Benefits OF MAKING YOUR COMPANY MISSION-DRIVEN | We are living in a very interesting business season where profits are not the only factor that determines success. Aspects such as social good and benefits to society are at the heart of modern companies. Although profits still matter and significantly determine how high businesses will soar, entrepreneurs driven by a given mission have higher chances of scaling greater heights and impacting societies.
But what exactly does it take to be mission-driven?
Mission-driven companies work, live, and grow through strictly set values. This means that each of their actions and investments is backed up by specific values. Unlike many organizations that simply state a “mission statement” that anyone hardly acknowledges, mission-driven companies follow theirs as a sacred creed. They are driven by their goals and the benefit of everyone else they come across. In other words, the mission is at the heart of the business, its founders, and the employees. The mission is also well known and elaborated to other collaborators, including their customers.
What are the benefits of being a mission-driven company?
Unlike profit-only led organizations, mission-driven companies have their synergies harnessed towards the achievement of specific goals. Here are some benefits of being a mission-driven company.
Attract Like-Minded Investors
A common question that investors ask startup founders these days is how their businesses will impact the community. Companies that work for the good of society have higher chances of attracting investors. Such investors want to be part of a transformational journey that has a positive impact on society.
There is a large number of investors who only focus on businesses that promise them a good return on investment and assure them profitability. Such investors may not be very impressed if most of their resources will be used for charity. However, there are equally many investors with a focus on building a better society through startups. Such investors are very helpful in the journey of a mission-driven startup. Menomadin Group has demonstrated leadership in guiding mission-focused startups.
At the early stages of a business, startups may benefit greatly from working with investors with a focus on long-term relationships.
It’s Easier to Find Mentors and a Support System
Everyone wants to be associated with positive acts, especially when they bring change to society. Mission-based organizations can easily find support from mentors who believe in their cause.
Within your niche, you will come across entrepreneurs who have been in your shoes and have valuable lessons they have picked along the way. Most of them are willing to fund startups and give a shoulder to lean on in several ways. You can find such mentors by sharing and participating in peer platforms.
Recruit and Retain Top Talent
When people share a common goal and get the conviction that they are investing their time and talent in the right thing, they tend to be more productive and register incredible results. In the competitive nature of modern business, it’s hard for startups to recruit and retain top talents. Companies with larger financial muscle attract most of the highly talented individuals.
The only way for mission-driven startups to attract top talent is to share in their values and goals. It’s common to come across highly-rated employees turning down great offers and instead pursue mission-based career paths. This is very promising for organizations that are mission-oriented companies.
Build a brand with society at heart
Businesses that are doing very well today have managed to provide core solutions to common individual and social problems. These may range from provision of healthcare services, alternative banking, water, and sanitation services, among others. One key thing to note is that the community is at the heart of those businesses. The perceptions they create, the ability to integrate well into the values of the community go a long way in enhancing their image. With this approach, success is almost guaranteed.
Creating a brand with community-driven values is a mission that entrepreneurs should work on. However, there is a huge role to play in interpreting the mission and the goals for the community to relate.
Mission Creates the Right Legacy
Businesses that plan to survive for a long period put mechanisms to leave a trail of good deeds on their way. We have seen big corporations engage in corporate social responsibility exercise that help them to remain in good books with the community around them.
A mission-oriented business works hard to create a lasting legacy. This is demonstrated in their efforts to take care of the environment, uplift the community and even advocate for policy-based solutions such as good education for all.
Whereas a profit-focused business has eyes on the monetary gains, a mission-oriented business works towards making positive footprints in society. The profit gain may be short-lived and loses momentum once certain goals are met, but a mission always finds a way of getting passed on to others. Creating a mission-oriented company today is one sure way of making a solid contribution to the advancement of society.