As seen in Forbes

Before Covid-19, my business was rising up in the keynote speaking industry. Five years in a row, my speakers bureau had grown more than 100%. Each year, the ranking rose on the Inc. 5000 list of fastest-growing private companies.

Things looked good for the future. The executive team had laid out a five-year growth plan with plans to double the number of employees. The company had purchased a new building to house everyone under the same roof. But, most importantly, my company had spent time articulating the true business purpose for the company and our clients. That’s exactly when Covid-19 wiped out more than 70% of our revenue. My company went from five-year plans to laying off 50% of our employees.

It’s times like these when you ask yourself why you’re in your business and if what you’re doing matters. I might have quit if my company didn’t have a strong purpose for existing.

What’s your purpose?

What is a business purpose? Many confuse a company’s business purpose with its business mission or vision. Simply put: Your business purpose is the “why” for your company’s existence (which is not to make a profit, though that’s a definite goal). Your business mission, on the other hand, explains what you do and for whom, but not why you do it.

For example: The mission of my company as a speakers bureau is to facilitate bookings between keynote speakers and organizations for events and entertainment. That’s what and who, but not why. Mission is not a motivator to go the extra mile.

The “why” for me and my colleagues is to “awaken greatness within.” We want to help people find their greatness by increasing knowledge, skills and motivation. That’s a goal worth getting out of bed for — even on a bad day or year.

At first, this was an important business purpose. But, after a few months of the pandemic, I noticed my company’s business purpose had become my personal purpose.

Purpose becomes personal.

My company’s business purpose of “awaken greatness within” became personal. The challenge of ever-decreasing revenue, laying off cherished employees and trying to survive from week to week had awakened my own “greatness.”

At work, I found myself tapping into the soft skills I had developed in good times. I wanted to be a better boss to help myself and others. I saw myself spending more time communicating with staff, using my empathy and being sensitive to the needs of clients and colleagues who were undergoing their own challenges.

At home, I paid more attention to my personal well-being. Instead of leaning on vices to numb the pain and emotions from the downturn to business, I decided to improve my health. I maintained my daily exercise routine, opened up to my family about what I was going through and kept in contact with my friends (albeit digitally).

Purpose is your true north.

In the end, a business purpose is not a cure-all for your business challenges, but it can be your North Star through troubled times. Knowing why you’re doing something can keep your motivation strong when you’re not seeing increased results or revenues.

So if your business doesn’t have a purpose, try to find one now. If your business does have a purpose, this is the time to connect with it. A purpose can give you strength when you need it most.