Leading from the top of an organization is no longer just about finances. The world today is vastly different than it was just a year ago, and successful leadership requires a broader, intentional focus on purpose with the help of executive coaching services.
ECC Executive Partner Peter Radvan has been on top of thousands of global associates as Deputy Group CEO and Executive Vice President at Mars, Inc. Now, as an advisor to C-suite members, Peter sees a strong similarity in what today’s leaders need to be successful in leading their businesses in highly competitive environments amid ever-changing socio-political landscapes. This common point is the goal.
In fact, consumers are demanding it. A recent global survey of 8,000 consumers in 8 global markets found that consumers are 4-6 times more likely to buy, protect, advocate and trust purpose-driven brands and companies.
CEOs and their management teams must respond to the brain coach. To foster long-term viability and success, they must expand their business purpose to include a broader, multi-dimensional goal.
Four dimensions of purpose
Radvan characterizes four dimensions of purpose that, when applied, will enable C-Suite leaders to lead their organizations more effectively and successfully than in the past.
- Financial capital,
- Human capital,
- share capital, and
- Natural capital.
Peter says that the price of purpose is more critical than ever, not only because customers need it, but also because competition has increased melodramatically as online, and e-commerce choices have launched the door with a much lower value of entry. CEOs should act out immediately with dexterity to bring the thoroughness of financial capital to people, natural and social capital. If they don’t, their competitors undoubtedly will, if they haven’t previously.
Peter offers 5 key steps for leaders as a guide to help them become a more purpose-driven brand/company.
1. Understand the “as is” situation.
Be clear on what your brand and business are good and not good at in terms of capabilities and possibilities and how they compare to these 4 capitals.
Know your management team and rely on their expertise.
Listen carefully, be open and receptive.
Do not underestimate this fundamental step.
Executive Partner Peter Radvan has been on top of thousands of global associates as Deputy Group CEO and Executive Vice President at Mars, Inc. Now, as an advisor to C-suite members, Peter sees a strong similarity in what today’s leaders need to be successful in leading their businesses in highly competitive environments amid ever-changing socio-political landscapes. This common point is the goal.
2. Articulate your goal.
Start thinking in the same mindset as each dimension of the goal.
Address all relevant dimensions of the goal, including financial, human, social and environmental aspects.
Ensure the relevance of the objective for each dimension of your brand, your organization, and your business.
Identify the gaps in the desired goal versus the current “as is” – and how you might fill those gaps.
3. Engage people/voters – why they should care.
Set clear business and organizational goals for each goal dimension.
Ensure that these objectives are fully integrated at all levels of the organization.
Communicate clearly and often with all key stakeholders – consumers, employees, and investors.
Follow the action.
4. Measure impacts.
Define metrics that enable early successes and quick pivots.
Check your pulse at regular intervals.
Be nimble and nimble to respond and pivot.
Test, fail and readjust quickly.
Peter says that the price of purpose is more critical than ever, not only because customers need it, but also because competition has increased melodramatically as online, and e-commerce choices have launched the door with a much lower value of entry. CEOs should act out immediately with dexterity to bring the thoroughness of financial capital to people, natural and social capital. If they don’t, their competitors undoubtedly will, if they haven’t previously
5. Find success.
Communicate and celebrate accomplishments to important stakeholders. Examples:
- Positive movement on engagement surveys
- Benchmarks against social norms
- Supply chain efficiency
Make sure that each success leads you and brings you closer to your goal.
Leading a goal-oriented company, especially as a new C-Suite leader, can seem daunting at first. Peter recommends that once your direction is placed, begin walking and change as you go. Use the mountain range in the distance (your objective) as a guide for your direction but keep your focus one step ahead. Understand where you are going and what you are doing. Measure, take feedback and adjust. And do not be anxious to ask for exterior help.
