Does Your Business Have A Soul?

The next time you enter a coffee shop, restaurant, fashion store, retail store, or any other place of your interest – think about what pulled you there. Did you go there primarily for the products they were selling or were you drawn there by the vibe that the business exuded?

Did you know that just like human beings – a tree, a house, and your business also have a soul and a consciousness?

The soul of a business is its purpose and intention. It is through this that the business contributes to society, community, country, race, consumers, and other stakeholders such as employees, investors, etc. In other words, it is the soul of the business that inspires its employees to go the extra mile in their work, help customers develop a deep and meaningful connection with your brand, foster innovation, and creativity to develop new revenue streams, create success stories, improve decision-making, and sustain a strong relationship with stakeholders.

Why does the soul of an Organisation matter? Let’s understand this.

What do pharma companies deliver? They not only deliver drugs and medicines to enable healthcare companies to achieve better and more efficient patient outcomes, but also offer hope, trust, health security, and longevity to their stakeholders which is the soul of the pharma Organisations. Recognising and working through the soul of the Organisation can help 80% of corporate executives in European pharma companies who are rethinking whether their current processes, strategy, brand positioning, marketing, and delivery are worth the effort and costs, as per PwC Research. There is nothing wrong with pharma companies minting more money through their business. However, profiteering even after committing to purpose creates disappointment among stakeholders (especially customers). This is what happened with AstraZeneca in 2020 when they committed to offering COVID-19 vaccine to countries on a not-for-profit basis that was lauded by the entire globe, but in 2021 they flipped on their promise it made to the World – thereby receiving several backlashes and criticisms from its stakeholders for prioritizing profits over lives of the people during the pandemic. In such cases, you lose credibility and authenticity in the market which initiates the process of draining the life-force energy of the business’s soul.

The real-estate Organisations, on the other hand, help people to rise in Maslow’s Hierarchy of Needs – from basic needs (which are food, clothing, and shelter) to self-actualisation (which is self-fulfilment to achieve one’s full potential) by providing shelter and settlement to its customers. Said differently, through their housing projects, the soul of the business not only turns people’s dream into a reality for owning a house but also strengthens the root chakra of the people which is all about safety, security, and settlement. This is what Godrej Properties incorporated into their organisation's soul that has helped them maintain a strong presence in the Indian market and achieve cost efficiency. Incorporating spirituality in their business has helped them realize that the purpose is their true “North Star” which motivates them to be highly obsessed with customer experience through their philosophy of “Everyday Joys”. Hence, to excel in today’s real estate market, the leadership team and employees should consider working on their root chakra to feel settled in their own life for making people-centric delivery – which is all about settling and creating stability in people’s lives.

No matter how effective are your marketing campaigns or how talented your Organisation is – until and unless, the business radiates the vibe of its soul, all the efforts are a waste beyond a certain point in time.

As Jamshedji Tata once said, “In a free enterprise, the community is not just another stakeholder in business, but the very purpose of its existence” – the philosophy that helped the TATA group survive to date. Expressing the soul of the business through purpose and intention not only offers growth for the Organisation but also creates great enterprises – where profit is not a goal but just an outcome.

So, what do you think? Are you able to sense the soul of your business? Comment below to let us know. We would love to hear your views.?