In 1970, economist and Nobel laureate Milton Friedman argued that the sole purpose of a business is to increase profits.
While I hate to disagree with a Nobel laureate ?, this is simply not true anymore.
? In a 2016 survey by PwC, 79% of business leaders agreed that purpose should guide decision-making.
? Nearly three-quarters of respondents in a 2019 survey by McKinsey & Company said purpose is more important than profit.
? Nearly two-thirds of millennials look up the socio-environmental commitments of companies before deciding where to work.
We’re seeing this play out at FIN-PAY. Our fast-growing team has been attracted to the business because of it’s powerful purpose.
They are all experts in their fields and want to be involved in shaping the way merchants around the world accept payments from their customers.
The business vision is the anchor that helps them understand where FIN-PAY is now and where we’re going.
CEO, Ian Parke was asked recently what lesson he’d share with other business founders:
“The lesson I’d share is that it’s not enough to start a business with a purpose. If you don’t communicate that purpose, you’ll never build a rallying point for your team.
“People will buy into a great purpose and great vision, but they need to see it and hear it to understand what it means for them.”
When was the last time you communicated your purpose?