Do you feel a sense of PROGRESS but not PURPOSE in your business or work? Do you notice a fading energy for excellence—often wishing it all had more meaning?
Here are four purposes of business that may inspire you to ignite a fireball of energy as you take your work to the next level.
Products that solve problems
Business exists to produce goods and services that help the community flourish.
When we are productive, we add value to the lives of our customers, partners, vendors, team members, and owners—and their respective families. In short, we add value to our community, and, as a result, our community flourishes.
Passions that increase potential
Business exists to enable individuals to express and reach the full potential of their God-given creative talents and passions.
In business, creativity is “innovation.” Innovation is a process in which we refine, improve, connect or create new products, services or ideas that benefit our customers, partners, vendors, team members, and owners.
Philanthropy to alleviate poverty
Business exists to help the poor fully participate in the community with dignity through philanthropic giving.
When a business creates profit, that profit will need to be put to work. The most common way to put profits to work is to invest in the business through expansion activities, such as starting another product line, acquiring another company, or improving processes that lower overhead costs. And for those with a higher sense of stewardship and accountability, a portion of the profits should be put to work within the community, helping the poor and enabling the community to flourish in one way or another. While this is like the first purpose for business, it is broader in scope and has as its’ focus the responsibility that businesses should give away some of their profits to help alleviate the poor.
Profits for the other purposes
Business exists to provide sustainability to the first three purposes through the creation of profits.
We can’t fulfill our core purposes of creating products that enable a community to flourish and for the work that allows individuals to express their God-given passions and for philanthropy to alleviate poverty if we can’t sustain margin in the first place. In short, profits provide sustainability and margin – both of which enable the ongoing realization of the other purposes.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation. The above summary has been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Past performance is no guarantee of future results. Investment advisory services offered through Catalyst Wealth Management, LLC doing business as Ridgeline Private Wealth. Catalyst Wealth Management, LLC and Ridgeline Wealth, LLC are not affiliates. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance.