“Just as every person has a story to tell, so do companies”
As mentioned in one of our previous blog posts “Storytelling: Is it Essential for Your Business Growth?“, a corporate story is a very powerful tool that every CEO should master. Internally, a story guarantees effective communication, focus, more motivation; hence increased productivity. On the external level, a corporate story conveys the organization’s purpose. Also, as stated by Thompson (2018), “businesses with purpose are noticed and win the loyalty of consumer”. In short, it makes your firm stand out!
A corporate story is a narrative tool that tells the tale of a company: who it is, where is it heading or what is its vision, what is its strategy, and what path are its employees following.
According to the author, crafting a good story enables the firm to:
- In the first place, ensure understanding of the business
- In the second place, align and engage its employees
- Third, make them aware of the importance of their role to achieve collective success
- Fourth, create a distinct competitive positioning
- Additionally, help employees appreciate the customers they serve
- Sixth, remain consistent while dealing with specific demands of various stakeholders
- Finally, provide meaning, stability, and distinctiveness.
Telling your story is not limited to the traditional storytelling techniques. Rather, one can use different ways. For instance, you can tell your company’s story by creatively using your management decisions, your values and mission, people you hire, your customer service, how you approach competition, etc.
Marzec (2007) recommends that every leader asks the following questions whenever he/she thinks about the corporate story:
- What is my company’s story?
- Am I reaching my stakeholders and building the right relationships?
- How is my story being told?
- Am I taking ownership or allowing others authorship?
Source
Marzec, M. (2007). Telling the corporate story: vision into action. Journal of Business Strategy, 28(1), 26-36. Retrieved from https://doi.org/10.1108/02756660710723189
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