Profit for purpose, a business concept that attributes success to more than monetary gain and looks at the wider purpose of a company's business and operations, is becoming increasingly more important to modern stakeholders, with 1 in 5 entrepreneurs looking to ‘commit themselves to social benefit’.
While the focus does not remain on making a profit, it has proved to do so anyway with a study that took place from 1926 and 1990 showing that companies focusing on purpose returned six times more to shareholders than their profit driven rivals.
Creating emotional connections with stakeholders by addressing their beliefs and values, leads to an increased level of trust. Transparency is key in this type of communication and can have far reaching benefits for all parties involved.
While this equates to returns for external stakeholders, internal stakeholders also benefit from such ideas with staff more likely to feel connected to the company they work for, in turn boosting motivation and productivity, if they feel like they are working towards something important.
Transparent, clear communications can help to provide your audience with a keen look at what your company truly values. For more information on how we can help communicate your message, why not speak with our Think Team.