3 Questions that you need to ask yourself in business

By March 19, 2015 business growth No Comments
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3 questions that you need to ask yourself in business

“You have to know where you are going, in order to know how to get there”

One of the most common issues new and existing business owners have is not having a clear vision and direction for their business (this tends to apply to personal life too).I am quite often approached by clients who are in a business, doing their day to day functions, simply hoping for the best. However, more often than not they will hit a brick wall and stagnate or even worse start going backwards. There tends to be no evident direction or goal and without a clear vision in place – how would they even know which results equal success?

I pose three simple questions to every business owner:

  1. What is it that you actually want out of your business (Or out of life)?

Do you want more money, time, flexibility, passion, excitement…what is it?

Success can mean a lot of things to different people. Thus, it is important to define what success really means to you and to your business.

Once you know what THAT is – it is time to start a plan and put in place some strategies on how to get there.

    2.  What is your plan?

Now that you know where it is that you are heading, let’s plan, plan and plan…

Your plans will need to be aligned with your vision and goals.

Plans might be in the form of business or marketing plan. They can also be in the form of financial projections – “I plan to get 10 new clients every month, which would mean an extra $1000 a month in the bank… Hawaii here I come”.

Make sure your Business Plans are measurable. If you want the business to be a success, what would success look like for you? From a financial standpoint, are you wanting to make $50,000 a year or $5,000,000 a year? You want to be able to measure your plans.

Why not try the ‘S-M-A-R-T” approach when setting goals. S-M-A-R-T Goals need to be: Specific, Measurable, Achievable, Realistic, Timely

  1. What is your strategy?

Once you have a great, measurable plan in place – aligned to your goals and vision for the business – it will be time to put in place a detailed strategy and tactics, or what I like to call footsteps.

Your footsteps are the step to step guide of what it is that you need to do daily, weekly or monthly in order to achieve your goals.

  • Call 20 clients per week
  • Email 20 clients a month
  • Write a blog each month (There’s my tick)

..and the list goes on

The main point being that you are held accountable for the actions, which directly correlate to your goal and visions.

(GOALS & VISION) + PLAN + STRATEGY  = ALIGNMENT = BUSINESS SUCCESS

 

 

Tanja Coyne

Director and Advisor – Circa Business Consulting

Senior Advisor delivering the SBDC (Small Business Development Corporation) and ASBAS Federal Advisory Services

Management and Advisory of the ECU Business and Innovation Centre

 

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