Purpose is an important driver of business growth. Use it to redefine the playing field and reshape your value proposition.
Purpose can be used to generate sustained profitable growth, stay relevant in a changing world and deepen ties with stakeholders. Writing for Harvard Business Review, Thomas W Malnight, Ivy Buche and Charles Dhanaraj say that purpose plays two important strategic roles: redefining the playing field and reshaping the value proposition. The authors describe how to develop a purpose-driven strategy.
REDEFINING THE PLAYING FIELD
Low-growth companies spend most of their time fighting for market share on one playing field, which restricts their growth potential. High-growth companies don’t feel limited to their current playing field. They think about whole ecosystems, where connected interests and relationships among stakeholders create more opportunities. In doing so, they let purpose be their guide.