A business purpose is an overarching goal or objective that a company seeks to achieve. It is the reason why the company exists, and it should be something that guides all of the company’s decision-making. The business purpose should be specific enough to provide direction, but broad enough to allow for flexibility and growth.
One example of a business purpose is to provide personal services, like those offered at spas or hair salons. Another example could be selling retail products or renting space for licensed technicians who provide beauty services to customers.
More generally, a business purpose statement is a statement that answers the question of why a company exists. The purpose statement will let the consumer know if the company’s mission is to improve the world, make it free or feed everyone. It gives you something tangible to work towards and outlines your overall purpose for being in the business.
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