What is it about a businesses like Apple that allow growth in market share plus increasing profits? All whilst retaining a cool and forward-thinking market perception? Is it due to Apple Mac’s relentless focus on growing its profits and market share?
Partly perhaps, but there’s something else. Apple understands its WHY?
It exists to create innovative and beautifully designed products that are simple to use. The increased profits and market share follow this why – the old adage, build the fire and the heat will come is apt.
Building a successful business is easier when you understand WHY you are in business – understanding your purpose.
Understanding your WHY? helps you:
- At best: Solve a world need
- At worst: Solve a local need (still an incredibly compelling purpose)
- Build a crystal clear vision
- Inspire customers
- Inspire employees
- Inspire community
- Have a mission
- Make strategic decisions – is the issue congruent with your why? If not, bin it
- Make a contribution to society
- Attract like-minded customers
- Turn off unsuitable customers
- Make price irrelevant – your why becomes your market differentiator
- Do good – your why must be about more than making money – it must solve a problem
- Take pride in your business purpose
- Tell your story (about your why) to influence your customers
- Avoid becoming a commodity
- Contribute – rather than extract value
- Be focused
- Diversify – as long as you stay true to your WHY.
Is your business WHY clear?