Identify Your “Why” In Your Business In Order To Succeed
Of the five W’s (who, what, when, where, and why), the “why” is the most significant in your business. All the rest contribute to your business growth and development, but the “why” is the one that fuels them all by giving them true meaning.
You can only find true meaning in your business once you know exactly why you are doing it in the first place. The saying goes that in a person’s life there are two important days—his birthday and the day he discovers why he was born.
It is funny how a simple question holds so much gravity to the direction your business takes. Knowing the reason why you are a New Earth Associate will enable you to set clear goals.
How Do You Then Identify The “Why” In Your Business?
Well, that’s the million dollar question. Identifying the “why” in your business requires a series of small questions that will help you form an idea of why your business exists. These questions include:
What Do You Hope To Solve?
As you get into the world of direct sales, there is always that one thing that you want to solve. Every carefully planned business comes after serious market research. During this research, you would be required to identify your niche. Satisfying the gaps in the existing market is the first answer covered by your business research.
The second “what” is more of a personal issue. It deals with the personal benefits that you will accrue from the existence of the business. This second one may or may not have anything to do with the first response. The business might be a front for you to make profits and boost your family’s economy. It may be a means to pay your loans/debts, it may be for personal status in the society or personal gratification, and it might even be a combination of the above-mentioned reasons.
What’s in it for the Community?
Businesses are a part of a society. When starting a business you should establish how the business will benefit society. Much as you are bridging gaps in the market, there is that corporate social responsibility a business has to its community. Therefore, ask yourself what your business will do in the community and to what extent is the business willing to take the responsibility seriously?
How Long Will The Business Be There?
Knowing how long the business will be in existence will help shape the “why” in the business. Permanent businesses tend to have different “why’s” than temporary businesses.
Answering these questions will help you figure out the purpose of your business’ existence.
Figuring out why your business exists is pivotal to your business growth. It is only when you know why your business exists that you can make a proper decision concerning your business goals.
Business goals directly or indirectly steer the business towards satisfying its existence purpose. When setting business goals, you should consider the following:
Time: there are three main categories of goals based on time; short time, intermediate and the long-term goals. Each of the categories should be clearly defined with clear-cut timelines and milestones.
Achievability: being too ambitious with your goals can get your business into overdrive and lead to burnout. You need to keep your ambitions within the confines of reality.
Measurable: just having goals is no longer good enough, you need to have goals that can be measured and progress checked.
Specific: set goals that are specific to particular aspects of your business. This way you can clearly monitor the progress.
If knowing the reason for your business’ existence gives you a bearing for setting your business goals and working towards your business goals is the only way to succeed. It is safe to say that knowing the “why” in your business is directly linked to the success of your business. So ask yourself the important questions today and inspire yourself and your business to new heights!