Taking Purpose from Wall Street to Main Street
In the last year, I moved from a major city to a small town. I left my job with a global marketing firm and launched my own venture, starting from scratch.
In many ways you could say my life went from macro to micro.
In my work, this has meant a shift from focusing on the largest companies in the world to more interaction with the small businesses that make up the proverbial ‘main street’ of our town, our state and our country.
It’s also opened my eyes to a major oversight in the current dialogue where I tend to focus at work: purpose, branding and identity. Much of the coverage in these areas tends to focus on players operating at that large, ‘macro’ scale.
But as firms of all size make gut-wrenching decisions and prepare for this new recession, does the focus on purpose as a strategic tool really pass muster at the small business level? Or is it a luxury item relevant to medium- and large-size enterprises only?
Does the focus on purpose as a strategic tool really pass muster at the small business level?
After chatting with a friend recently who runs an inn here in town, I became convinced that it can and it should, but that we have some work to do to expand and adapt the dialogueto include the experience of small companies.
My friend credits her family-run business and their long-time focus on purpose with serving as a true north for navigating tough decisions during COVID. She has used purpose historically as a tool for engaging employees in conversations about values and brand identity – offering a way to create a deeper connection with a team made up of hourly employees.
This in turn has yielded benefits ranging from improved customer experience to a strong foundation and guide for making tough decisions in the face of unexpected challenges.
Vermont has a number of agencies that offer support to small businesses and I’ve been talking to them to find ways that I can be of help. What I’ve learned is these small companies are looking for ways to weather uncertainty – and to use their own brands to make a positive impact.
Small companies are looking for ways to weather uncertainty – and to use their own brands to make a positive impact.
The opportunities for this are endless, and there are a lot of great resources buried in content typically targeted to larger companies.
A few thoughts come to mind as a starting point:
Spend time revisiting or articulating your purpose – but don’t do it alone. There was a great piece in Harvard Business Review last winter that gave a comprehensive rundown of how articulating your core purpose can help both clarify long-term goals and also engage employees. This works in companies of any size.
Use purpose to connect short-term to long-term view. A company’s reason for existing, their higher purpose, is something that should never change. By crystallizing this and separating it out from the ‘how’ of your business and ‘what’ you sell, it can help set boundaries of where you can adapt and change to meet evolving customer needs while still staying true to your core purpose.
A great resource for this is the classic Simon Sinek Ted Talk on starting with Why.
Leverage purpose to unite employee experience with customer experience. This is a topic that’s been gaining traction in the realm of branding, but purpose is really what connects the two. This Forbes piece offers some tips on improving both, which is something small businesses can benefit from as they prepare for more uncertainty.
Check your assumptions about what matters most. When you have limited time and resources, and unpaid bills to address, asking questions and doing research tend to fall to the bottom of the priority list. It makes sense. But as business slows, one major opportunity for smaller firms is to use this window to ask more questions of their employees and their customers. Engage in more dialogue around topics like purpose - enlist input and feedback about the things you may not always get to discuss.
You may be surprised what drives and motivates the people in your midst. Tapping into their purpose can help you find more ways to deliver on yours.