Money and mission

This week I gave a talk to 120 young people on strategy, innovation and purpose – all critical topics in today’s world.

A lot of the questions were around purpose – and what Deloitte was doing to ensure purpose and better the community across the globe.

The great thing is that we can be very proud of what we are doing – in terms of diversity and inclusion, improving the lives of 50 million underprivileged people through creating opportunities in education and providing money and expertise to help an array of ‘for purpose’ organizations.

However a lot of the questions were about why weren’t we doing more on this cause or that cause. And all of the causes were worthy.

However, I always return to my two key principles:

1. There is no mission without money – the businesses that can afford to do the most in terms of social license and the community are the businesses that are financially strong in the long term. So getting the basics right on financial performance is vital if you want to be a great social contributor

2. Like strategy and innovation, purpose and social license are about choices – being clear about what area and how you will make an impact – making sure you are not spreading your focus and capabilities (and money) too broad and wide. Just like strategy there are many initiatives you can back – but it really is about having clarity on the choices you make

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