Entrepreneurs and small business owners may start businesses for any number of reasons, but if they hope to stick around they must quickly and clearly define the purpose of their brand.
That's because defining a business's purpose can have a number of important benefits for various aspects of that business. More information on the importance of defining purpose can be found in the following video.
"Identifying your purpose can be a very powerful activity for a company or your brand," said Kiva Starr, vice president of cause and corporate social responsibility at MSLGROUP. "One of the core reasons why this is powerful is the fact that it has the ability to ignite and create movements that really catalyze your employees, your key stakeholders as well as consumers in the society."
Not only does defining brand purpose benefit stakeholders and employees, but it also helps to ensure that the company is running in the best possible way, Starr adds.
"It creates a focus and lens that allows you to identify the most powerful strategic partnerships, the most business aligned strategies and the most highly effective tactics that all ladder up to your higher purpose and true reason for being as a company," Starr said.
Starr has support from others when it comes to defining purpose. In fact, Kori Reed, vice president of the ConAgra Foods Cause and Foundation, says employees can be motivated by a purpose that falls in line with their personal beliefs. Reed adds that employees get a sense of pride from working at a company with a purpose that goes above and beyond traditional businesses ventures.