Why Your Small Business Needs to Establish Its Massive Transformative Purpose
Exponential Organizations, published in 2014, introduced the term Massive Transformative Purpose (MTP) to the business world. Authors Salim Ismail, Michael Malone, and Yuri van Geest demonstrate throughout their book that all companies, large and small, can leverage new technologies to have an impact up to ten times larger than traditional organizations.
Sounds a little far-fetched, right? But in today’s business environment, driven by ever-evolving technological innovation, this insight is right on the money.
An MTP is not exclusive to large corporations. Small businesses across the world have massive impacts. Every business, no matter its size, can and should consider establishing an MTP.
Establishing an MTP for a small business involves defining a clear and inspiring objective that goes beyond making profits. It’s not just a mission statement, which can often lack many of the defining traits of an MTP. It’s also not a marketing slogan. Originality is key in forming your MTP. Here’s a step-by-step guide to help you come up with an MTP for your small business:
Reflect on your values
Start by introspecting and identifying the values, causes, or social issues that resonate with you. Consider your personal passions and the positive impact you want to make in the world. Knowing and clearly establishing your values is a key driving factor for personal success, which translates to success in business.
Identify the problem you want to solve
Determine the problem or challenge that you want to address through your business. It could be related to sustainability, social justice, education, health, customer service, or any other area that aligns with your values and interests. Zeroing-in on the problem you want to solve keeps you from veering off course with things that don’t align with your principles and purpose.
Define the purpose and integrate it with your business strategy
Draft a purpose statement that reflects the long-term impact you want your business to have on the world. This purpose should be grand and inspiring, expressing the change you want to create. It should be ambitious enough to rally your team and attract customers who align with your vision.
Your purpose needs to also clearly align with the problem your business is addressing. The purpose is most closely related to your overall mission, which is just one part of defining your MTP. Integrate your purpose into all aspects of your business, including your products or services, operations, marketing, and culture. This ensures that your decisions and actions align with your purpose, reinforcing the transformative impact you aim to achieve.
Make it transformative
Ensure that your purpose goes beyond incremental improvements or minor changes. Aim for a transformative impact that challenges the status quo and disrupts existing paradigms. Think about how your business can fundamentally change people’s lives or the way industries operate. In today’s business landscape, you need to make that transformative impact to stay ahead of the competition.
Align with stakeholders
Engage with your team members, partners, and customers to gain their perspectives and input. Discuss your purpose with them and listen to their feedback. You must align your purpose with the values and aspirations of your stakeholders, creating a shared vision that motivates and energizes everyone involved. You want to make strategic partnerships with individuals and corporations that complement your purpose, directing you closer to your goals.
Clearly articulate your purpose in a way that resonates with people. Craft a compelling narrative that explains why your business exists and the change it seeks to bring to your community and the world.
Use language that inspires and motivates others to join your cause. It’s vital to use this language internally to encourage passion within the organization and externally to inspire both clients and partners with your mission.
Measure and celebrate progress
Establish key performance indicators (KPIs) that track the progress of your purpose-driven initiatives. Regularly assess and communicate your impact to your team and stakeholders. Celebrate milestones and successes to maintain motivation and build momentum.
Establishing your MTP is a journey. As your business evolves and grows, you may refine or expand your purpose to reflect changing circumstances and new opportunities for positive impact. Stay true to your purpose and consistently evaluate how you can make a meaningful difference in the world through your entrepreneurial endeavors.