What is the purpose of your business? This is a good question and lots of business people struggle to answer it without having had a good think. But when you do think about it, it gives clarity of why you show up in the morning.
Is it to deliver your personal purpose, financial freedom or is it to achieve something else?
Businesses are set up for many different reasons, from pure profit to social enterprise where the profits are put back to deliver more service. Understanding why you are running your business is key to its success.
What is the purpose of your business?
Begin with the end in mind. Now consider the end result of your business existing?
What happens at the end? Right now, you may think the business will never end, it is quite possible that you have never even considered this.
No one is here forever. What do you want to happen with your business when you are no longer part of it, through retirement or even as part of your inheritance plan?
What happens at the end?
What does your business need to look like to give it real value, so you can realise the wealth in it one day.
What will the turnover be? £100k, £250K, £500k, £1m, £5m, £10m, £500m?
By answering these questions you will begin to develop your Vision, it will be this that will drive your business forward, it is this that you will communicate to everyone you meet, to inform them of where you are going, this will become your destination
All businesses go through a number of phases. From the early days of being a start-up, most will move into a stage where the struggle seems never ending; businesses struggle for many different reasons. Moving your business out of struggle and into Business Class takes knowledge, determination and a lot of energy, we know, we have done it.
Business Class companies are different from your standard run of the mill business in a few ways:
- They know where they are going
- They set up teams to get them there
- They are Customer Focused
So, we have discussed our destination, we will deal with teams later on in the Program, let’s discuss Customer Focus next.
Adding value to the lives of your customers, exceeding their expectations, building effective, customer centric marketing into your services and products by providing incredible quality, will give you customer loyalty.
Customers with loyalty will spread the word, will come back for more, and more again. They will make your marketing so much easier, this is the art of Business Class companies, and this is what they have cracked to become Business Class.
Carry out a customer perception survey and find out what your customers really think about you. You may be quite surprised when you get the results.
Ask your coach for the customer perception survey tool and adjust it to suit your needs, send it out and collect the results. The more data you collect the better. Remember you want to know everything, not just the good; you can’t make changes if you do not know what needs to be changed and why.
Carry out a mystery shopping exercise on your business, there are specialist companies who do this but if it’s right for you, simply ask your coach or a friend to do it for you.
Ask them to communicate with your business to purchase a product or service and to make notes of what they thought of the service.
Discuss the results with your coach to make best use of the information in developing your Customer Focus Strategy.
Business Congruency is about making sure you have the three elements that are required to create success working together and pulling in the same direction.
The three elements are Desire, Belief and Self-Esteem. For them to be pulling together toward a common goal it is necessary to identify the goal, here we are using an example of Your Business Purpose.
- Desire – Do you want to achieve your business purpose?
- Belief – Do you truly believe you can achieve your business purpose?
- Self-Esteem – Do you deserve to achieve your business purpose?
Unless you have already achieved it, we are confident that this is a worthwhile objective for you. If you have achieved your business purpose simply apply the same principles to whatever goals you set.
So, having set you objective and goals toward it, there are a few more questions you need to ask yourself. First though, you have to believe that you can achieve your objective. If you are not sure, then ask these two further questions:
- What do you need to learn?
- Who can help me?
Answering these two questions can give you anything you desire, from climbing Mount Everest to becoming financially free. It’s not a matter of how, it’s a matter of how much you really want it.
The reason you may not have achieved it to date is simply because you haven’t decided to do it. Think about that for a minute.
Finally, and very importantly, do you deserve to achieve your objective? This may seem a little strange to some people, but for others it is one of the biggest stumbling blocks. Many people have feelings of self doubt or not feeling worthy of the achievement. This is quite normal and is generally a reflection of the beliefs formed during childhood and the impact of the environment in which we are raised.
If you struggle with believing that you deserve your objective, speak to your coach, we can help you overcome this and not addressing it will sabotage your future plans for success.
Willing To Change
Like congruency, to achieve success you have to want to make changes in the way you think and behave. You have to consider yourself as an asset within your business, like any asset you have to be adaptable to change, however, unlike any other asset, you have more potential and can add more value to your business through the changes you make in your approach to its development.
For example a property asset may add 10 – 30 % to your bottom line when the market is good.
A machine may produce widgets that you can sell and improve productivity by 100%
You, on the other hand, can turn a £100 initial investment into £1,000,000 return. It just takes your intelligence, hard work and about 5 years.
If you are willing to learn, to acquire knowledge and deploy it in your business week by week, year by year, and change your behaviour, you can do it.
Are you willing to change? Yes or No
Starting up a business takes a lot of energy, skill and knowledge; we know; we have done it, several times.
It’s like launching a rocket. A huge amount of energy is required to lift the rocket by just 1mm; it still takes massive energy to increase momentum and reach the outer limits of the earth’s gravity. Then, around the first stage of separation, when it is freed from its external fuel tanks, the load get lighter and energy consumption reduces significantly. Once in outer space it glides along consuming very little energy.
Welcome to the world of Business, be prepared to work hard and long, be determined, keep fit and most importantly learn Business Skills & Knowledge and finally get a mentor who can share experience.
- What is the purpose of your business?
- What 3 things do you need to start doing to make it happen (write them down)
- How are you going to do the 3 things?
- Who is going to help you?
- What is the completion date for the 3 things?