Written by: Linda Dent, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
I get it. Running a business is hard! The steps to building the business of your dreams is not a secret, though. Let me share some ideas in this article.
Ask yourself these questions:
Where are you at in your business right now?
How far do you want to go with it and why?
How fast do you want to get there?
I spent the first few days of 2021 answering these questions for my own business coaching practice with some interesting results.
You may have heard of the BHAG (Big Hairy Audacious Goal)
It’s an idea conceptualized in the book “Built to Last: Successful Habits of Visionary Companies” by James Collins and Jerry Porras.
According to Collins and Porras, a BHAG is a long-term goal that changes the very nature of a business' existence.
Initially, I thought that this was just another weird corporate acronym and seemed like a step too far for my still growing business, but after considering the aforementioned questions, to my surprise, the BHAG just wrote it itself in the form of a story describing what my business and life would be like in 10 years.
What happens if you don’t set a BHAG?
Think of it like planning your next holiday. If I ask you where you would like to go, which country or region you would like to visit and why, whether you want to go to the mountains, beaches or soak up the culture and how you would like to get there, boat, plane, train or road, chances are you can describe in great detail the answers to all my questions. You can visualize it, and time and finances willing, you can just go and do it. Right?
Now apply this to your business. Where do you want to go, how do you want to get there, and do you have the means to make your dream come true?
Of course, you can just carry on as you have been letting the environment, global events, and competitors get you down, hobbling along with the same services, pricing, and marketing messages, but frankly, it’s unlikely that you will get any further than down the road or you might even just stay at home and continue to complain about your lot in life.
I know some business owners who do this, and year after year, they make meager profits or worse losses. A large supplier gives them a kick in the teeth by not paying on time or at all, their best employee leaves, and they have no clue where their money is going every month. They work hard but not smartly.
But that’s NOT you
So, let’s get to the secrets, which, like I said at the beginning, are not really secrets at all.
Reflect on my 3 questions
Get hold of a 1-page Strategic Plan template or open a blank word document and start typing/writing.
Write out your BHAG like you are writing your diary, 10 years in the future. What does your world look like on that day?
Write out your WHY – what about your business makes you really excited?
Think about your business’s strengths (see previous article)
Record your Revenue and Profit for the last 2 or 3 years
Set a target for Revenues and Profit for the next year, higher than last year – stretch yourself
Break it into quarterly chunks and write down your goals/actions for the next 3 months
Decide what’s important to measure and track it every day.
Pick a Theme for 2021 and share it all with your team.
Running a business doesn’t have to be hard, but, like a holiday, the fun is often in the getting there, and it is not the same if you don’t take anybody along to share the journey and the experiences.
Finding a business partner or coach that you can trust to have your best business interests at heart, guide you along the trickier parts of the path and maybe have a little fun along the way is one way to success.
Invite somebody along for your journey
Reach out for a Virtual Cuppa with Just Ask Linda to have a conversation about this article and my simple 3-step coaching process for business owners who want to build businesses that fund their dreams.
For a free 1PageStrategicPlan template, send your name, business name, and email address to me at firstname.lastname@example.org
Linda Dent, Executive Contributor Brainz Magazine
Linda is a Business coach with a solid background in the Banking Industry. She believes in building businesses through long term relationships and a partnership approach to grow and empower the small business owner through planning, actions, and regular reviews of actual results vs. planned results. She is the Founder and CEO of Just Ask Linda Business Coaching, which was born out of a desire to Grow, Learn, Empower others and Enjoy her work, her very own GLEE philosophy. From understanding your unique strengths and how they apply to work, establishing where you are now and where you want to be in your business, getting to know your numbers and setting goals, managing your time, or rather how to do more of what you love each day, building a loyal team of employees or just listening to the business owners’ major business challenges and offering up new thinking, you can Just Ask Linda. If she can make a difference in a business owners’ life, helping them overcome Money, Time and Team challenges to grow a successful business and share some part of their business journey; then she will be full of GLEE. Owning a business is an adventure, and she loves the one she is on.