“Making sure your business will produce the personal outcomes you want”
You can make sure that the business you own will produce the personal outcomes you want.
Looking out 10, 15, and 20 years …
- What kind of life do you want to be living?
- What properties, businesses, cash, cars, boats, homes do you want to have?
- What hobbies, investments, donations, achievements, vacations?
- What will your values, church life, physical health, friendships, family, be?
- How many hours do you want to be working?
- What will you be doing? Spending summers in your lake house, world travel, charity work, spending time with grandchildren, paying for their private school, spinning off 3 other businesses?
Taking the time to answer these questions is the 1st step in a process I developed to make sure that what hard-working business owners are doing TODAY will get them to where they want to be in the future.
Aligning Your Personal and Business Visions
Before we try to move the dial or make changes to your business, we want to know what your personal vision is. Why? To make sure the business will produce your desired personal outcomes. Your personal and business vision should be inextricably intertwined. If they’re not, you’ll be working your buns off never getting the time to do that traveling you want to do or to spend that time you want to spend with your kids or grandkids.
The funnel at the right depicts the entire process of getting yourself and your business from where you are today to where you desire to be in the future. You start at the top by defining your personal vision.
The goal is to get a sense from a personal perspective for what you want to get out of the business so we can create the kind of business that will produce the personal outcome you want. As an article from Productive Resourcing says, “take a moment, take an hour or as long as it takes and think about what it is that you want, where you want to be in 12 months, 2 years, 5 years. How will it feel, what will it look like, who will be with you, where will you be? Give it all the detail you need to see it in your mind’s eye; paint the picture. Now check with your business vision, are they compatible?”
I have a questioning process I walk my business coaching clients through… we get in a room with a flip chart and significant other and business partners if you have them and by the end of about 3 hours we’ve produced your personal vision. Your personal vision isn’t so much a statement as it is a list; a picture. Start by listing what you want to BE, DO, and HAVE in 10 years. Then do it again for 20 or 25 years out. This was an eye-opening experience when Susie, my wife and business partner, and I did it and it is every time I’ve done it with a business coaching client.
Your personal vision informs your business vision.
Next we move to the middle of the funnel, “Business Vision.” This is where you ask yourself if your business will get you to what you personally want to be, do, and have. For instance, your personal vision could dictate the size or type of business you want to build. It may prescribe the type of customers you want to attract. For example, Zach wanted to greatly expand his collection of classic cars. His $1.5 million manufacturing business wasn’t likely to support that expensive hobby. It led us to craft a vision for the business that included finding the most lucrative products. Ultimately it drove Zach to switch his company’s focus from aerospace to custom lighting.
Your personal vision drives how many hours you want to work and what role you want to play. Marvin, Malcomb, and Mary were siblings in the family business who all expected that Marvin would be CEO when their Dad retired. But when we walked through this alignment process, we found that Marvin wanted to scale back his hours and that what he loved most was business development. Mary, unbeknownst to even her, had great dream for what the business’ potential was. She was well-respected by staff and it made sense that she start readying herself to be CEO. Malcomb wanted to spend less time on the road and more time with family and church roles. Since he lived near the company’s Fort Wayne division, he wanted to focus on running and expanding that. They crafted an organization chart that would help them achieve each of their personal goals… one that looked far different from the one they’d been operating from.
You want to make sure the business you’re building will produce your desired personal outcome. Stay tuned next week when I describe the final 2 steps: assessing where your business is today and lastly, creating your mission and values with a plan that includes goals, strategies, and actions. I’ll also share more case studies.
In the meantime, download the detailed description from the Free Resources page.