Why are you in business?
This is a question I often ask during discovery or during initial conversations with prospects, then throughout the coaching process. The answers are not surprising, but the hesitation about the why always catches my attention. Most answers are as expected: make money, control my future, do what I love, flexibility, make a difference, etc. All are valid. Whatever drives you is your reason . But what happens when you are unclear or noncommittal?
This is when you start to lose your way. If you don't know why you are in business, it is hard to set a plan for the success of your business. Your reason why sets up every process, interaction, direction, and plan for your business. Despite all of the answers given above, my experience has it boiling down to two paths a business will take:
- Build a lasting business with market value
- Fund my lifestyle
It is binary- is this business something that will survive you or is it something that you are doing to fund your choices? While these are not the reasons why you are in business, they are the underlying reason for your business. Again, both are valid, but you have to know it and set your plans accordingly.
I've had both types of businesses: sellable and lifestyle. There are different pressures in each, but both require SALES and CLIENTS. Fundamental to business is having a market demand for your goods or services. Without that, it is a hobby. And, if it is a hobby, that is great too. Just realize it and treat it as such. One of the most dangerous things to do is lie to yourself about what you are doing and why. It will take you down paths that do not serve you and will take the joy out of what you are doing. Bottom line is that you will fail.
To grow a business, once you are producing something, there need to be processes, procedures, and repetition in place. This is how you scale and develop consistency of performance. You need to be consistent to build momentum. There are many other steps and requirements as the business goes through its phases and they all feed off of "Why are you in business?"
Is it time for you to adjust your actions and redirect your efforts? If so, give me a call. Schedule a free consultation at https://calendly.com/libby-coaching and we'll work on your discovery of your why and how to move forward.
Good luck and clear thinking!