Nearly ½ of your Competitors Don’t Have a Purpose Statement: How to Capitalize on Their Error

Why a Purpose Statement Matters: Even if you have a purpose statement, these simple tests will help you find out if you are part of the prepared ½.

In the age of rapid change, global pressure on all businesses small and large, turbulence in the economy, and obsolescence caused by technology, the only edge you might have is your story. Your story is why you do what you do.

Purpose centers management, workers, and stakeholders on the real value of an organization. There is little drift in mission or purpose if you and your stakeholders all know the power of your story. It is your business’s soul.

For example, MAK, a martial arts school in New England, has a story that is part of its decision tree. One of the owners sustained a brain injury in the late 1980s. He and his wife were told he would be dead, in jail, and/or divorced within 12 months. The only path out was rebuilding self-worth through a structured learning system. Enter martial arts. The recapture of his life, though completely different prior to the injury, was accomplished through teaching others that obstacles, even large ones that professionals considered insurmountable, could be conquered through the self-confidence gained in martial arts training. Contrast that story with, “it’s cool,” or the world is ending – be prepared”. Interviews with MAK stakeholders revealed that everyone knew their story. From students to local schools, non-profits they support, and even to the barristers at the coffee shop.

Test For Your Story or Purpose: Ask yourself if you can tell your story.

Then ask a family member, a friend, and a client what they think your story is.

If their telling of your story is not the same as yours or is absent, then you don’t have an effective purpose statement. Take some time to write your story. Ask family members and friends to spend some time reflecting on the passion that you deployed to start your firm, the people it helps, how it helps them, and the difference you make.

Then tell your story.

Be the Hero in Your Story

What is your story?

Tell us the story. Even if you do not have a business, you either work for one or have worked for one. What is their story?