Innovation with Purpose: Ronn Torossian Of 5WPR On The World’s Most Successful Purpose-Driven Business Models
Adaptability — Being able to pivot and evolve beyond your initial vision is essential for success in business today. This can apply to day-to-day functions or the overall direction of a business.
In today’s rapidly evolving business landscape, purpose-driven models are at the forefront of innovation. These businesses are not just focused on profit, but are also committed to making a positive impact on society and the environment. In this interview series, we are speaking with visionary leaders, entrepreneurs, and innovators who are pioneering purpose driven businesses. I had the pleasure of interviewing Ronn Torossian, Founder & Chairman of 5WPR.
Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company’s growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke Media, a top three NYC PR agency by O’Dwyers, one of Inc. Magazine’s Best Workplaces and being awarded multiple American Business Awards, including a Stevie Award for PR Agency of the Year.
Thank you so much for doing this with us! Our readers would love to get to know you a bit better. What inspired you to start or join your business, and what is its core mission?
From an early age, I’ve had an entrepreneurial spirit, and it was always a goal of mine to start my own business. As I began to narrow down my career path, I considered pursuing a career in law, journalism, or psychology. I soon realized public relations was a mix of all my interests. After working for another agency, I decided I wanted to tackle the challenge of starting my own. Named after the five principles of communication, 5WPR was founded in one room with one intern and has since grown into a full-service PR agency with a mission to help clients define and achieve their strategic communications goals. Over time, we’ve grown into a full-service PR and digital agency with the same mission we had from the start: to help our clients define and achieve their communications goals.
Could you tell us about your journey in the industry and any significant experiences that have shaped your approach to purpose driven business models?
I’ve grown my business by working alongside brands I believe in. Early in my career, I rarely said ‘no’ to an opportunity. No matter how small the brand or project, I knew each would be a learning experience that had the potential to grow into something more. Now that we’re an established business, we can be more selective and focus energy and passion on projects that allow us not only to profit but also execute work we genuinely enjoy.
What inspired you to create a business model that prioritizes purpose alongside profit, and how do you ensure this balance in your daily operations?
I wanted to build an agency that would help clients grow while also being their true partner. Balancing purpose with profit is key to long-term success. To maintain this balance, we embed our agency’s core values into every aspect of our operations — from the clients we choose to work with and the campaigns we build for them, to how we present our own business to our audiences.
How do you measure the social or environmental impact of your business model, and what challenges have you faced in aligning these metrics with traditional business goals?
We work with many clients who are leading the charge in making social and environmental impacts. When we work on campaigns, we assess the reach and effectiveness, noting the positive changes we’re making in raising public awareness and inspiring a change in behavior. Internally, we evaluate our agency’s practices, such as minimizing our waste in the office, offering remote work options to reduce our carbon footprint, and choosing to partner with clients who are committed to sustainability.
Can you share an example of a tough decision where you chose to prioritize purpose over profit, and what was the outcome?
As an agency that spans countless industries — from consumer-facing brands to technology and corporate clients — we represent many brands that have different purposes and values that don’t always align with our own. Despite the opportunities and profits offered, we don’t accept inbound requests that conflict with our core values. Turning down these clients can be difficult, but doing so reinforces who we are as an agency and strengthens our reputation.
How do you stay innovative while remaining true to your core mission, especially in a rapidly changing market?
Staying innovative while remaining true to our core mission is essential. We achieve this by exploring and embracing new technologies, platforms, and methodologies that can enhance our storytelling capabilities. Often, staying true to our core mission encourages us to be even more innovative, fostering creativity and helping us navigate changes within the industry.
What role does community engagement play in your business model, and how have you successfully integrated feedback from those you aim to serve?
Community engagement is an important pillar in our business operations. As an agency, we understand how crucial social listening and customer engagement are for our clients, and we apply this understanding to our own business strategy. We actively seek feedback to help shape our strategies moving forward, ensuring our work remains effective and allows us to continue growing.
What are your “5 Things You Need To Create a Successful Purpose Driven Business”?
- Leadership — Strong leadership is crucial for setting the tone of a business. I believe in leading by example and hope that my employees can see the thought and consideration that go into keeping our business successful.
- Adaptability — Being able to pivot and evolve beyond your initial vision is essential for success in business today. This can apply to day-to-day functions or the overall direction of a business.
- Creativity — Creativity is crucial as a business leader because it allows you to find innovative solutions when you feel stuck.
- Drive — It is not easy to create a successful business, and there will always be new challenges that you’ll have to overcome. Having a relentless drive to achieve goals is crucial to keeping yourself and your business afloat.
- Community — While you may start your business on your own, building a team around you that shares your vision and values, and that you can lean on for insights and brainstorming, is crucial. Cultivating strong relationships with partners and clients will help you navigate challenges with grace.
What piece of advice would you give to entrepreneurs looking to pioneer their own purpose driven businesses?
My advice to entrepreneurs looking to build their own purpose-driven business is to stay true to core values, even when it’s tough. Accept that your vision might need to change to be successful, but don’t compromise the core values on which your vision was built. Purpose-driven work will require difficult choices that will ultimately define your brand. If you make these choices based on your values, you’ll attract partners and clients who appreciate what you stand for.
Can you share a story of someone who has inspired you in your journey?
My mother has always been a source of inspiration for me. From an early age, she taught me values, courage, wisdom, strength, and decency. She told us every single day that we could do anything we set our minds to. In addition to the tools that she provided me, I make it a point to read books authored by fellow entrepreneurs, successful CEOs, and others who have built successful businesses. I’ve taken bits and pieces from all these stories and applied them to my own journey, constantly learning and adapting along the way.
How can our readers further follow your work or your company online?
This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!
About the Interviewer: Russell McLeod is an experienced business leader, social entrepreneur, and mentor. A champion of profit with purpose, the circular economy and of collaboration for positive progress. Russell is the founder of Mightyhum a Toronto-based impact enterprise dedicated to supporting growing organizations. And, while it’s not a requirement, the Mightyhum team has a passion for collaborating with purpose-driven businesses. Mightyhum specializes in providing consulting services and turning hairy audacious concepts into achievable ventures & projects. The Mightyhum team work with C-suite executives and leaders, developing new product offerings, effective go-to-market strategies, building for profitability, and streamlining operations. Before Mightyhum, Russell was involved in the world of social enterprise as the Executive Director of ME to WE, one of Canada’s best known and most awarded social enterprises. While at ME to WE, the team demonstrated that being profitable and impactful was indeed possible. During his tenure, ME to WE delivered $20M in cash and in-kind to WE Charity, helping transform the lives of over 1 million people through access to clean water; the lives of 200,000 children with access to education; and 30,000 women-led businesses launched globally.
Russell’ personal mission is to inspire others that there is ‘a better way to do business,’ ‘that through business we can solve some of the world’s problems at the same time.’ You can follow Russell’s work at https://www.linkedin.com/in/russell-mcleod1/ or www.mightyhum.com.
Original article here: https://medium.com/authority-magazine/innovation-with-purpose-ronn-torossian-of-5wpr-on-the-worlds-most-successful-purpose-driven-4717720b4a16
In today’s rapidly evolving business landscape, purpose-driven models are at the forefront of innovation. These businesses are not just focused on profit, but are also committed to making a positive impact on society and the environment. In this interview series, we are speaking with visionary leaders, entrepreneurs, and innovators who are pioneering purpose driven businesses. I had the pleasure of interviewing Ronn Torossian, Founder & Chairman of 5WPR. Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company’s growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke…