Business + Purpose = Competitive Advantage
Welcome to our very first blog post! Nuvola Holding Company was founded with a core focus of building purpose-driven businesses that do good for our planet and its people, and we are excited to begin this journey with you. Today, we want to dig into the basics of why businesses that operate with an authentic purpose outperform their competition.
Dr. Nicholas Pearce, the author of The Purpose Path, defines connecting with our purpose as “engaging in the radical act of connecting our souls with our roles.” There is a movement happening right now in which employees and customers want to connect with businesses that share common values. People want more than a paycheck or a transaction. This movement is driving organizations to activate a purpose-driven mindset instead of a profit-driven one. This can be achieved by enabling the right balance between shareholders (financial needs) and stakeholders (needs of the workers, community, and environment) in a way that improves the quality of life for everyone.
In a purpose-driven business, workers wake up in the morning and say:
- I get to learn & grow.
- I belong, I’m included, I matter, and I make a difference.
- I work in a system that is equitable, leverages my strengths and enables me to thrive personally and professionally.
- I get to be a part of this movement and I’m not just there to make a paycheck.
- I am proud to work for a company that makes a positive impact on society.
A purpose-driven organization outperforms its competition by:
- Maintaining higher customer loyalty
- Outperforming the market and its competitors
- Achieving stronger engagement, even if offering a lower salary
- Realizing higher worker productivity and loyalty
- Enabling leaders to inspire and connect with employees and customers in an authentic way
Purpose-driven businesses unite customers and workers through an authentic shared purpose. It forms a perpetual optimism by capturing the imagination, loyalty, creativity, and passions of its internal and external networks. These companies do not compete to be the best in the world – but instead compete to be the best for the world.
Want to learn more?
We recommend the below resources:
- Global Study Reveals Consumers Are Four To Six Times More Likely To Purchase, Protect And Champion Purpose-Driven Companies (Forbes)
- A Study Says Your Company’s ‘Purpose’ Can Increase Returns By 400 Percent (Inc.)
- 9 Out of 10 People Are Willing to Earn Less Money to Do More-Meaningful Work (Harvard Business Review)
- Engaging Your Employees Is Good, but Don’t Stop There (Harvard Business Review)
- The Business Case for Purpose (Harvard Business Review)