If you’ve followed our boutique hospitality consultancy for a while, then you know that Purpose sits at the core of everything we do. And we’ve made it our mission to empower our hospitality clients to identify their unique and authentic Purpose, and reflect that in the sustainable hospitality concepts and purposeful brands they create. Let's take a deeper look at the Purpose-driven organisations shaping today’s economy.
Thirty-five years ago, author Aaron Hurst’s own uncle Marc Porat coined the term “Information Economy,” predicting the rise of Silicon Valley and the internet giants. Since that time, Hurst, CEO of Imperative and Founder of Taproot Foundation, has observed an economic shift emerging from the need for Purpose, which he terms “The Purpose Economy.” In his book, Hurst makes the case for why our economy is becoming more Purpose-driven and how organisations (including hospitality businesses and boutique hotels) can thrive in light of this shift. Hurst draws upon his experience catalysing the pro bono service market, research, case studies and personal anecdotes, to reveal how this new economy is making an impact – for people and planet!
#1: There are different types of Purpose: Personal Purpose, Social Purpose and Societal Purpose.
Personal Purpose is the pursuit of passion; something deeply personal. As Hurst puts it, “We find Purpose when we do things we love, attempt new challenges, and express our voice to the world.” Social Purpose is about creating meaningful connections; sharing your Purpose with people you love. And research shows that Purpose is better when shared - after all, relationships provide more meaning to humans than anything else out there. Lastly, there is Societal Purpose: making a bigger impact on society as a whole. And that doesn’t mean you have to end world hunger – you can derive Societal Purpose through your existing work if you’re able to connect it to the bigger picture.
#2: There are different types of Purposeful organisations: values-driven organisations, excellence-driven organisations and impact-driven organisations.
Hurst has identified three types or Purpose-driven organisations. There is the values-driven organisation, where values are embedded into the organisation’s core and drive all decision-making. There is the organisation that strives to build excellence, where the Purpose is its craft and its focus on producing quality work. And lastly, there is the impact-driven organisation, which seeks to take responsibility for and have a more positive impact on its stakeholders, people and planet.
#3: There are different ways to embed Purpose into your organisation: through customers, through employees and through the supply chain.
Hurst notes that there are three ways in which Purpose is typically emphasised within an organisation. The first is by delivering Purpose to customers through a service or product that gives them a greater personal, social or societal Purpose. The next is by giving employees a sense of Purpose through their work. And the last approach to Purpose is building it into the supply chain - considering the people and companies with which you partner, practicing fair trade principles, empowering local communities, etc. The organisations that will perform well in this new economy are those that empower individuals to have a certain self-awareness about Purpose, and connect it to their own organisation's Purpose.
How can your organisation lead with Purpose? Hurst has some recommendations:
“Purpose is not a noun, it is a verb. It is about how we work. We experience purpose when we do something that’s greater than ourselves. We experience purpose when we push ourselves and grow. We experience purpose as part of a community.”
Thanks for following along on our boutique hospitality consultancy’s never-ending path to Purpose! We’d love to hear from you! What do you think about “The Purpose Economy?” How is your hospitality business or boutique hotel adapting to thrive in this new era? Comment below.
Lastly, support a local bookshop by buying “The Purpose Economy” here: https://bookshop.org/.
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