The importance of a clear vision and SMART goals if you want success next year

“A journey of 1000 miles begins with a single step” Lao Tzu (Chinese Philosopher) The creation of a business can certainly seem like a 1000 mile journey. And on such a long journey there will be numerous challenges, distractions and re-routing. Amongst all of this one of the vital things is not to lose sight of the destination. Knowing where you’re aiming to get to continues to give your journey direction, so that when the distractions and re-routings come along, they don’t knock you off course entirely! In business we often call the destination a “vision.” A business vision is the picture that you have of your business when it’s fulfilling the ambition you have for it. The power of a vision is that it acts like a compass; with the clear picture of the destination giving you a steer on the direction you need to take when you come to key business decisions. But if you don’t have a clear vision how do you develop one? Well we believe there are two primary things to get clear in your own mind before creating a vision. These are the business purpose and the business values. Purpose is defined in the dictionary as “the reason for which something is done or created or for which something exists.” So when we talk about the business purpose, we’re talking about the reasons that you’ve decided to start the particular business you’ve started. These could be many and varied. It could be you’ve decided to do it because you want to do something you enjoy, there could be financial motivators, there could be...

Why do 8 out of 10 small businesses fail?

  Do you remember when you first started your business?  How optimistic, inspired, free you felt. How motivated you were to do whatever it would take to achieve your dreams. That’s why it’s so heartbreaking to hear that 8 of 10 small businesses fail.  All those hopes and dreams gone! We often see this when an independent shop opens up, all beautifully done, opening their doors with great expectations.  Then as the days go by, you can see they have so few customers in there, you know that they can only last so long. Before you know it the shop is boarded up, waiting for someone else to take the chance.  Very sad.   Why does this happen?   Cash flow. It seems obvious, since consistent cash flow really is the fuel that every business needs to survive yet shockingly research shows that 87% of business owners struggle with cash flow. These businesses struggle to maintain cash flow for a variety of reasons; Poor decisions on what to spend their money on and when Poor financial management Underestimation of the finance required to achieve growth wanted Over reliance on a few key customers and one of those customers experiencing their own cash flow difficulties. Cashflow of course, is central to the whole business and is therefore also affected by other business problems such as: No market research to confirm there is an opportunity No clearly defined market (wrong location, too generic) Lacking differentiation against the competition Products or services not hitting the mark No lead generation system that leads to a steady flow of prospects Inability to convert prospects into clients due to a lack...

Pin It on Pinterest