5 tips for starting a Purpose Driven Company
Today Silver Lining became a certified B Corp.
This is a journey that started back in April 2022.
In fact, lots has happened since last April. The company changed gear and our non-profit model started working. Having run many companies, I do understand that the words non and profit together, seem ludicrous.
Here are my five learnings around starting a purpose-driven company.
1/ People are intrinsically good.
By removing profit from the equation, we created an even relationship with our clients from the very first meeting.
After COVID we all felt an urge to do something with more meaning. Many clients we have worked with, have done the same. They moved on from companies where their values didn’t align. There seems to be a shared groundswell of 'good' in the market.
People and clients who were interested in the agency and the model, came back. In fact 80% of everyone we had a serious discussion with are now, or in the process of, working with us. Even when their funds were low, they want to make sure we are fairly paid. Client partners don’t want you to fail.
2/ Be true to your Purpose and your Proposition writes itself
An agency doesn’t need to try hard on a proposition if you live the values that you wrote in your business plan. If it’s purpose driven, it’s pretty intuitive. Your proposition becomes your Mission. An honest commitment to uphold the values you outlined to the world, behaving as an ethical and responsible business.
3/ Don’t cut corners with talent.
We looked further outside of advertising circles, hiring creative and production specialists not akin to the industry. We also sought senior talent, as with thrifty budgets you can’t pontificate too long. Decisive, measured experience is always worth paying extra for, with our business as the solutions required can be achieved far quicker.
We don’t offshore any of our services and local worked for us. At the time this was partly through necessity due to the 5km rule. But I love it now. 3070 and 3066 are our hubs for talent, production and most of our clients. How great is it to collaborate in person again?
4/ Growth isn’t always about people and profits.
We’ve been loyal to the business plan by using income from paying clients to work with NFPs who have little or no funds. We’ve learned so much about purpose-driven businesses, fundraising and B Corps who come with a different set of values and challenges. We’ve expanded our services quickly, far beyond other agencies I have run. To us, this is growth.
5/ Don’t Stop Believing / Don’t Give Up
Both Journey and Kate Bush were right.
Models come and go. To be honest, we do not claim to have a new model. It’s the same one, but without profit. Going many a month of not paying yourself made it tempting to get step-back into the old regime. But businesses take time to hit their stride. I’m sure there will be many more challenges down the path, but I was always told, if your business survives 2 years then it will survive 20.
