SMEs: The importance of purpose

The importance of purpose for the UK’s small and medium-sized enterprises (SMEs) has been explored in a recent report. It found that a massive 91 per cent said that a vital part of running a successful business is having a clear purpose.

70 per cent – 3.9 million of the total 5.7 million – were driven by a desire to improve their local area and the lives of the customers they serve.

According to 72 per cent of SMEs, their business plays an important role in the community – 30 per cent believe their business is a vital part of community life, and 32 per cent boast bringing jobs and wealth to their local area.

52 per cent of SMEs have stated that their business exists in order to have a positive impact on the lives of their customers.

23 per cent of SMEs were found to support community projects or local charities, while 28 per cent state they provide an invaluable service to more vulnerable groups of individuals.

It is claimed by 26 per cent of SMEs that they want to offer a more cost-efficient service.

Customers appear to appreciate the community spirit of SMEs, a separate report showed that 53 per cent of people prefer purchasing goods or services from companies that share similar values to themselves.

Experts who released the report believe that SMEs are “leading the way” in regards to defining a clear purpose for their business. They went on to express pleasure in regards to how SMEs want to improve the lives of their customers and take their role in the community seriously.