with a purpose has great potential when it comes to attracting allies and partners.
Having a problem to solve and a beneficiary to fight for means that you possibly have a cause to defend and an Impact to achieve. But such a chain also has the merit to help you pave your way to your next steps, particularly when it comes to finding allies.
At the end of the day, and whatever you do, having a purpose is the best way to turn people into supporters (from various perspectives) and to give them a reason to help increase your results exponentially.
Do you work on your own and try to make a difference by yourself? In such a case, having a purpose and a Wanted Impact – beyond a mere problem – has multiple implications. One, having a purpose gives you the fuel you need to persevere and last on a long-term basis. Two, fighting for a particular cause is likely to be the best way for you to communicate, touch people and find advocates.
Are you part of a team? Having a purpose and a cause to defend is even more important! A cause means that all the members of your team share a common objective and a common belief that some change is needed. Eventually, a common belief acts as cement and turns into a common language, which is the key element to help to fuel the group.
In essence, that is to say, a powerful cause will always have an inspiring and galvanizing effect which will exponentially increase your ability to make Smashes, Bangs, and Wows.
2. A business with purpose also creates a deeply-rooted sense of commitment to keep you moving.
Let us summarize our reasoning here. One, your problem is your starting point. Two, a problem without a beneficiary isn’t a real problem. Three, a problem to solve and a beneficiary to fight for will give you a cause to defend. Four, a cause is only the beginning, and what really matters is your ability to define what is the Impact you plan to achieve.
Eventually, the combination of these four elements will prove useful (and efficient) when it comes to developing partnerships and finding allies of all sorts.
Impact happens overtime, and chances are that without a strong and deeply-rooted commitment you won’t make much of a difference after all. If you find a way to commit, however, the circle is complete and making an Impact becomes a rational undertaking.
3. A business with purpose helps building an emotional link with customers.
This third point flows from the previous two, but it is absolutely fundamental. When it comes to doing business, an entrepreneur’s ability to create an emotional link between the product/service and the client can make an enormous difference.
Think about it. Why do people stick with their favorite brands? Why do you keep buying computers from a specific brand? Why do you keep buying this particular eco-friendly washing machine liquid brand? Why would you buy a watch or a car worth years of your salary when you should rather buy one that does the job for a reasonable price?
The answer to those questions is the same: brands create an emotional link between whatever they have to sell and their clients. Sometimes the emotional link is a matter of trust and satisfaction. Sometimes it is a matter of social recognition. In most cases, the emotional connection is however related to a sense of purpose that both the client and the brand share.
And you? what emotional link have you built with your clients?
From Problem to actual Impact: the importance of putting things in writing
Last but not least, you should always try to put these things in writing. As we always say, nothing is clear until it’s written. A dream is a fantasy until you decide to act upon it. And it only becomes a project when you start planning your way into it.
So, take the time. Think. Overthink. Question. Test. Measure. Decide. And write it down.
We know, some people will call this BS, and we can understand why. After all, why bother with finding a problem, turning it into a cause which helps someone live a better life? Right?
The next step is very straightforward. Define your own basics, and built your Impact case study until you have something serious and satisfactory.
Think in terms bangs and Wows here, and remember that, at the end of the day, the type of project you plan on developing doesn’t matter. Whether you want to help people around you, build a business, conduct life-changing research or send people to the moon (and back, hopefully), the process is the same.
The question you can ask yourself is whether there are some problems and innovative ideas which really deserve your long-term attention and investment, both in terms of finances, time and efforts?
If the answer is yes, is there a beneficiary for whom your actions can make a difference? If yes, is the thing important enough to make a cause out of it and to commit to getting results? Last but not least, are you ready to commit to making an Impact out of that?
The point is, you can’t have an Impact without a strongly rooted commitment. If your goal is to change the status quo or to make a difference, then getting the basics right gives you the engine you need to make your impact happen.
Don’t take our word for it, though. Try to go ahead, see for yourself, and get in touch if you need a push!
