You are a few years into the business, and things are going great! You have a solid team of employees who are helping you expand business operations, giving you more time to focus on sales and business development. Cash flow is good, and everyone in the company is content with where things are at. But where are you going? Shouldn’t there be more to life and business than just earning a profit?
If you do not know the answer to that question, then you can be sure that your employees do not know either. Alignment of your goals between you and your team is crucial for a successful company to stand the actual test of time. Putting aside time to think about your vision is such a vital aspect of running a business and is often overlooked by founders or CEOs. Just because you are a small business does not mean you do not need to have a vision and communicate that to your employees and clients.
Having a vision for your company consists of several components, which are very briefly discussed below.
Firstly, you must clearly define your core values. Then, look around and ask yourself what the key characteristics of your top team members are? What qualities would you want to see manifested in everyone in your organization?
Secondly, define your core purpose. Why does your company exist in the first place? The primary reason you exist.
Next, ask yourself where do you see yourself in 10-years’ time? Define what a typical day might look like, how you spend your time, the people around you in your circle of influence. Of course, there is more to this question than just saying I want xxx money and retired. Your 10-year target should consist of your dreams, and dreams should be described in something other than monetary terms.
Lastly, determine a marketing strategy. What is your organization good at, and who are your ideal clients? Spend time to ask yourself how you are different from the competition and how you can become more valuable than anyone else. What makes your business unique? The above comments are a high-level overview of topics every business owner should consider. If you are looking to have a long-lasting and successful business, you should commit some time to think to yourself and your management team. Another great person to collaborate with is your accountant. Your accountant should be more than just a number cruncher. Argento CPA is an accounting firm in Vancouver that seeks to understand what drives our clients and why they are in business in the first place. Helping our clients determine their values, vision, and processes is what we love to do best.
Contact Argento CPA today if you have any questions or looking for expert advice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.