“Purpose is why an enterprise exists –
who it serves, its reason for being and the role it plays in the world.
It’s the answer to the question:
“How is the world a better place by your company being here?”
The purpose of a business is the North Star which guides the business, its strategy and the outcomes from delivery on the strategy and inspires those who work in, and with, the organisation.
It is the key to ensuring that the business is better tomorrow than it was today, better still in a year’s time and even better in five years’ time.
Establish the company’s purpose, values and strategy and satisfy itself that these and its culture are aligned.”
Together with a group of Chairs, NEDs and advisors, Blueprint has produced this short paper which aims to move Board’s understanding and ownership of purpose beyond the framing of the FRC Guidance. We argue that plc Boards must step up now to meet the challenge of societal expectations in the post covid recovery and to do this they need to commit seriously to becoming “purpose-led”
The paper sets out in simple practical terms what this implies in terms of profit, ESG, behaviour and measures, and ends with 6 questions for Boards and Board members individually to ask themselves.