A company’s business purpose is its reason for existing. It’s the difference it intends to make in the world. And it should be much more than just making money. In fact, if making money is your only business purpose, you’re likely not going to be in business for very long. Your company’s mission statement should motivate you to wake up in the morning and keep you up at night.
It should be something that drives every decision you make, big or small. And it should be something that your employees, customers, and partners can all rally behind. If you’re having trouble articulating your business purpose, don’t worry, you’re not alone.
In fact, based on a study by the Harvard Business Review, only 50% of companies have a clearly articulated purpose. But don’t despair; we’re here to help. To get you started, we’ve compiled 25 examples of business purposes.
What Is A Business Purpose?
The business purpose of a company describes its goals, objectives, and values. A well-crafted business purpose statement can help keep a business focused on its goals and guide decision-making.
Guides On How To Write A Great Business Purpose
Are you having trouble nailing down your business purpose? You’re not alone. Many entrepreneurs struggle with this. But it’s essential to have a clear purpose for your business. Your purpose is what will drive your business forward and keep you motivated when things get tough. With these lists below, you can get your business an incredibly written purpose that will be unique.
Make Sure You Research Your Industry
As a first step, it might be beneficial to look at the mission and vision statements of other companies operating in your sector to get an idea of what to include in your own business purpose. Researching your rivals may also assist you in understanding the services offered by different companies. This may present you with a list of activities or goals you hadn’t previously considered.
Think About Your Business’s Origins
In the end, a purpose outlining why you are in business is what is meant by the term “business purpose.” Take some time to think about the motivations behind starting the company in the first place and the factors that will be most critical in achieving the company’s objectives.
Think About How The Business Will Operate
Consider the particular actions you may take to attain the goal of founding the firm in the first place and how those activities can influence the clients you serve.
Keep It Simple
Keeping things straightforward is of paramount importance while creating a business purpose. The most effective strategy for accomplishing this is to be unambiguous.
The goal will be better understood and remembered if it is kept straightforward. Also, it will aid in keeping the company focused on its objectives.
Keep It Focused
This cannot be easy, as a business has many moving parts. However, keeping the purpose focused will make it easier to develop a plan and achieve success. A business purpose should include a few key points.
First, it should be specific. The purpose should identify the business’s goals and what it hopes to achieve. Second, it should be concise. The purpose should be able to be read and understood quickly. Lastly, it should be realistic. The purpose should be achievable and not overly ambitious.
Keep It Memorable
When it comes to writing a business purpose, it’s important to keep it memorable. This doesn’t mean you should try to be overly clever or use big words that no one will understand. Please focus on being clear and concise instead.
Focusing on the purpose and work of your company is one method to do this. What are your core values? What are your goals? Why do your customers come to you? Answering these questions can help you distill your purpose down to its essence.
Another way to keep your purpose memorable is to make it actionable. A good purpose statement should inspire people to take action. It should be something that people can rally behind, which gets them excited.
The Benefits Of Writing A Business Purpose
“Why should I take the time to write a business purpose?” you might be asking yourself. Well, there are quite a few benefits to doing so! For starters, a business purpose can help to keep you focused on what is important.
Knowing your goals makes it easier to stay on track and not get sidetracked by less important tasks. In addition, a business purpose can also help to inspire and motivate you.
When you have a clear purpose for your business, staying motivated and inspired to achieve your goals can be easier. Finally, a business purpose can also help to attract and retain customers. When customers know your purpose, they are more likely to return.
An Overview Of Industries And Their Business Purposes
1. Biotechnology:
Dickens products can be used in medicine, agriculture, industry, and environmental protection. Biotechnology has been used for centuries. For example, people have used fermentation to make beer and wine and to preserve food. In recent times, biotechnology has been used to develop vaccines and produce human insulin and other medications.
The future of biotechnology is inspiring. Scientists are working on ways to use biotechnology to produce fuels, clean up the environment, and create new materials.
Business Purpose Example: The purpose of Donnelly’s biotechnology is to use living organisms or their components to make products that improve our quality of life.
2. Law
There are many different types of law firms, each with its own unique purpose and focus. However, the overall purpose of the law industry is to provide individuals and businesses with legal assistance and representation.
Business Purpose Example: The Awardlaw aims to protect the rights of individuals and businesses and promote fairness and order in society.
3. Software: Technology has become ubiquitous in the modern world. We use it to communicate, work, and play. It seems like there is an app for everything these days. Have you ever wondered how all of this software is made? The software industry is a booming business with a lot of purposes.
Business Purpose Example: The purpose Mega software industry is to create and sell software that helps people be more productive, efficient, and organized.
4. Accounting
The primary users of accounting information are managers, investors, and creditors. Managers use accounting information to make production, pricing, and investment decisions. They use accounting data to assess the firm’s financial performance and make decisions about where to allocate resources.
Business Purpose Example: The business purpose of Wizaaudit is to provide financial information that is useful in making business decisions.
5. Design
The business purpose of BBartellDesign is to provide solutions to problems through design. This can be in product design, graphic design, web design, or any other type of design.
6. Finance
These services include banking, investments, insurance, and credit. The financial industry is important to the economy because it provides capital for businesses and individuals to invest in new businesses and projects. The industry also provides jobs for millions of people around the world. Business Purpose Example: The purpose of Bruen is to provide financial services to businesses and individuals.
7. Advertising
Advertising is a multimillion-dollar industry. Many different companies specialize in creating ad campaigns. These companies employ people who are experts in persuasion. They use various techniques to get people to notice their ads and remember them.
Business Purpose Example: The business purpose of BBartell Ltd is to acquire a competitive edge for the customer by researching the industry that the client desires and providing input on marketing plans and tactics. This will ultimately increase income. They want to reach as many people as possible and persuade them to buy what their clients are selling.
8. Transport
This sector of the economy is essential because it enables individuals to travel to other regions of the world and helps companies get their products to clients. This can be done by various means, including air, land, and water.
Business Purpose Example: The business purpose of AirLedner is to move people and goods from one place to another.
9. Manufacturing
The purpose of the Mraz is to obtain raw materials and consumer items to deliver them to commercial and consumer enterprises.
10. Technology
EMMY Technology aims to improve the productivity and quality of businesses, enhance customer service, and advance democracy.
11. Agriculture
The agriculture industry is made up of a diverse range of businesses, from large-scale commercial operations to small family farms. Despite the different sizes and types of businesses within the industry, they all share one common goal.
Business Purpose Example: The business purpose of the Welldone Agriculture industry is to provide food for more than 30 million people and contribute to the GDP of the country.
12. Retail
Retailers are companies that sell goods or services to consumers through physical storefronts, internet stores, or both. The retail industry is vital to the economy because it is one of the largest industries in the world.
Business Purpose Example: The business purpose of online purchases is to assess, promote, acquire, and sell goods to the broader public via online stores and real retail locations.
13. Construction
Construction is a huge industry that employs millions of people around the world. It is responsible for building homes, offices, schools, hospitals, roads, bridges, and much more. Construction is a vital part of the economy; without it, many other industries would suffer.
Business Purpose Example: The purpose of Nitelis to provide you with the necessary infrastructure and facilities for businesses and households.
14. Investment
Investment companies contribute significantly to the economy by giving companies the money they need to grow and hire new employees. The investment industry is also a key source of capital for new businesses. Startups often have difficulty accessing traditional forms of financing, so they often turn to investors for funding.
Business Purpose Example: The business purpose of fun collection is to provide capital to businesses and individuals to assist them in achieving their goals and helping them grow.
15. Distribution
The distribution industry is vital to the economy, ensuring people can get the products they need. This is done through various channels, including retailers, wholesalers, and online retailers.
Business Purpose Example: The purpose of IQD is to get your goods from the manufacturers to the consumers.
16. Insurance
The insurance industry is regulated by state and federal laws, and the Insurance Commissioners of each state oversee it.
Business Purpose Example: The business purpose of Johnson-Murphy insurance is to shield policyholders against financial loss in the event of an unforeseen occurrence, such as a vehicle accident or a house fire.
17. Public Relations
The Public Relations industry serves a vital role in businesses and organizations by promoting and protecting their reputations. A positive public image is more crucial than ever for businesses in today’s fast-paced, constantly-evolving world.
Business Purpose Example: Macejkovic Group helps businesses to attract customers, build relationships, and even increase sales.
18. Telecommunications
This industry is essential for businesses and individuals to stay connected. The telecommunications industry is constantly evolving to meet the ever-changing needs of customers. This industry provides a critical service that is essential for businesses and individuals to stay connected.
Business Purpose Example: GoyetteCOM provides the infrastructure and services that enable communication around the USA.
19. Stock Market
This industry also provides a venue for investors to buy and sell shares of these companies. The Securities and Exchange Commission (SEC) regulates the stock market industry.
Business Purpose Example: Dachmarket offers a platform for companies to obtain funds by offering stock in the firm.
20. Outsourcing
Outsourcing has become a popular business practice for companies of all sizes. In most cases, businesses outsource to an external company or individual because they can do the job better, faster, or cheaper than the business could do itself.
Business Purpose Example: MYWork aims to help businesses focus on their core competencies while saving money on non-core activities.
21. Mining
Mining is an essential part of the industrial economy, providing raw materials for construction, manufacturing, and other industries.
Business Purpose Example: The business purpose of Jerde mining is to extract mineral resources from the earth for commercial use.
22. Trade
The trade sector makes up a major portion of the economy. It helps to create jobs and stimulate economic growth. The Trade industry is also a major contributor to the gross domestic product (GDP).
Business Purpose Example: The business purpose of MJ Trade is to create jobs, stimulate economic growth, and contribute to the GDP of the country.
23. Electronics
The electronics industry is a broad category that covers the manufacture of a wide range of products, including computers, mobile phones, televisions, and other consumer electronics. Because of the fierce rivalry in the market, businesses are always seeking for methods to enhance their offerings and beat the competition.
Business Purpose Example: The business purpose of Wiegand is to design, develop, manufacture, and sell electronic products and services.
24. Chemical Industry
The chemical industry is responsible for producing a wide variety of products that are essential to our everyday lives. From the detergents we use to clean our clothes to the medications that keep us healthy, the products of the chemical industry are integral to our daily routines.
Business Purpose Example: Mann Group’s purpose is to provide essential products and materials for healthcare and agriculture.
25. Automotive
It covers a wide range of businesses and organizations involved in designing, manufacturing, and selling motor vehicles. It is one of the world’s largest and most important industries, employing millions of people around the globe.
Business Purpose Example: The Romaguera Group’s business purpose is to have a stock of vehicles and a location where customers can buy car parts and accessories and provide repairs.
How To Use Your Business Purpose To Guide Your Marketing Efforts
As a business owner, it’s essential to understand your business purpose clearly. This will help guide your marketing efforts and ensure they align with your overall goals. Consider your goals or the impact you wish to make in the world as a starting point for your business purpose.
Once you have a clear understanding of this, you can start developing a marketing strategy to help you achieve your goals. You may use various marketing methods to connect with your target market.
It’s essential to consider which channels will be most effective for promoting your business and attracting customers. It is also crucial that your branding reflects your business purpose.
Once you have it, use it as a filter for your marketing decisions. For example, let’s say your business’s purpose is to help people live healthier lives. With that in mind, you want to create marketing materials promoting healthy living.
Conclusion
Defining your business purpose is not about creating something pithy or pretty to put on your website. It’s about getting clear on WHY you’re in business and using that to drive every decision you make.
Your business purpose should inspire your team and reflect in everything you do. Hopefully, these 25 examples of business purpose have given you some inspiration for crafting your own.
