Corporations and businesses often change over time due to market forces, new technology and changes in leadership. Just because change occurs, that doesn't mean corporate growth must suffer. Consider long-running business models that undergo a purpose-led transformation that fosters innovation within all levels of a company.
Organizations that see a need to innovate may envision corporate growth as an extension of a company's overall goals. To that end, an innovation leads to a purpose-led transformation regardless of short-term profits. When a company examines its core mission statement and overall corporate philosophy, something changes first and profits come later.
For example, the original mission of Lever Brothers, a soap manufacturer founded in 1890, included "to make cleanliness commonplace ... to foster health and contribute to personal attractiveness." The new mission of Unilever, the successor to Lever Bros, includes halving the environmental footprint of the company by 2020 by innovating the production and use of Unilever's products. Growth occurred from this purpose-led transformation because more customers engaged with Unilever's ideals. Innovations came first and led to this huge change as profits came after retooling the company's brand. As many as 2 million people applied to work at Unilever after the corporation announced new initiatives.
A 2014 report conducted by Harvard Business Review found that 87 percent of business leaders surveyed believed a company's success hinges on a mission that goes beyond profits. In many cases, a purpose-led transformation means a company stands for something greater than money. Firms want to help people improve their quality of life while doing good things for communities and for the planet. Examine how large corporations such as Microsoft, Target and Wal-Mart have foundations that give money to charitable causes.
The idea behind a purpose-led transformation is to turn intangible goals into tangible commitments and streams of revenue using data and metrics. Cloud computing software within the manufacturing industry leads to real-time collaboration among production lines, suppliers, customers and end-line users. Cloud computing means companies don't have to replace entire computer systems to run more efficiently, yet this innovation allows everyone to communicate more effectively within a business.
Companies that fail to innovate in such tangible ways could fall behind the competition. Manufacturing represents just one example of transformation and innovation leading to higher profits, but the model works for other sectors as well. Firms that don't observe trends or pay attention to what customers and employees need lose market share when they fail to engage with the humans responsible for buying products or services.
A companywide, purpose-led transformation gets people talking about your company through social media channels, in the mainstream media and through trade publications. Consider what positive press can do for your business years down the road by talking about innovations sooner rather than later.
Photo courtesy of Stuart Miles at FreeDigitalPhotos.net
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