Purpose is one thing that differentiates highly successful companies from regular and mediocre ones. Even outside the business world, if an individual or organization wants to do something meaningful, they should have a reason. Their purpose typically informs their decisions and drives them toward seeing what they are doing to the end. As a business owner, if asked, “what is your why in business?” can you answer this question with clarity and conviction?
Knowing the why of your business will direct you on the right path to take when carrying out your company processes.
When you know your why or purpose, it will be much easier to know how to achieve that purpose.
If you have yet to figure out your business purpose, this is where you should be.
This article will explain what “why” in business means, its importance, how to figure out your why, and other interesting things you need to know about this topic.
It promises to be an illuminating and insightful read.
But you can only get all these if you read this article to the end, so make sure you do.
Meaning of “Why” in Business – What is Your Why in Business
The why of any business refers to the purpose of said business.
It is the driving force of a business; it is the reason behind what a company does.
The why of any company is the core goal that that business is looking to achieve.
This is what makes the business meaningful and purposeful.
And your inspiration as a business owner to take action and create a company.
A ‘why’ or purpose is what makes a brand keep on striving despite difficulties.
Now, you should know that a “why” is not the company’s goal.
Company goals are simply milestones that a company is looking to reach.
A “why”, on the other hand, is the main reason for the business’s existence.
Let’s use an illustration to help you understand this better.
Let’s say you decide to go on a vacation because you need to take a break from work stress to unwind and relax.
The “why” of the vacation is to unwind and relax.
That is the purpose of the vacation.
However, if this person wishes to visit Dubai for their vacation, then that destination, “Dubai”, is their goal.
Everyone knows businesses’ main aim is to generate revenue and get profits.
Nonetheless, profit-making can’t be the purpose of a business.
Sure, money can be a very strong motivator, but when someone goes into business, it ideally shouldn’t be because they want to make money.
A business’s “why” has to be deeper than that.
This is because it is the foundation of the business.
It is what every other thing about the business would be built on.
Importance of Knowing Your Why in Business – What is Your Why in Business
You are most likely wondering why there is so much fuss about businesses having a “why.”
Why does anyone care if a business has a purpose or not?
Why should even you, as a business owner, care about having a why in business?
There are so many reasons why there is so much fuss about this.
The word “why” is not just a buzzword people throw around in the business world.
Most businesses that turn out successful are because their owners know the why of the business.
Not only do they know the reason for the business, but they also use this knowledge to guide the decisions they make in the business.
This, as a result, is the reason such businesses end up being successful.
This is because knowing your why in business offers so many benefits.
If you are wondering whether or not it is important to know your business purpose, then these benefits should help you pick a side.
Serves as a Guide
When you know the purpose of your business, your decision-making procedure will be a whole lot easier and more efficient.
This is because you already know what you wish to achieve with your business.
So, making decisions that will align with this purpose will be easy.
If a particular thing won’t align with your business purpose, then you would know better than to go down that part.
It will help you maintain focus and clarity in your business.
You can prioritize the important things.
Your why will remind you of the reason you started the business in the first place.
Not losing sight of your purpose will help you stay on track with your goals and vision.
It Motivates and Inspires
Another good thing about knowing your purpose in business is that it will serve as a motivator and inspiration to you and other people interacting with your business.
And this is a very important benefit; why?
Well, it is easy for you as a business owner to believe in your business.
However, others would need concrete reasons to believe in your vision.
This is where your business purpose comes in.
When your purpose is strong and convincing, it will be easier to convince people to believe in your vision and join you in achieving it.
And when the going gets tough, they can stand loyal to your business because they know your purpose and have connected with it.
It will motivate them to keep pushing despite the challenges.
And inspire them to put in their best to actualize the mission.
Your purpose will influence your employees, customers, and anybody who does business with you.
Helps you Handle Challenges Better
You do not have to be in business for long to realize that running a business has several setbacks and challenges.
At one point or another, your company will encounter some challenges.
Some may be less daunting, and others can be so big you’d consider throwing in the towel.
But the good thing about knowing the purpose of your business is that it will help you stand strong despite the challenges.
When you encounter challenges, all you have to do is remember your purpose.
This will motivate you to keep pushing.
And even when you fail, your purpose will give you the courage and resilience you need to learn from your mistakes.
It will motivate you to return to your planning table and map out a better strategy.
Can Give You a Competitive Edge – What is your Why in Business
Businesses typically have competitions.
There will almost always be another business that provides the same services or products that another business provides.
This is why companies strive to stand out from their competition.
They do this by developing something that gives them an edge over their competition.
This is known as a competitive edge.
Your competitive edge can be anything from a better price to better packaging.
It is all about offering your consumers better value than what your competitors are offering them.
And defining the “why” of your business can give you the competitive edge that your brand needs.
This is because the purpose of your business is unique.
It is something that your competitors cannot take from you or replicate.
It reflects the unique values that make your company different from the others.
Your purpose can also be your message to your customers.
Purpose describes your dedication, passion, and commitment to providing the best services to them.
And this can help draw customers to your company.
Also, once your purpose resonates with your customers, they will become loyal to your brand.
Not only will they be loyal, but they will also be eager to advertise your brand to people around them.
This will further help you get more edge over your competitors.
How to Figure Out Your Why in Business – What is Your Why in Business
Now that you know the importance of your why to your business and the benefits it offers you, you are likely wondering what your why is.
The truth is, figuring out your purpose in business can be challenging.
It involves a lot of soul-searching and long hours figuring out your core values and vision.
However, when you know how to get what you seek, you will do it.
This is why this section of this article will discuss some tips and pointers that will help you figure out the purpose of your business.
Let’s look at them below.
Evaluate Your Beliefs and Values
Your core beliefs and values are major things that will influence your why in business.
If you do not already know your beliefs and values, then you have to figure them out to discover your why.
Take your time to reflect on your values.
Figure out the things that matter the most to you.
As well as the things you believe in.
Find out your drive and what keeps you pushing through the tough times.
When trying to figure out these things, you should consider certain factors like your upbringing, experiences, childhood, etc.
Examining your beliefs and values will help you figure out your passion and what is driving you to start or run your business.
Figure Out Your Strengths
You also need to figure out your strengths.
Find out the things that you love doing.
And the things that you are particularly good at.
Also, evaluate the things that make you feel fulfilled when you do them.
If figuring out your strengths is proving difficult, you should ask those around you.
They may not give you a full list of your strengths, but they may give you pointers to help you discover them.
Figuring out your strengths is important in business because you may find that your why relates to using your strengths and skills to do something meaningful and impactful.
Consider Your Customers – What is your Why in Business
Your customers are the reason you are in business.
They are the ones your company serves, and you wouldn’t have a business if you did not have customers.
This makes them a very integral part of your company.
And they may be the missing piece you need to complete the puzzle that is your business purpose.
When considering your customers, in this case, you want to think of the value your brand offers them.
How do they benefit from your company?
How does your brand help them?
In what ways is your brand impacting them?
If you can accurately answer this question, you will figure out your company’s core.
Even if you have not started your company and do not have a customer base, you can still use this tip to uncover your why.
Since you do not have your customers, you can analyze your target audience instead.
Your company will cater to a particular audience in the market, so think of how you would add value to them.
Repeatedly Answer the Question “Why”
Discovering your why involves asking a lot of questions.
But of all the questions you ask to figure this out, “why” is the most important.
Think of it this way.
You are trying to unravel an onion.
Every layer brings you closer to the core of the onion.
And the way to peel off each layer is to ask why that layer is there.
So, to get to the core of the reason behind your business, you need to ask “why” repeatedly.
Ask yourself why your business is important to you.
Or why you started your company in the first place.
The answer may not be deep, but you need to keep probing until you reach the very core.
Evaluate Your Mindset
Your mind is very powerful, and what goes on in there goes a long way in influencing most of your actions.
This is why you can evaluate your mindset to determine your why.
Think of the things you do and how you do them.
This will help you figure out the kind of mindset you have.
Evaluate your work ethic and approach when carrying out your company processes.
Also, think of your work attitude.
Do you see your company as simply a means to an end?
Or as something that can help you positively impact your society?
When you know your mindset towards your business, it will be easier for you to find out why you got into the business in the first place.
What if You Can’t Figure Out Your Why?
The truth is, you most likely won’t figure out your why on your first trial.
Finding “purpose” as an individual navigating life or as a business owner trying to steer their company in the right direction is not easy.
It takes a lot of soul-searching, focus, and long hours spent on thinking.
However, if you try searching for your purpose but still can’t figure out your purpose afterwards, do not feel discouraged.
It may be that you need to give it some time.
So, do just that.
Give yourself some time to think it through.
Repeatedly ask yourself questions that will help you figure out the purpose of your business.
If, after a while, you are still unable to figure out your why, then you should speak to a mentor for guidance.
You can also try meditation or journaling.
Putting Your Why Into Action
It is not enough to know the purpose of your business.
You should also be able to use it to impact your company positively.
So, once you find your purpose, you will need to put it into action.
Thankfully, putting your why into action isn’t difficult.
You have to ensure that every action and decision you make reflects the purpose of your business.
Everything you do should align with the overall purpose of your business.
You also want to make sure that everyone that interacts with your company understands the why of your business.
This includes your employees, customers, vendors, and so on.
This is the only way you and everyone interacting with your company can work in harmony.
Typically, the best way to help people understand the reason behind your business is to communicate it to them properly.
Remember that these people are not mind readers.
They won’t be able to see your company the way you do unless you tell them.
Therefore explain it to them; speak about it, write it down, make videos about it, or use any media form you think would help them understand.
You also want to ensure you work with people who believe in your purpose.
You want to be sure that everyone within your company aligns with the purpose of your company.
If you have people within your company that do not believe in your mission, it will be challenging to work harmoniously with them.
So, it would be better to part ways with them.
A lot of successful companies succeed because they have a purpose.
Whereas some other business owners go into a company without having a purpose or for the wrong reasons.
You should know that being in business for the wrong reasons is as bad as being in business without reason.
This is why you should take your time to figure out the purpose of your company, even though it is quite tasking.
Your purpose is unique to your business and offers several advantages.
So, you should not ignore its importance.