Connecting the dots
Turning your Profit for PurposePublished March 24, 2023
There was a time when the idea of turning profit into a purposeful business was seen as a contradiction. The prevailing belief was that businesses existed solely to make money, and any attempt to do good was simply a marketing ploy.
But times have changed. Today, there is a growing movement of entrepreneurs and business leaders who believe that profit and purpose can go hand in hand. They understand that businesses have the power to create positive change in the world, and that doing good can also be good for the bottom line.
At the heart of this is the idea of “Profit for Purpose” movement by One Co Foundation. One Co Foundation believe that businesses can and should be a force for good, and that they can create value for all stakeholders – not just shareholders. They prioritise purpose over profit, and see profit as a means to achieve their purpose, rather than an end in itself.
One example of purposeful businesses that has successfully turned profit into a force for good is TOMS Shoes. The company was founded on the idea of giving back – for every par of shoes sold, a pair is donated to a child in need. But rather than simply donating shoes, TOMS works with local partners to provide shoes that are appropriate for their local climate and culture, and to create jobs in the communities they serve.
By focussing on purpose over profit, TOMS has created a loyal following of customers who are passionate about their mission. But they’ve also been successful in the marketplace – they’ve sold millions of shoes and expanded into other product lines, such as eyewear and coffee.
Another example of purposeful business is Patagonia. The outdoor clothing and gear company has made a commitment to sustainability and environmentalism, and has taken bold steps to reduce their environmental impact. They’ve also been vocal advocates for environmental causes, and have used their platform to raise awareness about issues such as climate change and the need for sustainable business practices.
Like TOMS, Patagonia has created loyal following of customers who share their values and beliefs. But they’ve also been successful in the marketplace – they’ve grown into a billion-dollar business and continue to innovate and lead the way in sustainable business practices.
The success of purposeful businesses like TOMS and Patagonia is proof that profit and purpose can go hand in hand. By prioritising purpose over profit, these companies have created loyal followings of customers who are passionate about their mission. And by doing good, they’ve also been successful in the marketplace.
As the Profit for Purpose movement continues to grow, more and more entrepreneurs and business leaders are realising that profit and purpose are not mutually exclusive. They’re discovering that businesses can be a force for good, and that turning profit into purpose can lead to both financial success and a better world.