By Kate McAfoose, President and Partner, Chang Robotics
As seen in GritDaily
It seems that every business in America is talking about the importance of being mission-driven and leading with purpose. But far too many are struggling to balance these priorities well. In the hard realities of the economy and workplace, many are failing to “walk the talk.” Employees and stakeholders can see the incongruencies and the culture will suffer. Alternatively, leaders may feel a kind of nobility in longsuffering and declare themselves motivated by goals “far higher than the almighty dollar.” They assume their positive acts and intentions will inherently assure their success, then stand idly by as their businesses fail.
Yet purpose-driven businesses can and should be among the most profitable businesses on earth. As wise stewards who are motivated by purpose, mission-driven organizations can produce ample profit to not only sustain their own growth but to lift the other smaller and newer organizations in their sectors as well. Profit and purpose are not mutually exclusive. Rather, they are essential partners in our very success.
So, how do we accomplish this? In our experience at Chang Robotics, we’ve been progressively writing a new model that prioritizes profit from lean operations along with sharing to lift our communities and companion companies in our industry sector. Likewise, we focus selectively on high innovation that creates the highest possible profit potential in areas that also make maximum impact on areas of need, such as food availability, clean and sustainable energy, and the creation of meaningful jobs.
To accomplish this, we place a high priority on authenticity, transparency, and responsibility as we set and keep goals. We communicate openly and transparently with our customers and partners. And we make no secret or apology for the fact that profitability is vital for ensuring that every purpose-driven business can thrive.
To that end, here are five of our most successful strategies for integrating purpose and profitability well:
1. Establish Core Values First
Your core values will serve as the guiding principles for your vision and decisions at every step. For example, we emphasize six:
Generosity
Diversity
Mentorship
Integrity
Exceptional Accountability
Innovative Thinking
You should choose your core values carefully and declare them openly as your commitment to uphold them in all situations. This commitment ensures that everything that follows aligns with your mission and vision, making it easier to navigate challenges and opportunities.
2. Choose Employees and Partners Carefully
Select employees and partners who share your commitments and values. Look for desire and emotional maturity. This alignment is more important than the specific skills they bring to your organization, as skills can be taught, but core aptitude and character are intrinsic. By ensuring everyone is on the same page in their declared and internal values, you create a cohesive and driven team.
3. Foster an Impeccable Culture
It is paramount to your profitability (and your ability to drive your mission and purpose) that you cultivate a work environment that people will not want to leave. For example, in our most current four years of business, we’ve only had one person leave, and her reason for going was to fulfill a faith-based mission that aligned with our own vision. It is a giant advantage to your mission as well as to your profitability to create and maintain a culture that retains talent and ensures a stable and motivated workforce.
4. Manage Personnel Changes Quickly
The adage about one bad apple spoiling the bushel is true. If you identify a poor fit within your organization, address it kindly but move swiftly. Your team will appreciate the decisive action, and you will benefit by maintaining a harmonious and productive environment. We have made hiring changes only three times in our history. In each case, we were careful to act within our principles but made the transition quickly and decisively for the greater good.
5. Remember That You Are Growing People as Well as Creating Products
It is imperative to view your organization’s work as a growing experience for everybody involved. Your future leaders are likely already present within your team. Fostering their growth will benefit both them and your organization. Make it a priority to provide opportunities for personal and professional development. This investment in their success will make your team members want to stay with your organization indefinitely or possibly even forever.
Of course, solid management and operational processes will also be vital to your company’s financial success. Plan carefully, execute with precision, and measure the outcome of every tweak to your operation to ensure that you optimize in every case for your greatest success. Avoid the temptation of letting your noble priorities excuse poor results or flawed execution. Be a strong leader by having the courage to make hard decisions when necessary and then, in every situation, follow through on your word.
By integrating these principles, it is entirely possible for your purpose-driven business to achieve both mission alignment and profitability, to ensure both the highest possible impact and your long-term success.
As seen in GritDaily
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