We all like profit. Without it there can be no purpose – for your business or the non-profit impact partners you like to support. Doing good – or purpose – should be regarded as a core business principle, adding value to the brand and its stakeholders.
As business indicators, profit and purpose have an intrinsic link. Corporate social responsibility and business purpose are intertwined.
Putting the idea into practice
Profit & Purpose was founded by Cristina Morales and Jamie Bianchini, who saw an opportunity to help both businesses and communities.
“Companies worldwide are already spending trillions of dollars on unavoidable technology and business service expenditures,” said Cristina Morales, CEO and Co-founder of Profit & Purpose.
“We advise our clients how to consciously procure these services through our purpose-powered brokerage to redirect a portion of those fixed costs back to their community partners.”
Profit & Purpose is a specialty procurement consultancy focused on the unique needs of purpose-driven companies and nonprofits. They work to reduce recurring business expenses by an average 10-50 percent to increase net profits while also redirecting a portion of those fixed costs to the charity of their choice.
One of their clients, an 18-year-old California-based company Realwealth, helps its members create passive income through rental properties in growing markets, while also igniting social change through the non-profit organizations they support with regular donations. Realwealth wanted to create a new stable donation stream to maximize the benefit to their non-profit partner organizations while also enhancing company culture.
They engaged Profit & Purpose, which applied its “purpose-power” strategy to minimize recurring costs and optimize services to increase profit. Profit & Purpose provided their expertise in software, communications, security, email and more, to create a five-year road map of purpose-powering RealWealth’s technology stack while reducing expenses.
In December 2020, RealWealth implemented its first purpose-powered vendor, which resulted in a 48% savings and a $500 recurring donation to their charity partner Operation Smile. In addition to adding thousands of dollars of bottom profits, this purpose-powered communications offering enabled every call or business text message made by their team to support RealWealth’s non-profit partners, which led to the significant enhancement of company culture.
Profit & Purpose is positioned to forever change the way companies procure their technology services by enabling companies to have a single-source, mission-aligned procurement partner for cloud services, software, hardware, payment processing, telecommunications, energy, and security from more than 1,000 providers and save an average of 10%-50%, which in turn increases net profits.
In addition to increasing net profits, Profit & Purpose makes guaranteed recurring donations for each product or service procured to the company’s favorite causes, while companies remain in control of which vendors and services they use. There are no service fees or hidden costs – Profit & Purpose is compensated by the technology services providers.
Deeper purpose is good for business and the community Research shows that purpose-driven brands have higher customer loyalty and more motivated employees. A Purpose Study conducted by Cone found that 79% of consumers said they’re more loyal to purpose-driven brands. In that same study, 74% of LinkedIn members surveyed said they place a high value on finding work that delivers purpose. And what about productivity?
Research by Bain & Company concluded that the productivity level of an employee that is truly inspired by the purpose of their company is a whopping 225% Profit & Purpose’s offerings give companies a simple, actionable path forward to increase purpose in their culture, impact in their communities, and increase profitability and growth, all with no out of pocket expense to their clients.