What do you want your business to do for your life by Luke Smith

Wednesday 05 July 2017

What do you want your business to do for your life?

 

With all the pressures and demands of running your own business, it’s easy to lose sight of the reason you started out in the first place. Was it to spend more time with family, to realise a passion or maybe to support early retirement? What was your business meant to do for you and your life that a job couldn’t? Focusing more on the ‘why’ instead of the ‘how’ could transform your business and give it the direction it needs. Structure your business so that it is doing the work for you and not the other way around!

 

Bryan Dyson CEO of the Coco Cola Company said to his staff, “imagine life as a game in which you are juggling some five balls in the air, work, family, health, friends and spirit. You will soon understand that work is a rubber ball. If you drop it, it will bounce back but the other four balls—family, health, friends and spirit—are made of glass. If you drop one of these, they will be damaged or even shattered and never the same again." It’s important to remember that work is just one element of our lives, but it is one that can define us, shape our social status and create feelings of self-worth. 

 

It is estimated that 40% of small businesses will not survive their first year with a staggering 80% folding before their fifth year. But with vision and a clear plan you could find yourself one of the happiest and most satisfied of all workers, having achieved the flexibility and freedom of being your own boss. Here’s a few things to bear in mind to give your business the purpose it needs to be a success:

 

Visualise your objective

The only way your business will have direction is if you understand what the end goal is. In a perfect world this would be the tool around which you build a business plan, allowing you to communicate your vision more cohesively. Don’t let this plan rot in a drawer, revisit it and refresh it regularly. Only once you know your business and the end game will you be able to fully own it and share your vision with your team and customers.

 

Don’t move the goal posts

Without a solid vision of what your end goal is, how can you possibly know when you have succeeded? Too often business owners have an intangible target in their mind, only for this to be amended, extended or recalculated without pause for thought. Take time to celebrate those small wins, acknowledge your accomplishments and then reassess your business needs. It may be that you need to redefine your strategy and business plan to accommodate growth or expansion.

 

People buy people

This isn’t news to most, but it always worth reminding yourself that happiness is contagious and will in the long run, sell your business. Your business is more than just a means to an end, it is the embodiment of your idea and therefore a reflection of you. Make sure that reflection is a positive one. People respond best to a personal story rather than a commercial one, so make sure your core message appeals on a human level as it will be more authentic and relatable.  

 

Financial direction is just one way in which a business can realise its goals, one which most small businesses struggle to achieve on their own. Here at Purpose we offer more than just accountancy services, we are on the journey with you, we share your vision and enthusiasm and where possible look to lighten the load.  

 

Work can easily become all assuming and it’s easy to feel lost at times. But businesses are at the end of the day, a means to an end. It’s the realisation of a simple idea, one that will take you where you want to be and hopefully transform your life for the better.

 

If you want to discuss how Purpose could add direction to your business please get in touch with…

Luke Smith