Monday, December 6th, 2021

Purpose

“Profit isn’t a purpose, it’s a result. Purpose is the reason we do the thing that makes the profit.” – Simon Sinek

Surveys tell us that a large percentage of employees don’t feel fully connected to their firm’s purpose, they don’t see the value they create and that their jobs don’t allow them to fully leverage their strengths.

Every CPA firm started for a reason. Every CPA firm continues to operate and move forward for a reason. That reason results in profit.

Many firms are confused about the difference between a mission statement and a purpose statement. The first step to understanding a purpose statement is to distinguish it from a mission statement because each plays a different role in your business plan.

Here’s an explanation from a blog post by WGU.edu that I think will help you understand the difference:

Mission Statement vs. Purpose Statement

A purpose statement is a single statement that defines the reason your company exists—beyond simply making a profit. It also illustrates how your product or service positively impacts the people you serve. Once your purpose is established, you’ll need a series of goals to drive that purpose. That’s where the mission statement comes in.

First and foremost, a mission statement is actionable. It explains the path you need to take to reach your purpose. So, while a purpose statement is focused on the future, a mission statement is rooted in the present.

Unlike a company mission, your company purpose isn’t something that can be completed or checked off a list. A purpose statement illustrates the ongoing pursuit to push your company forward.

It is important to define your CPA firm’s purpose and share it with your entire workforce. Too many partners attend a partner retreat and then do not share the action steps from that meeting in a way that motivates and connects team members to the firm’s purpose, vision, and core values.

Here’s the Lego purpose statement: “To inspire and develop the builders of tomorrow.”

I hope you can define your purpose so clearly and briefly.

  • "Nothing will divert me from my purpose. "
  • Abraham Lincoln

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