Higher Purpose in business. How valuable is it? and Why?

Alejandro Berea Co-creating PYMES con wevos

October 15th, 2014

Tony Hsieh of Zapps talks here about "chasing the vision not he money"

I have spent the last 10 months developing a series of tools, resources and questions focused on helping businesses get two things:
i)Higher-Purpose Vision and ii) Accelerated Creativity.

So I would like to know, in the harsh world of business, how valuable is a higher purpose and what should it be made up of?

Patrick McGuinness VP of Engineering, CTO, Software dev mgr, & Entrepreneur/Founder

October 15th, 2014

Why the vision precedes and is more important than the money chase per se is easy: "Without vision, the people perish."
You need to have vision and value around your business:
- Customers are attracted to value in the product
- Employees are attracted to a job that has meaning and value

Now the vision could be implicit rather than fancy corporatese. A good plumber who just does his job and has loyal customers could write up a vision about "Value, Service and Expertise", or he could just do his job. It's not the slogans on the wall, but the actions of the owners, managers and employees that define the company's real values, vision and culture.

If you have no value proposition for customers or employees, you have a poor business.
Now if you have those, you still don't have the total formula but you're 2/3rds of the way there. You also need to have a profitable business model where costs are less than pricing.

After 20 years in corporate world, working on various ideas for startups, and reading through many business and entrepreneur books, on my latest effort, as I came up with a set of corporate values, I realized they follow a general template that any business can use or follow.

These are the 7 Principles of Highly Effective Companies, you might call it:
1. Purpose / mission: Make the world a better place through your company-specific mission and activities
2. Service: Customer first.
3. Value: Focus on value creation and what users will pay for.
4. Speed.
5. Excellence and innovation.
6. Sharing: Work as a collaborative team.
7. Passion.
These 7 have in my mind some relationship with the Passion-Skill-Value trinity that "Good to Great" authors presented in that book. They showed how being in the 'zone' where passion, skill and value intersect is where great companies live.

Alejandro Berea Co-creating PYMES con wevos

October 16th, 2014

Thanx a lot! We have been testing methods and approaches to help people structure their Vision. Great results in LATAM, still not sure about the US. 

Chris Carruth VP/Director. Strategy | Business Development | Operations | Product | Solutions

October 23rd, 2014

The reality is that Vision is only as good as the ability to translate that to profit, IF outside investors are involved OR it is non-profit with government financing OR it's your own money OR if outside investors don't care about return.

Even non-profits have to fund operations, even with zero return.