From Values to Value: Rethinking Business Purpose

During a recent discussion, my peer stated plainly that “the purpose of a business is to make money”. I didn’t take the opportunity to dissect the point, and I can’t stop thinking about it, so now here we are.

This shortsighted, narrow view of what a business is makes me cringe.

The purpose of a business is more than profit—it’s about creating value. Businesses thrive because their values drive their success—not the other way around.

Why? Because your business mission should be to provide something of value. Yes, that value is exchanged for likely* currency, but that exchange should be equitable.

I believe a leadership who defines success through profit will easily cultivate toxic practices and employee culture, and would impact the entire spectrum of the business negatively.

I speak more about the symbiotic relationship of business culture and organizational wellness in my previous post. The graphic I depict shows what I believe to be the makings of a healthy organization ecosystem.

While this topic was more project focused, my previous statement is relevant:

"In my head, every project should align with a strategic vision. Goals are to provide a creative, innovative, and effective solution leveraging a sea of knowledge, in order to reach a sky of possibilities. These environments of organizational leadership support and employees have to be healthy because they rely on each other. .. My belief is that employee wellness and organizational wellness are a symbiotic relationship, and a positive environment is necessary to achieve success in either performance or mission.”

Business Values = Moral Values.

Your value should give your audience a product or service which solves something; anything.

While most businesses aim to make money, their primary purpose often lies in delivering value or solving a problem. Making money is a side-benefit to providing a value, or solving some need for someone.

Here’s a few example of the top business’ missions to consider:

• LinkedIn’s mission statement is to “connect the world’s professionals to make them more productive and successful.”

• The Walt Disney Company has a mission first to be “one of the world’s leading producers and providers of entertainment and information…”

• Google has a mission to “organize the World’s information and make it universally accessible and useful.”

Each of these statements are powerful because they provide a value with a purpose as they contribute to world technology and culture. This value creates their profit.

That which is meaningful to those who could consume it, will be consumed.

Is it the business’s value? Or leadership’s value?

Defining values is a reflection of leadership, and can often be seen in business processes and practices. Decisions are weighed against these values and practices frameworks.

Values drive how employees and opportunities are developed and maintained, and how trust is kept between business and consumer.

If a leader’s only value is profit, their business would likely fall prey to toxic practices or poor decision making skills that eventually lead to decreased service quality, poor workplace culture, higher risk tolerances, or failures.

One poor leader can lead a leading organization down a path of risk, and in time will reap repercussions of their own poor values or practices. An example I speak about is how a big-bank failed to meet their mission through unethical practices here:

I am proud to work in and represent an organization which upholds and empowers employees to maintain a high ethical standard in all we do. I see no harm in regulation or recurring auditing to ensure these standards are maintained. Voluntary standards such as ISO 9001:2015, and ISO/IEC 27001:2013 help create good practices, but even then the organization’s leadership commitment and involvement are critical to those being successful and worthy.

In the end, a business's value reflects its leadership's values. So how are you ensuring yours aligns with a purpose greater than profit?

Thanks for reading my rant, friend.

*Tangent: I barter for things all the time and believe in a trading system larger than literal dollars. Ever worked for food? Or traded a friend who could knit something for a service? My friends and I often trade crafts of our unique trade. I love it. How could this idea be factored into business?