Common wisdom is that the purpose of business is to make a profit. I think we have largely got this wrong. The purpose of business is to make a difference to the people you serve. When you get that right, you can build a business that makes a profit, not just for today, but over the long term.

Call me a crazy socialist if you like, but what I have seen over the last 20 years of helping people start and grow successful businesses is that those who do so to serve, to meet and delight their clients, outlast those who just want to make a quick buck at their expense.

Perhaps the outliers to this concept are those traditional banks and companies that are profit-driven and seldom operate from a customer delight perspective. As a result, their users are trapped in unhappiness, but because their services are critical to daily life and it’s painful to switch, their clients grudgingly remain.

For the record, I am aware of at least one emerging company whose business proposition is to help clients overcome this ‘pain of switching’ – so soon even those monopolies will find themselves needing to lean into the ‘doing good by delighting the customer’ ethic!

Companies built on this premise include Patagonia and, perhaps locally, Cape Union Mart, whose ethics drive their very culture and reason for existence. These companies built a loyal lifetime following, and there is lots of evidence that those who work for purpose-driven companies are also more likely to love their jobs.

So if you are an aspiring entrepreneur looking to build a successful business – be sure to start a business that delights your customers. Get that right, and you will leave a legacy of both financial and societal impact.

Want to learn more about how to do this? Sign up for my online webinar this Wednesday, Turn impact into growth I look forward to connecting with you in the session.