March 2006 Purpose Matters The goal of meeting a need in society should be central to every organization incorporated by the state. Most firms and the people who work in them acknowledge that their organization exists to do something useful for society. Unfortunately, the current fad of putting shareholder value at the forefront of mission statements has made serving society a secondary goal, at least for many publicly traded corporations. Some companies seem to exist only for profits. Selling a product becomes the means to that end. In my opinion, a much better case can be made for reversing the means and ends. The end should be selling a product, and the means to keep doing so should be making a profit. The concept of service is crucial to the creation of a joyful workplace as people want to be part of something greater than themselves. They want to do something that makes a positive difference in the world. Most employees do not consider making a profit for shareholders, or even making money for themselves, sufficient to satisfy this goal. When a company gives a high priority to serving society, its employees are energized. The most important questions in business are often never asked: What is our motive? What is our purpose? Are they worth-while? Motive and purpose guide behavior, color decisions, and add or subtract joy from work. Keep asking these questions, and use the answers to measure success. Dennis Bakke www.DennisBakke.com p.s. e-mail your questions and comments to askdennis@dennisbakke.com       "The terrible reputation of business in the world today is a direct result of the belief that business has no other purpose besides maximizing profits."   --John Mackey, CEO, Whole Foods Blog     Free Conference Call with Dennis Bakke> Have questions for Dennis? Participate in our free conference call on Wednesday, March 29.   2-3pm    Eastern 1-2pm    Central 12-1pm   Mountain 11-12pm Pacific   Tell your staff you have a call with Dennis Bakke, put the call on speakerphone, and catch up on e-mail.   Dial (978) 964-0031 and enter: 1304827#   If you would like to receive a reminder e-mail about the call, e-mail mark at dennisbakke.com   Executive Summary> Read the synopsis of Joy at Work online for an overview of the key concepts. Executive Summary   10 Free Copies of Joy at Work> As a subscriber to the Joy at Work Journal, you are eligible to receive 10 copies of Joy at Work ($250 value) when you purchase the 3-hour Video Seminar on DVD at $249.  Watch a preview online    To order, call (206) 730-2463 or fax the order form to (425) 787-6900. If you previously purchased the Video Seminar, contact us and we will ship you 10 books.   Career Advice> Dennis Bakke fielded questions from Washington Post readers and offered career advice. If you're stuck in a miserable job, then you'll want to read the transcript.   1. When given the opportunity to use our ability to reason, make decisions, and take responsibility for our actions, we experience joy at work. 2. The purpose of business is not to maximize profits for shareholders but to steward our resources to serve the world in an economically sustainable way. 3. Attempt to create the most fun workplace in the history of the world. 4. Eliminate management, organization charts, job descriptions, and hourly wages. 5. Fairness means treating everybody differently. 6. Principles and values must guide all decisions. 7. Put other stakeholders (shareholders, customers, suppliers, etc.) equal to or above yourself. 8. Everyone must get advice before making a decision. If you don’t seek advice, “you’re fired.” 9. A “good” decision should make all the stakeholders unhappy because no individual or group got all they wanted. 10. Lead with passion, humility, and love.   Dennis Bakke breaks down #2: Purpose Matters     Each stakeholder is crucial to a company’s success. Obviously, the company depends on investor capital, but it also needs lenders, customers, productive employees, rights and protections provided by government, and products and services from suppliers. The value created is the sum of the contributions of all these stakeholders. In return, each stakeholder deserves a portion of the returns for their contributions to the company’s effort to serve society. To sustain itself economically, a company needs to generate enough value over the long term to “pay” each stakeholder an amount consistent with his or her contribution to the enterprise. Profits to shareholders should have the same priority as paying interest to financial institutions, salaries to employees, taxes to governments, and discounts to customers. -- D.W.B. ------------------------------------------------- FREE DOWNLOAD - Water Cooler Wisdom - Rule #2 printable 8.5 x 11 pdf document ------------------------------------------------- Want to start a dialogue in your office about the purpose of business? Download the PDF and stick it up where it will be seen. Contact Us: Questions for Dennis Bakke: askdennis@dennisbakke.com General Inquiries: info@dennisbakke.com Joy at Work Journal Archive Quick Links:   - Water Cooler Wisdom   - Executive Summary   - Bible Study Home   - Video Seminar   - Amazon.com   Download Rule #2:  The purpose of business is not to maximize profits for shareholders but to steward our resources to serve the world in an economically sustainable way.