Tag: business

Ways Investing in Impact Helps Business

  1. Companies that focus on impact have 12-14 times more income than those that focus only on profit. They even perform better than best practices companies in Jim Collins’ Good to Great list.
  1. You have distinctive positioning. This is especially important for crowded markets and those with established and well-regarded players. Both millennials and over-40s are drawn to companies with a higher purpose, by knowing that their purchases matter. People are increasingly willing to look at products and services not just as commodities, but as the opportunity to have a high value experience grounded in impact and the ability to contribute themselves just by supporting impact-focused companies.
  1. You attract the best people, ones that are motivated by your mission. That means an engaged workforce. People are inspired to perform above and beyond, to bring themselves more fully into their work. Fulfilling work, where we spend so much of our days, helps us have a fulfilling life.
  1. You reduce the churn of employee departures. You avoid money and knowledge lost due to increased turnover and the loss of valued employees It’s a renewing wheel where you retain valuable employees in the older age range with their wealth of experience and promising young performers too, and bring in even more engaged people into your workforce, and potentially even new customers as engaged employees become brand ambassadors.
  1. You thrive with a higher purpose. What helps you get through those challenging times is a bigger picture, a greater contribution that you are willing to make. So you move through obstacles more easily, you stay motivated to move through them, and you don’t waste a lot of time and energy wishing things were different.
  1. You avoid commoditization. For people aligned with your vision of impact, a purchase from your company becomes a moral and ethical decision, not just a cost comparison.
  1. When you don’t invest in impact, you remain trapped in the profit economy, which is dying along with the companies in it, at a faster and faster rate. A move to the impact economy, with a pivot in your company to focus on impact, helps you be sustainable.

Passion and Business

Passion, then, is the key ingredient between throwing in the towel, or getting up to fight the next round. There is a refining moment where every business owner goes through intense heat. This heat can either polish you or finish you completely but it all depends on the level of passion in the business.

To always keep your goals ahead of you is tough when everything is bursting at the seams. This is why asking questions is a survival skill.

“Why am I doing this? What works? What doesn’t? What can I do better?”

These questions tackle the level of passion you are carrying for the business. Sometimes, answering these questions may make you revisit exactly how you ended up in that business. This in turn focuses on your motivators. They are the little coals that keep your passion alive. They make going through the grime seem worthwhile even though the outlook seems bleak. As long as you keep asking these questions, you automatically take your mind to your motivators. That’s why challenges really should never worry you, but dwindling passion should ring alarm bells!

So, when passion starts to dwindle, simply repeat the questions, “Why am I doing this? What works? What doesn’t work? What can I do better?”

Once you have your mind on your motivators, the dying passion will be revived once again.

Why am I doing this? It’s the path towards achieving goal X, Y, Z…

What works? So far, what have I achieved? Am I still on my way there?

What doesn’t work? What has derailed me on this course? Is what I’m doing still viable? If I change course, what will still take me to goal X, Y, Z…?

What can I do better? What hasn’t stalled but isn’t performing well either? How can I affect the rate of growth? Do I really need more money? Can I do it differently? Can I borrow a strategy? Who has done this and it’s working for them?

When stalling, don’t resign. Ask. What you fear will always paralyze you. Once you question its power, you have a fighting chance left. Always ask.