The Importance Of Having A Strong Company Purpose

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TradesFormation Team

April 23, 2021

’To organise the world’s information’

’Nourishing families so they can flourish and thrive’

’To inspire and develop the builders of tomorrow’

The three statements above are purpose statements of three of the most successful multinational companies in the world from different industries. The first statement is from Google, a multinational technology company that provides different internet-related tools to manage information. The second statement is from Kellogs, a popular food company that mainly focuses on manufacturing breakfast and snacking foods. And the third statement is from Lego, a popular toy brand that helps tickle the imagination of people to build different structures using the different lego blocks.

You may ask how a purpose statement differs from the two most common statements, the mission and vision? To give a simple differentiation, a purpose statement answers the question WHY, vision statement answers the question WHAT, and mission statement answers the question HOW. Basically, the purpose statement is the reason why the company was built in the first place. 

Now, why do you need a strong company purpose in the trade industry? 

This is your Northern Star

What do we mean by this? Since purpose answers the question why, it will be your guiding light to achieve your goal as a trades business. By establishing a strong company purpose, your employees will also know why they are working for your trade businesses and what the end goal is. It should serve as a mantra for the employees that they will embody and be proud of.

To establish Company Culture

Company culture is one of the main reasons why employees stay in the company for a very long time and if you have an established and strong company purpose, you can build the culture of the company around it. It will not only benefit the company by having loyal employees but having long-term and experienced staff will also build trust amongst customers as well. 

Impact on Sales and Relevance

Nowadays, consumers are not only being driven by their needs and wants when purchasing products and services from a company but in an ever increasingly competitive marketplace, they now also look to the ethics and driving purpose of the company. If you have a trades business, it is best to include or have a sense of social value to your purpose statement that will meaningfully resonate with your customers. This way, clients will have more personal attraction to the products and services that you provide.

Now that you know the PURPOSE of having a strong Company Purpose, if there’s one tip we at TradesFormation can give you it is to think long and hard on WHY you built or starting to build your trades business. Remember that your company’s purpose will be key to your businesses’ success. For more tradie training or marketing for tradies, contact us today! Try out our online labour rate calculator for easier business decisions.

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