PROFIT WITH PURPOSE

Balancing the dark side of capitalism starts with a clear and compelling purpose. As a matter of fact, it is purpose that drives performance. Purpose activates performance for the following reasons:

1. ?It clarifies the company's?direction?by creating an anchor for focus.
2. ?It?motivates?and inspires people in the organization.
3. ?It elevates its?reputation?because customers trust a business with a compelling purpose more.
4. It creates?relationships?because it changes how companies interact with their communities.?

Successful companies create a culture where both profit and purpose co-exist. A recent example is Panera CEO Niren Chaudhary, who faced massive layoffs at the start of the Corona pandemic. He relied heavily on the company purpose (abbreviated)?"We respect our planet and take measures to lessen our impacts. We believe in treating people with warmth, kindness, and respect, whether it's a guest in our cafe or one of our associates. And we believe in helping our local communities, especially in times of need."?and reached out to CVS and Walgreens before the layoffs. He knew they were short-handed and asked if they would consider his talented workforce before other candidates. If that was not enough, he offered free meals to all CVS/Walgreens employees and their families in this time of need.??

The company purpose provided Chaudhary with the framework to make the tradeoffs and choices he made. Let profit with purpose carry you through both the good and challenging times. To learn more, listen to this quick HBR podcast and read the book?Deep Purpose: The Heart and Soul of High-Performance Companies??by?Ranjay Gulati