It’s relatively easy to develop a mission statement or kick off a purpose initiative. Most organizations have sought to define their purpose at some point or other, and many think it important to ensure that the company’s purpose is embedded in everything it does. Purpose should be systemic and rational, but also emotional; it should resonate with members of your organization and inform their decision making. Five major elements are critical:

• Portfolio strategy and products: the products and services your organization provides, and the “where to play” and “how to play” choices you make to best serve your customers
• People and culture: the talent—and the talent management—your firm deploys
• Processes and systems: the operational processes you adapt to meet purpose-related targets; the ways you ensure that behavior up and down your value chain is in line with your purpose
• Performance metrics: the target metrics and incentives you use to measure what you wish to achieve, how your firm is progressing, and the way you create and distribute incentives to make your organization’s purpose tangible
• Positions and engagement: how you align your external positions and affiliations to be consistent with, and consistently deliver on, the purpose your company has defined

Purpose is a source of competitive advantage, but it must be genuine and infused in your organisation’s business model. The 5Ps provide a framework to help companies embed purpose in a systematic, holistic way. It helps organisations unlock sources of value, identify points of vulnerability, and do well by doing good.