If you are keen to read about thriving purpose-driven businesses in the current climate, please enjoy our summary of this article from Forbes, which captures how many for-purpose businesses are thriving now, and their key reasons why:

  • COVID-19 is presenting major challenges for many businesses, but many are still thriving
    • The common denominator between many of these companies is that most are committed (authentically) to a purpose larger than profitability or growth
    • When a company has an authentic commitment to its impact on people and planet, it can mitigate the risks of a crisis more easily
    • The importance of strong company values has been highlighted as what drives employees/teams
  • The need for fast and effective innovation
    • When constraints are in place creativity often increases, as organisations are forced to innovate in a limited space
    • Ensuring organisation maintain their standards and values, but still work around the challenges that are coming up
    • These fast-paced innovations can be carried over to core/business as usual structures too
  • Flattened hierarchy and flexible roles
    • By removing barriers from the decision-making process decision can be made faster
    • By increasing transparency and participation there are more people involved in processes that they may not have usually been involved in, this is an excellent opportunity to learn and find new skills – it also identifies new leaders
    • Roles and job titles might go out the door as people step in to collaborate as needed
    • Instead of hierarchy and performance targets, people are motivated by a higher purpose and this should be the goal of new initiatives
  • Pressure to do the right thing
    • Consumers are conscious and concerned of the impacts that their purchases have on the supply chain, their families, and the world around them
    • They are watching what companies do, particularly in times of crisis, and they will support companies that align with their values
  • Making work human again
    • COVID-19 risks can affect everyone, and as such people are hyper aware of who and what is around them and their loved ones
    • We now see work as ‘more human’, and notice the people working around us more
    • Working conditions have been re-examined in many roles and industries, and consumer expectations have changed as well – many people would rather employees have time with their families than simply enabling organisations to make large profits
    • “There is never anything free about human labour, and it’s devaluing to say otherwise”
  • We all care about our well-being, and organisations that support this will continue to thrive
  • For employees, having a ‘deeper’ reason to get up in the morning (that isn’t purely the growth of a company) will set organisations up for success, no matter what crisis happens next
  • Enduring organisations will be masters of caring for people and their shareholders

To read the article in full: https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/nelldebevoise/2020/05/12/why-purpose-driven-businesses-are-faring-better-in-covid-19/amp/