Purpose describes the fundamental reason for being of a company beyond mere profit generation. It answers the question of why the company exists and what contribution it aims to make. A clearly defined purpose serves as a north star for strategic decisions, as orientation in times of uncertainty, and as a binding force for employees and customers who identify with that cause.
Patagonia has formulated one of the best-known purpose statements and lives it consistently: the company aligns product decisions, supply chain, and even advertising campaigns with the goal of protecting the environment. IKEA pursues the purpose of making good design affordable for as many people as possible, which is reflected throughout the entire value chain. What matters is that purpose is not merely communicated but made visible in concrete decisions. A purpose statement hanging in the lobby that has no influence on budget decisions is marketing.
The concept traces back to Simon Sinek and Jim Collins (Built to Last). The challenge lies in finding a purpose that is authentic, provides orientation, and simultaneously does not exclude economic action but guides it.
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