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Philosophy: The Importance of ‘why’

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Philosophy

Hi friends,

I’m going to take some time this month to talk to you about the ‘why’ in business. The ‘why’ referring to your business and ‘why it is in business?’.

With 66% of consumers willing to pay more for a purpose – understanding this ‘why’ is so important.

A TED talk that has over 41 million views talks about the importance of ‘why’. Simon Sinek suggests that whilst every business needs to make money and create wealth for its shareholders and stakeholders, the business’s success lies within its ‘greater purpose’.

A purpose that is more about the business and how its products and services can assist and add value to their clients and less about the profit they make.

Being able to make your employees, clients, strategic partners and all other parties involved in your business to understand your greater purpose you will see many benefits, including:

  • Staff retention, attraction and performance
  • Differentiate yourself from your competitors; and
  • Stronger relationships with your clients

So, I ask you to take a step back from what you are doing and ask yourself what is the greater purpose of your business?

That’s all from me for now. Wishing you all a safe and happy festive season and I will see you all again next year.

Cheers,

Phil.

Here at Ledge, we are proud of the companies who achieved business growth through innovation by partnering with us. We like to share their stories to show how they overcame obstacles through sound business strategy.

To learn more about what Ledge can do for you, contact us today.

 

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