In today’s fast-paced, money-driven world, putting purpose before profit is not only admirable, it’s key to the long-term success of businesses. This agenda-setting mindset emphasizes the importance of making a meaningful impact and putting the well-being of people and the planet before short-term financial gains.
Businesses can have a significant impact on society, proving that true success is not measured by financial gains alone, but by the positive and lasting difference they make. This helps build trust and loyalty among consumers, attract and retain the best employees, and create a respected brand.
When purpose equals profit
He Lloyds Bank British Business Excellence Awards The Business Purpose Before Profit Award aims to recognise companies that demonstrate that ethics, integrity and social awareness make business sense.
Experts in specialized housing The Housing NetworkThe 2023 award winner demonstrates this by leading with a social purpose, offering support and housing to some of the most vulnerable members of society. CEO Gary Teper believes that a purpose-driven business model gives them an edge over competitors focused solely on maximizing shareholder value. “If we focus on purpose/mission and stay true to our values, then we believe that success for the entire company will follow,” he says.
They prioritize values over immediate profits, which sets the foundation for a strong work culture that builds resilience, positivity, and trust. This approach cultivates a workplace where joy fills meetings, trust breeds safety, and growth and leadership are defined by service and empowerment. Embracing boldness to challenge the status quo and inspire imagination in leadership further enhances organizational culture.
Wholesaler of fine foods Cotswold FairThe 2022 award winner showcases these principles through core values that prioritise fun, trust, empowerment, innovation and inspiration. Paul Hargreaves, Chief Empowerment Officer, says: “A clear purpose helps companies focus more on their goals, work better together and grow faster. Today, good people don’t just want to come to work to make money for themselves or shareholders – they want to make the world a better place.” By embodying these values, companies not only attract consumers and partners, but also foster a culture where profits come naturally as stakeholders are drawn to organisations that stand for something bigger than themselves.
In an environment where purpose is emphasized over profit, innovation and creativity naturally flourish, and when a company’s purpose drives its innovation, new ideas are welcomed, collaboration is encouraged, and employees feel safe enough to take risks.
To foster this type of innovation, companies must adopt key strategies such as promoting a growth mindset, open communication, and encouraging collaboration across all departments. Rewarding creativity, giving employees independence, and investing in continuous learning all contribute to the development of this type of innovative thinking.
Lead by example
Leaders play a critical role in modeling commitment to the company’s purpose and creating a safe space to take risks. Aligning this innovation with the company’s mission and celebrating diversity and inclusion ensures that all voices are heard and valued.
Paul Hargreaves echoes this sentiment: “The key aspect here is to create an atmosphere of psychological safety where people are not afraid to try new ideas and make mistakes, knowing that if the worst happens, they will be praised for their innovation and creativity. Ensuring our leaders are authentic and demonstrate vulnerability also helps.”
By implementing these strategies, companies not only drive innovation and creativity, but also make significant progress toward achieving their purpose, resulting in meaningful and impactful progress, ensuring that company growth is sustainable and deeply rooted in its core values.
Sarah Austin, Director of the Awards, said: “Today, consumers and employees are increasingly conscious of responsibility and consider the wider impact when deciding where to spend their money or time. They want to be assured that the companies they support are equally committed to responsible practices and positive contributions to society.
“When a company has a clearly defined purpose, it signals that the company values more than just profits. This purpose-driven approach demonstrates a genuine commitment to making a meaningful difference that resonates deeply with stakeholders.
“It builds trust and loyalty, and shows that the company is committed to the greater good, not just the bottom line. Ultimately, this mindset creates a stronger, more respected brand that attracts dedicated employees and loyal customers who share those values.”
Find out more about the Lloyds Bank British Business Excellence Awards 2024, the award categories and criteria, and how you can enter. here
