{"id":3885,"date":"2024-09-23T12:12:23","date_gmt":"2024-09-23T10:12:23","guid":{"rendered":"https:\/\/wyseminds.com\/blog\/is-purpose-an-overused-buzzword\/"},"modified":"2024-09-23T12:12:25","modified_gmt":"2024-09-23T10:12:25","slug":"is-purpose-an-overused-buzzword","status":"publish","type":"post","link":"https:\/\/wyseminds.com\/blog\/is-purpose-an-overused-buzzword\/","title":{"rendered":"Is purpose an overused buzzword?"},"content":{"rendered":"\n

By Julie Perkins, Founder of Wyseminds<\/em><\/p>\n\n\n\n

When I began writing this article, I searched online for the phrase \u2018business purpose\u2019. There were 7.1 billion results. So, has \u2018purpose\u2019 become a buzzword that\u2019s had its day? At Wyseminds we believe the opposite; it\u2019s more relevant than ever. Here\u2019s why\u2026<\/p>\n\n\n\n

Beware word immunity<\/strong><\/h2>\n\n\n
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The danger with commonly-used words and phrases is that because we hear them everywhere, we stop thinking about what they really mean. The value of what they represent is reduced. It\u2019s called \u2018semantic satiation\u2019 – the psychological phenomenon of the brain reducing the impact of words and phrases that we hear often. We become immune to the hype when everything<\/em> is amazing. Black Friday is not so exciting when it\u2019s expected.<\/p>\n\n\n\n

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Light years beyond marketing prose<\/strong><\/h2>\n\n\n\n

Deeper meaning is required. Purpose, rather than marketing prose. In these challenging economic times, it\u2019s never been more important for leaders and businesses to focus in on, and project out from, their driving purpose. Something that Rebecca Henderson, the John and Natty McArthur University Professor at Harvard Business School feels passionately<\/a> about:<\/p>\n\n\n\n

\u201cThe sense of being part of something greater than yourself can lead to high levels of engagement, high levels of creativity and the willingness to partner across functional and product boundaries within a company, which are hugely powerful.\u201d<\/em><\/p>\n\n\n\n

A calming continuity<\/strong><\/h2>\n\n\n\n

The pandemic showed us that the brands and businesses with a clear and enduring sense of who they are, are the ones that thrive. Opportunistic corporate responses to unprecedented and difficult times are remembered, just as the businesses who looked after their teams when it really matters are. But for very different reasons and with very different commercial results. When people are afraid, worried about their livelihoods or the availability of goods and services, the calming continuity of purpose is grounding. It reassures us that things will be OK; the pandemic will pass, the recession wave will recede. But purpose remains.<\/p>\n\n\n\n

Credible and clear<\/strong><\/h2>\n\n\n\n

Those of you who are familiar with The Wyseway<\/a> will know that everything we do, everything we help you<\/em> do as a female entrepreneur, is built up and out of a credible and clear purpose. And it works: EY research<\/a> shows that 58 percent of businesses surveyed that prioritised purpose experienced growth of 10 percent or more over three years. <\/p>\n\n\n\n

A growth guide<\/strong><\/h2>\n\n\n\n

As one of our Wyseway graduates, Shakoofeh, Founder of Athleisure brand Tanfit<\/a>, explains: <\/p>\n\n\n\n

\u201cMy purpose brings direction to every conversation, why we\u2019re doing it and what I\u2019m looking for \u2013 there\u2019s not so much noise. My team is clear on it too \u2013 it guides us and helps with decision making, especially with our suppliers and new product ranges.\u201d<\/em><\/p>\n\n\n\n

Purpose first, profit follows<\/strong><\/h2>\n\n\n\n

Market conditions across Europe are tough. Perhaps your path to growth is proving a little turbulent? When times are hard, it\u2019s more important than ever to review and track your business\u2019 Key Performance Indicators; not just what<\/em> you\u2019re doing, but more importantly, how<\/em> you\u2019re doing it. And why.<\/em><\/p>\n\n\n

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\u201cBusinesses today are finding that doing good also means doing well\u201d<\/em>
Mark Weinberger, Global Chairman and CEO, EY<\/em><\/p>\n\n\n\n

This is where purpose becomes so much more than a buzzword. True purpose is not just a mission statement you can write into your business plan and forget about. It has to matter. It has to be lived by everybody, every day. Only then will it unite your team and drive your business forward across a number of important fronts. Research by EY<\/a> finds that purposeful companies are better at:<\/p>\n\n\n\n