How to Balance Profit and Purpose at Your Business

We often see a business as an entity that we put up, either commercial or industrial, to make a profit. What if we included passion in this equation? Doing what we love the most, professionally, to produce profit sounds fun. One gets some fulfillment and a sense of purpose if they do it. Here are […]

Thrive invites voices from many spheres to share their perspectives on our Community platform. Community stories are not commissioned by our editorial team, and opinions expressed by Community contributors do not reflect the opinions of Thrive or its employees. More information on our Community guidelines is available here.

We often see a business as an entity that we put up, either commercial or industrial, to make a profit. What if we included passion in this equation? Doing what we love the most, professionally, to produce profit sounds fun. One gets some fulfillment and a sense of purpose if they do it. Here are several ways one can use to balance profit and purpose in a business:

• Be inspired
For one to archive results, you need to sit down and evaluate the scenario. Try and do something new and different. It brings in a refreshing change and most probably bears different results. Travel to new places and try to learn as much as possible from your tours.

• Be ready to take action
Identify a gap in the market and try to see how you can develop ways of providing a solution to existing gaps.

• Empower your workers and others
Once you have identified your business purpose and are already meeting this purpose, it is wise to empower those you work with. Let everyone in your team have a sense of purpose. Let everyone have a role and part to play to complete the picture. You will do this by clearly outlining your vision and purpose and going further ahead to have everyone get well-defined goals and responsibilities. Delegate duties and let everyone be accountable. That way, the business is sure to continue running in the same way, even in your absence, and still, keep meeting its purpose and objectives.

• Fund the business growth
As the business grows, it sometimes requires additional funding to meet the growing demands and expand to other regions and areas. To do this, you have to be strategic. It would help if you found the right kind of partners or alternative funding. Whether partners or financiers, they must believe in your cause first to support it. Find people who love your product and believe in your mission. They are most likely to support growth and expansion.

The business world is a complex one. It requires patience, determination, and hard work. The impact of the business is usually far more significant when the profits are tied and connected with one’s purpose.

You might also like...

Community//

FINDING YOUR PATH TO LEADERSHIP

by Dr. Tomi Mitchell
Community//

Hallmark’s Kristen Harris: 5 Steps We Must Take To Truly Create An Inclusive, Representative, and Equitable Society

by kristenharris
Community//

How To Be a Team Player in Business

by Mark Samuel
We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.