In the fast-paced business world, the pressure to modernize and adopt new technologies is relentless. Organizations constantly seek fresh perspectives on procedures, policies and missions. However, understanding and adhering to your core purpose is crucial for long-term success and stability amidst external pressures and evolving market conditions.
Finding and staying true to your purpose is more than a feel-good benefit. Research by Jump Associates over 20 years found that purpose-driven companies achieved an average compound annual growth rate of 13.6% in their stock prices, compared to 3.7% for their closest competitors and 5.5% for the S&P 500.
Are you purpose-driven? We must ask ourselves: How do our values and purpose shape our services and products? Are we committed to quality, affordability, reliability or sustainability? Do we pride ourselves on customer service, friendliness and fairness? How does our business create the future we envision for our community? Are we providing living wages and benefits, promoting volunteer service or philanthropic giving, participating in civic events, advocating for policy change and practicing environmental responsibility? These answers guide decision making and operations, fostering a positive employee culture and appealing to consumers.
Stonehill Communities, a Catholic faith based nonprofit organization, is rooted in the legacy of the Sisters of St. Francis. In today’s world of declining religious practice and new technological and sociocultural trends, we carefully discern how best to serve our diverse community while maintaining our purpose of providing compassionate, modern health and wellness services based on Catholic values.
For Stonehill Communities, this means:
- Messaging that welcomes all, regardless of faith or orientation.
- Continuing the tradition of starting meetings with a prayer or reflection.
- Providing holistic services that address physical, emotional, environmental, financial, intellectual, spiritual and social needs.
- Caring for the poor, vulnerable and marginalized in our community.
As a nonprofit, our larger purpose and community impact are integral to our identity. But all organizations can find unity in their sense of purpose.
Considerations for all organizations, nonprofit or otherwise, include:
- How do you maintain relationships with customers and employees during rapid growth and change?
- How does your business adopt technology while still providing a people-oriented approach?
- How do you achieve financial success while supporting causes important to you and your stakeholders?
Allow time for reflection on your mission and purpose and ensure that purpose is communicated. In a rapidly changing business market, your purpose and values will energize your business and team, keeping them aligned, on course and propelling them and in the right direction.