Every week, when I participate in business clinics, I am asked a wide range of questions by enthusiastic entrepreneurs, such as “Should I get investment?”, “Should I expand into the international market?”, “Should I start hiring employees?”, “Do I need to invest in a CRM system?”, “Should I hire a social media agency?”.
The list goes on. But if you dig deeper, all of these questions come back to the same basic question: Where do you want to take your business?
The most fundamental question, which affects every decision you make as an employer, never seems to get much time and attention.
Do you jump into your car without a road map or sat nav in the hope of getting somewhere you vaguely want to go, but have no idea where to go? Unless you love driving (or are a punisher!) you’ll probably want to do a little road research first. So why not do it at work?
One of the main reasons is that entrepreneurs don’t want to dream big enough because of their limiting beliefs or imposter syndrome. Others think “let’s see where it goes,” or entrepreneurs think that putting a plan together is too daunting, especially if it involves a lot of numbers and spreadsheets. So a plan never gets created.
But here lies the problem.
Frustration sets in because then you see other social media entrepreneurs looking to achieve much greater success than you. How did that happen? How did they achieve this success, while you worked hard and focused 7 days a week?
What did they do differently?
They probably had a plan! Nothing necessarily detailed, but they had a clear vision of where they wanted to take their company or career and the steps they needed to take to get there.
Many of the most successful entrepreneurs suggest starting with the “end in mind.” That is, what is the ultimate goal of the business over a certain period of time. Do you want to sell for retirement, build quickly and sell to a larger organization so you can start the next venture, or do you plan to run the business as a lifestyle business only?
The key here is to be really honest with yourself about what you *really* want. If the idea of a billion-pound multinational empire appeals to you, but you also love spending weekends in the pub with your friends, and travelling isn’t really your thing, would you really take that opportunity if it came knocking at your door? Or would you prefer a work-life balance where you run a smaller empire with less stress and less travel? This also means being really honest about who you are, what you’re capable of and what you enjoy. This is much more important than comparing yourself to others on social media and falsely believing that everyone around you is doing great in their careers, while you seem stuck or drifting.
If you don’t know where to start to gain clarity, a great place to start is to focus not just on financial goals, but on the experiences you want to have in your life. If travel is really important to you and financial independence is important, then a business that focuses on the global nomad lifestyle is a great move. A business that tends to rent out space and hire more and more staff may not be the right fit if global nomadism is the experience you want to have. If you want to experience your children growing up and “being” in life, then a business or career that can cater to that will allow you to fulfil your dreams. And that’s a good thing! Many entrepreneurs I’ve spoken to breathe a sigh of relief when we talk about the fact that this is your life’s journey and no one else’s, so if you just want to have a lifestyle business that provides the experiences you want to have, then the only person stopping you is you. But if you want a billion pound empire, that’s fine too, as long as you’re doing it for yourself and not because your mum or dad or partner or your hairdresser’s wife’s cousin thinks that’s what you *should* be doing.
Once you have clarity on where you want to go, the rest will fall into place. When making any decision, simply ask yourself, “Does what I am proposing or thinking about fit into the overall vision I have?” You can then also focus on the skills you need/want to develop, in order to achieve the experiences you are focusing on now.
I have a vision board in my office, a collection of images that all represent the experiences I want to have. Friends and family are important to me, so any business decisions I make, I take them into account. I also want a house outside, somewhere hot! I also take that into account when making business decisions, as well as running operations as ethically as possible. Yes, I want my empire to grow exponentially, and I have a 3-year forecast. But all of this is within ethical constraints and being honest with myself, my friends and family – and of course that villa in 30 degree heat!