This tip is a little more woo-ey and less “love me an Excel spreadsheet.” 

But it’s inspired by my friend and fellow entrepreneur, Mark Boles. (If you didn’t catch his video in Monday’s email, check it out here).

Here’s the tip: build a business with purpose, not just profits.

Yes, profits really matter. I’ll be the first to tell you that (as you know!). 

But at the end of the day, if your business only makes profits and lacks purpose, its ROI (that’s Return-On-Investment) is actually pretty crap, if we’re measuring in “I want to be a good human” terms.

Having a business with purpose not only benefits your bottom line, it benefits your community and greater society as a whole. 

Don’t believe me? Check this out:

➡️ Raj Sisodia, researcher and author of Firms of Endearment, found that companies with a clear and driving sense of purpose, beyond the goal of just making money, outperformed the S&P 500 by a factor of 14 between 1998 and 2013

➡️ Accounting giant Ernst & Young conducted a study that found that 58% of firms that prioritize their business purpose were achieving 10+ growth each year, vs. only 42% of firms without a clearly defined purpose.

➡️ Shawn Anchor, author of The Happiness Advantage, found that purpose increases sales by 37%. Who wouldn’t want to increase their sales by 37%!

Bottom line: Having a strong purpose is good for your bottom line. So before you make that next decision out of desire for profit or fear of paying the bills, think back to what you’re really doing here and WHY you’re doing what you do.