Have you ever reflected on why you went into bu
siness; or why you may be considering it now? There are obviously many reasons and scenarios – family transition, a good idea, just started one up,more flexibility than a job, independence, own boss, more money and so on. What were or are your reasons? Perhaps write them down.
Let me help. Consciously, or even subconsciously, going into business is actually all about YOU and in many instances, also your family. . Mostly, the end goals are a better lifestyle or quality of life than you had or have now; and the self-fulfilment that results from business success, financial independence and personal satisfaction. The common belief is that in your own business, despite the challenges, risks, hard work and sacrifices, you will have control of your own destiny.
The good news is many small and family business owners achieve this. And if they can, so can you. However, many don’t make it, are battling to survive or don’t ever get started. Where do you stand right now?
In this scenario and many variations of it, these personal goals of self-fulfilment and improved quality of life is the end game, the driver of change and action, or as the French say, the raison d’etre, or reason for being. If you accept this, your current or planned business therefore becomes the means to achieving your personal ends, it is not the end in itself. Does this make sense to you? Do you identify with this?
If ‘yes’, then instead of coming up with objectives, goals and targets for the business as a starting point, shouldn’t you begin with your own and family’s dreams, goals and objectives first? Where am I or my family at now in our life cycle and lifestyle; and, where will we be in one, three, five or even 10 years from now? From experience with a number of clients, responses range from ‘much the same, hopefully better off, or way ahead’. Most often, these answers are vague, generalised and not quantified in any way ‘Oh, we want to pay the mortgage down and have more holidays’, generally followed by ‘but we can’t afford to’ and ‘we just don’t have the time’.
They have almost given up before getting started!
By contrast, some six years ago on my second visit to a new ‘tradie’ client who had recently started their first business, we were sitting around the dining room table discussing where they wanted to get to in five years’ time. I was impressed with the answers and the vision this young couple had, individually, for the family and the business. Given that money is the oxygen of business and underpins most material aspects of lifestyle, we were figuring out how much annual income they needed to meet family living requirements and other financial objectives over coming years. The numbers were a bit scary but nevertheless they were committed and at least we knew what the business had to deliver annually.
This was a great start to what has since been a most successful journey. Today, this business is thriving. It employs up to 25 people, based on contracts and demand. It is consistently profitable and in 2015 won a state Telstra business award in its category. And – we are still together today as a strategic management team, taking the company to the next level.
