When running a small business, not every day is sunny. Your purpose will keep you moving in the right direction.
Why are we here?
It is an age-old question that has begged to be answered for centuries: Why are we here? The same adage holds true for your business venture. Every entrepreneur should have a solid understanding of why their business exists and what purpose it serves. With a nod to Simon Sinek, who has done a masterful job of helping millions find their individual ‘Why’, there is value in exploring this same question for your business.
Let’s start with a story. I explored this question with a former client that was struggling to reconcile between the work that she was doing to market her service-based business, and the close-knit, family feeling that she had with current customers. Her marketing efforts felt half-hearted and somewhat random at times, and I didn’t get the feeling that she really wanted to grow her business. So I asked what was probably a tough question for her.
Do you want this to be a business or a hobby?
There’s an important distinction here, as the answer will greatly influence the manner in which subsequent decisions are resolved. For instance, if there is no intent to grow a practice beyond a given number of customers, then there is no reason to spend significant time and money marketing. Those resources would be better spent improving the services, products and experiences of current customers.
This is why it is important to have a Vision for the organization that you are trying to establish. Spend a few minutes asking yourself some of the questions listed below, and see how it changes the decisions you have in front of you today:
- Are you building a legacy, that would one day be handed down to your children?
- Does your business exist simply to improve the lives of your customers?
- Are you looking for an exit strategy within a few years, that includes selling the business? Is the sale of the business meant to fund your retirement?
- Do the proceeds of the business fund a charitable cause?
- Did you create this practice to put XYZ Corporation out of business?
- Are you hoping to scale your organization to the point that you become publicly traded?
Your Purpose
The purpose of any organization should be its guiding principle. All actions should be taken to drive the business toward that purpose, and every employee should be able to articulate their role in serving it.
In the case above, the owner decided that she was perfectly happy treating her business as a hobby. It allowed her to focus her resources on improving the lives of her customers, and to take a personal interest in the success of each one of them. The internal struggle is gone, and she now knows that she is serving the purpose for which she was intended.
- Are you a Jack of All Trades?
- or are you a Master of None?
- or a Master of… One?
- What does your business require, and are you meeting its needs?
- Running a small business is chaos. Your work goes beyond any single role.
- You are a marketer and a financier. A salesperson and head of operations.
- You concern yourself with long-term strategy, but can’t see past the upcoming payroll.