What is Your Business Here For? UK Accountants Talk Purpose

January 10, 2018

Have you ever sat down and asked what the purpose of your brand really is? Here’s why our chartered accountants think that you should!

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A little while back, the team at Russell Smith Chartered Accountants sat down together and discussed a very important question. It was something that we’d never thought to do, despite many years in operation, but one that had a profound effect on the way we developed our company from that point onwards.

We asked ourselves: what are we here for?

The question forced our team of UK accountants to take a step back and analyse exactly what we thought the purpose of our brand was. It was easy to explain what we were — we are a firm of chartered accountants — but that answer didn’t really convey the message of why we existed or who we were.

Benefits of Identifying Your Brand’s Purpose

Verne Harnish, author of Mastering the Rockefeller Habits, describes this idea as finding a brand’s “core purpose”. Knowing your core purpose can have a dramatic impact on how both your business operates, and how consumers perceive your business.

Your team are your business. They represent all it is, in the way they prioritise tasks, handle clients and complete their work. You may be the only member of your team, or you may have a small army of people at your back, it doesn’t matter; knowing what the purpose of your brand is will have the same effect.

Our UK accountants identified a purpose of offering a service beyond crunching numbers. We wanted to help grow profitability and support expansion of small businesses in Great Britain. Knowing this allowed us to narrow our focus on what we would offer clients and, perhaps more importantly, what we wouldn’t.

It gave us direction and it also gave our employees clarity in what their role was.

Purpose also means you can describe your business very simply. When talking to potential customers, you are able to engage with them in a much more meaningful way. Ask yourself: can you tell me what your business is in 10 seconds? Not a sales pitch or marketing waffle. From the heart; from your goals and aspirations and how you want people to see your company.

If you can find your core purpose and articulate it in a way that accurately represents what your company is here for and what you are trying to do, you can pass this on to clients and future customers.

Consider this: When asking UK accountants what they do, would you rather hear ‘we manage your accounts’ or ‘we support profit growth through financial management’? One of these describes what the business is; one of them gives it a purpose.

UK Accountants Tips for Working Out What Your Business is Here For

It’s easy to think of chartered accountants as bean counters and financial boffins, but one of the things we discovered when working out our purpose is that we wanted to be a company that helped other small businesses grow and thrive. Our experience in the field of business, helping to manage the affairs of many UK companies, has taught us a thing or two about smart business choices.

At Russell Smith Chartered Accountants, we aren’t just financial experts, but experts in business management, too. With that in mind, here’s some advice on how you can find the answer to that all-important question: what is the purpose of your brand?

What Are Your Aspirations?

When establishing core purpose, it’s no good just looking at what you’ve achieved in the past, and what you’re doing now, you want to look to the future. Consider your business like it were a person, and this question of purpose is going to decide which direction they take in life. You want to look at what you want your business to be — not just what it currently is.

What Does Your Team Think Your Purpose Is?

What was interesting when discussing our business purposes was the different ideas team members had. Everyone brings their own passions and ideals to the table, and these can be really powerful tools when trying to decide upon a core purpose that perfectly fits with your company’s branding and direction.

Ask everyone you can that works at your company, what do they think the purpose is? The results may surprise you, and help lead your business in a direction you probably hadn’t considered was a core part of its structure.

What Do You Do That Your Competitors Don’t?

Part of your purpose should be to fill a gap you feel that others aren’t. If your core purpose is exactly the same as everyone else’s, you aren’t going to be attracting any customers with your message; even if it is from the heart.

Look at the market and identify the core values of competitors and look to provide something else. Being unique may alienate some customers looking for a generic approach, but it’s also a valuable method of client acquisition in terms of finding the right kind of business for your company.

Need help finding your business purpose? At Russell Smith Chartered Accountants, we’re all about growth and development of small British corporations. Our financial and business experts can help you find the direction you’re looking for.

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