Defining your purpose

Hubert Joly - Insight we think you’ll like.

We recently came across an article written by Hubert Joly, the former chairman and CEO of the American electrical retailer Best Buy written for Harvard Business Review.

Joly says we should focus on leading businesses that have a ‘noble purpose’ and that we should “focus on purpose and people and the profits will follow”.

“The past year has heightened a realization that had started to gain ground prior to the devastation of 2020: Business does not exist in a vacuum. Even before the onset of the pandemic, a growing number of business leaders were shifting away from Milton Friedman’s assertion that the sole purpose of business is to maximize shareholder returns and embracing the idea that business should serve all stakeholders” added Joly.

RMG’s clients operate in sectors that are born out of purpose; with so many exceptional scientists leading ground-breaking change and growing fantastic businesses as a result.

Joly shares practical ideas in his article which have resonated with our teams. You can read the full commentary here.