In a field like business software development, every company is looking to solve an issue in the market. Regardless of its size, companies focus on finding ways of helping other companies and people find ways of being more successful in their field. However, many companies do so without understanding or clarifying why they do it. These companies either forget or never really define their purpose and many of the companies that do see limited or no success.
The key to success is to have a well-defined purpose. It gives your business the foundation that it needs to set itself apart in a particular field or the ability to create new segments of the industry. Here is a look at how you can improve your business by defining its purpose.
Determine What Your Business Stands For
Any business, or organization for that matter, that does not know why it exists cannot be remarkable at anything. If you give your business a purpose, you can easily find the area of the market where you can be the best option i.e. where you deliver remarkable value. There is a reason that your business was started and knowing what its purpose is can change its momentum dramatically.
There is a constant need to outperform agile start-ups and fight diminishing differentiation between you and your competitors. Knowing what your business stands for allows you to freely shape your strategy without being constraints by the artificial boundaries that have defined and limited an industry for too long. For example, your software company was founded with the purpose “to help service companies thrive, by boosting the differentiation factor of their people”. Within that framework, you can sharply focus your attention on increasing the impact of, for example, insurance companies, by channeling the human brilliance of their service- and support agents towards customer experience. It doesn’t define what you do, it defines why you do it.
Develop Your Corporate, Product, and Platform Vision
Once its crystal clear what your business stands for, it is imperative that you develop your product or platform vision accordingly. For example, your company aims to solve the unique challenges Financial Services companies face. Your vision should look something like this:
- Our Why: We help service companies thrive, by boosting the differentiation factor of their people.
- Our How: By providing Insurance call-center agents with real-time insights and intelligent guidance so they can focus their attention 100% on customer experience, thereby growing 1st call success rate, lowering average call time and decreasing churn.
- Our What: We offer a virtual advisor platform.
Defining a purpose helps you define your vision to drive unique value creation for your customers and grow the success of your company. Your purpose provides a constant inspiration and pushes to take the value and market relevance of your company to the next level. When your company’s purpose and vision align, it becomes clear what you need to do and how you will go about it.
Plan from Your Vision, Not Your Condition
One of the biggest mistakes that your business could face is planning based on where you are rather than where you should be. Current problems and the current condition that your business is in become the focus. However, you should always plan from your vision, not your condition. Focusing on your vision statements and your company’s purpose can guide you through your current issues by redirecting your company back toward where you wanted it to go in the beginning.
When you work toward making your vision a reality, your company will overcome common issues such as dwindling market share and top-/bottom line development problems. Instead, your company will change to meet its vision, and illuminate the causes of many of these common problems to stay true towards delivering the biggest value for your customers. There are business partners that can help you determine your company’s purpose and formulate a compelling and sustainable vision that can get your business on the right track. Once your business purpose is clear, you’ll have exactly what you need to stand out in the business software industry and become remarkable (again).