Purpose Has Never Been More Important

The top five accounting firms in the UK according to Accountancy Today’s 2022-2023 list come as no surprise: Deloitte, KPMG, PwC, EY, and BDO, in that order. They have a collective turnover of nearly £16 billion and 100,000 UK employees. They deal with UK companies large and small on an ongoing basis, so their sphere of influence is particularly significant.

A quick visit to their websites shows that they all now have a clearly articulated sense of purpose which has become deeply embedded within their organisations. Purpose is what a company stands for beyond simply making money.

Purpose gives an organisation a point of focus and provides a chassis upon which to build its reputation. Core purpose clarifies corporate direction and strategy. In today’s hyper-competitive world, shareholder expectations have never been higher, and purpose helps companies meet them across a broad spectrum of measures.

Millennial and Gen Z employees are seeking a greater alignment of personal and business purpose from the companies they work at. Purpose has become one of the cornerstones of brand reputation and differentiation, and it helps provide guidance on every internal process including innovation and product/service development.

A company’s sustainability programme should be closely related to its sense of purpose and should emanate from it. Additionally, more and more often a company’s social licence to operate is earned through it delivering on its purpose.

If industry leading organisations such as the largest global accounting firms have embraced, articulated and activated their own purpose, then now is the time to follow their lead. Aalto Capital recently used an external consultant to help define its core purpose and provide clear focus for the future of the firm. Is it time for your company to do the same?

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