Objective for this module: To develop your business purpose statement

Exercise: Circklo's framework to develop your business purpose statement includes 10 tasks (see the worksheet below for details and examples). (to complete the exercise, go to the Miro Board and look for the framework for Module 3).

Why is it important to develop a business purpose?

Because, by leading with purpose, brands can demonstrate their difference, reach people emotionally, and forge a deeper loyalty with their customers.

A brand that has a voice and is actively involved in society is no longer a faceless corporate entity. Some of the big corporations having been taking this seriously for some time now.

• Nike even has a separate website dedicated to their purpose. The footwear company, Toms, was founded on their purpose.
• And outdoor brand, Patagonia, has lead the charge when it comes to conscious consumerism by encouraging shoppers to buy less and repair, where possible. Despite asking their customers to buy less from them, Patagonia’s revenues continued to climb hitting $1 billion in 2017. 

Now it doesn’t have to be all about the environment when it comes to finding your brand’s purpose but, understandably, sustainability is becoming increasingly important for all businesses around the world, so it is essential that all business founders think about what their purpose is beyond profit. 

Ideally, a purpose statement should be broad enough to give a business room to shift focus, but specific enough to feel realistic, relevant and give direction.

A purpose should be ambitious and bold enough to inspire all stakeholders to get out of bed in the morning, but not so bold that it seems impossible!

Material to develop your critical thinking:

• Mentor interviews (Jenn Vande-Zande and Lisa James)
• Define your brand purpose for impact investment - deck with notes