{"id":3552,"date":"2020-08-05T11:26:37","date_gmt":"2020-08-05T09:26:37","guid":{"rendered":"https:\/\/wyseminds.com\/blog\/a-covid-19-recovery-strategy\/"},"modified":"2024-05-13T12:11:39","modified_gmt":"2024-05-13T10:11:39","slug":"a-covid-19-recovery-strategy","status":"publish","type":"post","link":"https:\/\/wyseminds.com\/blog\/a-covid-19-recovery-strategy\/","title":{"rendered":"A Covid-19 recovery strategy"},"content":{"rendered":"

We all have read many articles to try and give us guidance on recovery strategies right now; being adaptive, embracing the change, seeking out innovation and digital solutions, surviving the 4th industrial revolution, and many more topics like these. Each and every one is packed with advice that really makes sense, and all with an underlying theme of it will never be the same again, and be bold with your choices because everybody\u2019s changing!\u00a0<\/span><\/p>\n

For one moment, I want to highlight a diamond in the rough and one, you will be thankful to hear, entrepreneurs are already very good at.\u00a0<\/span><\/p>\n

I\u2019m referring to purpose-led companies.\u00a0<\/b><\/p>\n

The good news\u2026<\/b><\/p>\n

Th<\/span>ey are thriving because business owners are now seeing the benefits of \u201c<\/span>defining their purpose and role within society, and using it as a \u2018North Star.\u2019\u201d<\/span> [1] This, in turn helps to \u201ccreate connections with their customers…customers don\u2019t buy from these companies. They buy into what these companies are about\u201d as so nicely articulated by <\/span>Forbes<\/b>. [2].\u00a0<\/span><\/p>\n

It’s been well researched\u2026<\/b><\/p>\n

The case for purpose-led companies is far from a new way of thinking. The proven research of the strength it brings came long before Covid-19. Back in 2016 <\/span>EY The Business Case For Purpose<\/b> [3] still stands as one of the clearest research documents: \u201cPurpose driven companies make more money, have more engaged employees and more loyal customers, and are even better at innovation and transformational change.”<\/span><\/p>\n

The evidence is clear\u2026<\/b>\u00a0<\/span><\/p>\n

The theory of purpose-led as \u201cthe decision to infuse a higher purpose into the culture, one that guides strategic decisions and gives clarity to everyday tasks, that has propelled these companies to success\u201d is also highlighted in <\/span>The Top 20 Business Transformations of the Last Decade (HBR)<\/b> [4]<\/span><\/p>\n

I know it’s true\u2026<\/b>\u00a0<\/span><\/p>\n

Changing our success measure from sales to customer loyalty and experience (our purpose!), took us from a place of \u201cnothing seems to be working\u201d to creating a relationship with our customers that achieved a growth rate far above any of the previous years. It shifted us forward into being a challenger for market leadership<\/span>.<\/span><\/i> Julie Perkins, The best year of her working life 2008: The great EU recession<\/b><\/p>\n

I don\u2019t think I could have listed many more of the great educational, research and report writing institutions in one introduction. I placed my purpose-led journey as part of the list, not to be arrogant in my association with this established listing but to prove my earlier statement – this diamond in the rough recovery strategy is something that entrepreneurs are already very good at – being purpose-led. Whatever the size of your company, being able to create strength from being purpose-led offers an equal playing field. If it is played well, you have every right (and chance) to be included in the same hall of fame as the organisations that were referenced in the articles of EY, HBR, KPMG and more.<\/span><\/p>\n

The best case studies of purpose-led organisations right now <\/span>should be<\/span><\/i> coming from the entrepreneurial business sector. What creates \u201cthe power in purpose-led\u201d reflects the exact mentality of the business owner and culture of the organisation they created. As an entrepreneur, by understanding how these approaches are effective and why this is required in any successful recovery strategy, you can hopefully gain confidence in this being an opportunity for you too.<\/span><\/p>\n

What makes a purpose-led company?\u00a0<\/b><\/p>\n

First off, by understanding what it is, we can begin to place it correctly into our thinking. This is the way we look at purpose at Wyseminds: a personal mission that identifies the impact you want to make, translating it for the customer and into the society you want to transform\/ improve for the better<\/span><\/p>\n

From the reading I\u2019ve done and from my own experience, purpose-led companies depend on<\/span> the company\u2019s higher purpose<\/span><\/b> being defined, known and measured.<\/b> This creates a conscious drive to make something better, to improve the lives of the customer and their community.<\/span><\/p>\n

Below are some examples of companies who have a clear, <\/span>higher purpose<\/span>:<\/span><\/p>\n