Article by Jane Tweedy, Business Advisor, Western Sydney Business Centre
The famous Stephen Covey talked about always starting with the end in mind. This is important for a number of reasons and will help us determine the business vision, priorities and goals, and make conscious decisions along our entrepreneurial journey.
Is your business really a job replacement?
Many small businesses start as a job replacement. Whether it’s a mum returning to work and needing a more flexible solution, or a person who’s sick of working for someone else, or struggled to find work and decided to run a business. Often these people are not looking to the future, but rather the near term, providing some income to their household. For some people this is sufficient, and will ultimately be the end goal of your business. It will generate income but have nothing left to sell or pass on.
A ‘real’ business
In the E-Myth Revisited, author Michael Gerber talks about creating turn key businesses. These are businesses from day one that are set-up with the intention of growing bigger. An organisation chart can be established (and yes we may fill all the roles at the start), but it sets a clear framework for the business expansion, may allow for succession planning, or creating value that allows the business to be sold for a return.
Some take the business even further and create an empire or sometimes a franchised business structure (like Ray Kroc did with McDonald’s).
What is a business vision?
Where do you want to take the business in the future, assuming it went well? Where do you sit – job replacement, business or empire? There is no right or wrong answer. But it is important to understand your position and where you want to take your business, and what that looks like to you. Do you want employees, multiple locations…?
Keep the end in mind
You will reach crossroads on your journey, and knowing both your mission (your why or your purpose) and your vision, will help you make conscious decisions. Will the opportunity presented help you towards your vision or jeopardise it. You can alter your goalpost, but you need to know what it is first!
Need help with determining your business vision and extending this out into a business plan? Please make an appointment to see one of our business advisors for up to four hours of business advice at no cost with no catches! Book now!