The Importance of Having a “Why”
Why are you in business? More specifically, what’s the primary goal of your business? If you haven’t given this question some serious thought before, now might be the time. Knowing why you do what you do is critical to the forward momentum of your business, and can contribute a lot to its success.
Where Are You Headed?
Your “Why” should give your business a direction - a goal that you’ll eventually want to reach. Without a “why”, you’re left without a destination, similar to driving around aimlessly. Having a solid, tangible goal means that your business is working toward something, and creates a tangible, measurable estimate of how you’re doing. This is critical information to have when making decisions for your business.
Your “Why” should also be representative of what motivates you to take action and drive your business forward. Are you in it for the money? Fame and recognition? Achievements? Helping others? Making a difference in the world? Making a difference in your world, your family, kids, spouse, or parents? These are all great reasons to start a business, but if they’re not at the forefront of your mind when making decisions, they’ll eventually take a backseat.
Avoid the Unnecessary
Having a clearly defined purpose allows your business to ignore all of the distractions that don’t serve your end goal. It gives you an easy way to evaluate potential opportunities; does this serve my “why”? If not, it’s not something you need. If it does, then you’ll know it’s something you need to tackle.
Without a clear goal, your business might be headed in the wrong direction. Ask yourself where your customers are in relation to where you’re currently focusing your energy and resources. What problems do you solve for them? How do you solve them? Do the answers to these questions align with the customers you want to serve? If not, then it’s likely time to adjust the business to align with your desired goals.
When the Going Gets Tough
Every business will face periods of difficulty. Whether it comes from your own mistakes or factors outside of your control, you’ll inevitably face a period of struggle. When your business is fighting through a rough time, your “why” will be your answer and motivator - this is why we do what we do, and what we’re working toward. Your “why” should be something you feel confident falling back on, and it should give you purpose to keep moving forward in the face of difficulty.
Another great motivator is knowing your “cost.” What will it cost you if you don’t achieve your goals? Who will it impact and how? How will you feel if you don’t achieve your business goals? If you write these down, sometimes, they are more powerful than your “why.” When the going gets tough and you feel like giving up, your “why” and your “cost” will be what move you forward, help you stay consistent, and keep you focused.
When things get tough for your business, you’re not on your own. We’re here to help with effective business coaching and fractional executive services. Contact us today to learn more or schedule your consultation.