I just finished reading my latest book titled Purpose + Profit. The book was written by Harvard professor George Serafeim. Being purpose-driven is no longer a brand or marketing gimmick, but a sea change driven by multiple forces. The book provides data to support the coexistence of both purpose and profit. In fact, it makes the case that purpose-driven companies have better outcomes. In 2017, I spoke about the need for a hybrid of purpose and profit. It is refreshing to read the many examples of how that exact scenario is playing out. Even more encouraging is the advancement in available data that allows us to measure impact — something the author calls impact weighted accounting. I recommend the book and have added it to my library. The Amazon abstract is included below.
Are purpose and profit in conflict, or can both be achieved simultaneously with the right mindset and tools?
What are the forces that are reshaping the relationship between the two? What can we all do to strengthen the relationship between purpose and profit as entrepreneurs, managers, employees, consumers, and investors? Backed by cutting-edge research, Purpose and Profit provides answers to these fundamental questions that are increasingly defining the business landscape all around the world. Distinguished Harvard Business School Professor George Serafeim takes readers on a research-driven journey to understand:
- How and why environmental and social issues are becoming increasingly relevant for organizations worldwide;
- The ways that companies can design and implement strategies that generate greater impact;
- The six archetypes of value creation enabled by these new trends;
- The role of investors in driving greater recognition of ESG issues; and
- How we can all look at the choices we make and careers we pursue in a way that maximizes purpose and profit in our own lives.