How a strong mission can help your business go further
Purpose is likely to be at the heart of the successful economies of the future, Michael Hayman believes. An ambassador of the Go Further Investment Index, entrepreneur, broadcaster and author, here he shares the importance and benefits of having a strong mission.
Tell us a bit about your background and what you do now?
I am an entrepreneur, broadcaster and author. I co-founded the campaigns firm Seven Hills and co-authored Mission (Penguin Random House). I hold other roles including Chairman of Entrepreneurs at Coutts and Honorary Professor of the Purpose Economy at the University of London. In addition, I host the podcast Change Makers and I am a Columnist for CityAM and Contributing Editor for Country & Town House. I also co-founded the national campaign for early-stage enterprise, StartUp Britain.
What is your favourite piece of business advice that you have been given?
Lord Bilimoria is President of the CBI and someone I have worked with closely over many years. His best advice to me was, “good judgement comes from experience, experience comes from bad judgement.”
Why is a strong mission the foundation for all successful businesses?
Mission speaks to your intent, your agency and your commitment to making a difference. It’s what gives you a difference and a purpose. It is the very essence of a good business. It motivates teams and customers alike.
What are your top tips for finding, defining and articulating that all-important singular cause?
It has to start with what you believe in and a view about why you exist. If you want to stand out you need to stand for something. The reasons to believe. It is something we looked at in detail in our book Mission: How The Best in Business Break Through.
What is the purpose economy and why should businesses care about it?
If you believe that business can be a force for good in the world, think if it was the driving force behind an entire economy.
One that seeks to play its part in providing the answers to the big challenges facing the world. And one that uses its talents, time and energy to play its part to deliver not just profit, but to deliver on a positive purpose.
The aggregate of that adds up to an economy and it is likely to be at the heart of the successful economies of the future.
The Go Further Investment Index is an opportunity to engage, showcase and celebrate progressive businesses who are pushing through and achieving their aspirations through access to investment, impactful collaborations, and the foresight to inform and respond to the changing world around them.
It is open to Northern Powerhouse and Scotland-based businesses of all sizes and from all sectors, but we are particularly interested in businesses operating within bio-science, health tech, clean energy, decarbonisation, circular economy, data and digitisation, space and satellite, tech, AI and advanced manufacturing.
For more info visit www.gofurtherindex.co.uk.