Does a business project need a purpose in order to excel? Throughout history, there are many examples of projects that held seemingly no purpose when they were planned out. However, even when the purpose wasn’t apparent at the time of the conception, they eventually get it identified along the way. But does this mean that projects need to identify their purpose right at the beginning? Or are good purposes developed through the journey? Well, the answer relies on what the project will ultimately be used for. In today’s blog, we will be going over how to find purpose in your business projects and why it’s so important.
Building Purpose into a Project
How does a business integrate purpose in a project? The goal of a project can be as simple as “benefiting the company’s bottom line” or “boosting employee engagement.” It can also be more complicated, like “examining how our company differs from the competition and determining the customer sentiment in either case.” Statistical analysis could help offer insight into a business’s processes, which can have technical and statistical insights that the company wants to meet. However, be careful not to set the bar too high as it could constrain the project or make the goals unachievable.
In order to build the purpose of a project, one needs to look at the reasons why the project exists. The defense must go at a deeper level than simply being a vehicle for making money. The project must have significance to the business and the team who work on it. The inherent motivation makes a project stand out since it has meaning beyond profitability. However, why should a business even consider being purpose-driven in the first place? Are there any intrinsic benefits to attaching purpose to projects?
The Benefits of Purpose for Businesses
Did you know that according to the EY Beacon Institute, purpose-driven businesses are 2.5 times more effective at driving transformation and innovation in their peers? But how do they consistently accomplish this? Well, their success stems from the purpose behind their project implementations. Employees become vested in the project’s goals and become interested in seeing it succeed. This vested interest makes them personally attached to the project, increasing the overall effort of making it succeed. Emotions are powerful, and having a good purpose elicits emotion. However, for businesses to achieve this, they need leaders that can spot the innate talent that employees have for a project and help them uncover the purpose of that implementation. This methodology goes deeper than ROI or metrics. When a project connects to an employee’s heart, it transcends the mundane business measures, evolving into its own lifeform.
Finding Out Your Projects Why
One of the most productive ways of determining your project’s purpose is by frequently asking yourself why. One answer typically leads to another question, and so on. Choosing a profound meaning for your project will allow your business to maximize its benefits. Sadly, not all projects have a relevant end to this chain of questioning. If you can’t find a relevant reason for the purpose’s existence by the end of the chain of “why” questions, it may not have any innate purpose. Questions outlined to point out the project’s timeline, deliverables, and impact are vital for determining if the project deserves to reach its conclusion. While cutting the business’s losses on a project may not always sound too appealing, it will save the business time and money at the end of the day.
Finding out the why of your project will help connect with employees and the business to its inborn purpose. Many times, that’s the most important element towards ensuring successful completion and seeing its benefits to the company.
Grow your Business with Aceneca
At Aceneca, we want to spread ideas that could potentially become the seed for a profitable business. Our purpose is to guide your efforts to create a viable and profitable business while making positive environmental and social changes. With the implementation of purpose and shared value, we can help you grow your business AND make a difference! Click here to get in contact with us today.