Put simply, purpose can be interpreted in two ways - either to represent the underlying motive behind why a brand sells its products and services, or it can be the platform that articulates why the organisation exists in the world.

With deepening inequities across the world - (healthcare, education, climate change, racial equality) there’s an increasing urgency for these issues to be addressed. Businesses are now expected to fill the void left by the government.

In stark contrast from the world of baseball, in global business, there’s an emerging application of another type of triple play - the growth triple play.

In general, established or traditional accounting practices records the costs, incomes, assets and liabilities of the company - as well as the costs of the resources a company employs, and the earnings it derives from them. As a result, current accounting methods do not provide all the information that is relevant to promoting responsible, purposeful business practices.

Purpose needs to be both emotional and rational and needs to resonate with all members of your organisation - this consistency ultimately drives decision making at all levels, create a values based culture and enables the company to endure changes that may arise both internally and externally in the passage of time.

On August 19, 2019, around 200 CEOs attended the Business Roundtable in The United States and changed the past 50 years of corporate history to redefine the 'purpose of a corporation'.

By clearly setting expectations and how this translates for employees roles and responsibilities, purpose is driven through the organisation by the perceptions of professionals and middle management - and systematically have higher future accounting and stock market performance, even after controlling for current performance.

From experience, purpose can mean different things to different people. And likewise, purpose can mean different things to different companies. Just the mention of the word can inspire and intrigue some, and for others lead to eye rolling and a healthy dose of scepticsm.