The concept of “purpose led business” has been gathering momentum in recent years, influencing the thinking of the C-Suite, as well as customers, employees and investors.
Now this coronavirus has further placed the relationship between companies, government, society and the public into the spotlight. More and more, businesses are being expected to help society solve the problems arising from the pandemic. And many are rising to the challenge, using their purpose to inspire positive action. This also presents an opportunity to think more strategically, driven by purpose
In our review, we:
There are clear benefits in companies understanding how they’re defining their purpose and role within society, and using it as a ‘North star’ for making decisions in the crisis, and articulating this clearly to customers, employees and stakeholders. And there’s also a longer term opportunity to use purpose to take stock, reset and reimagine vision. At a time when BAU is already disrupted, it is an opportune time to reshape the business of the future driven by clear organisational purpose, to set out this narrative to disparate stakeholders, and to build strong foundations for the long term.