I always start sessions with new clients talking about their personal values and their Why. This information helps me to map out a path that will get them to their desired destination, they way they would like to travel.
What is your personal Why?
The personal WHY you set up your business may be for,
- Freedom and income
- To provide for your family
- You may have spotted a need or want with a gap in the market.
- Maybe for enjoyment, creating a business is a way to channel it for a purpose
- You may know a better way then what is currently available.
- It maybe to leave a legacy, a future for your children.
- It maybe to retire and travel.
Your business WHY maybe to reduce damage to the environment. Is it to provide a living wage to all its employees? It maybe to be respected and trusted in the community. It may be to fund non-profits. You may have wanted to create fun. It maybe to entertain. To allow people to take back their own lives. To provide information for a key audience.
Whatever your WHYS, they will help shape the route your business takes.
Example of a Why
You have a beautiful eco-friendly handmade product, which you enjoy making and you find relaxing. You are looking to make the business stable enough to provide a good income. Allowing your spouse to stop working in the near future, to follow their passion. Bonsai, which in its very nature (pun intended) takes time and patience to develop. This will require you to bring in enough to cover the mortgage, bills and live comfortably with money for treating yourselves and spending lots of time with the children.
Would you…
a) Grow the business by plugging up the holes in the current systems, not costing you very much. Organically upgrading tools and equipment when funds are available. Outsourcing the areas of your business you don’t enjoy, freeing up your time. Reinvesting to have a good solid business you can pass on.
b) Go to the bank with a business plan to mass produce your product. Get a loan to hire staff, upgrade equipment and systems now. Travel and work every trade & craft show you can. Saturate the market. In 2 years you’ll have had very little time for your family, but you have made more money than you could have imagined and your business will be obsolete.
Both options sound great, what would I do?
From the example, I would have gone for option a), that does not mean that option b) isn’t workable and a great option if the example said ” You have a product that will trend. The first few are made, but now you’ve nailed the prototype you can’t stand the idea of making another. You want to make enough money to travel the world in style in a couple of years. And you are happy enough to start over from scratch with another business or go back to employment when you get back.”
The point is knowing your values, why and desired result will make making decisions in your business much much simpler. Follow your chosen route, in a state of flow. Not fighting yourself every step of the way.
Now you know why your in business, let us step out a plan Business Coaching 1:1