Do You Have a Vision for Your Small Business?
You Have to Know Where You Are Going to Get There
In today’s episode: We discuss how important it is that you have a vision. But the vision you had when you first started probably isn’t the best vision for your company today. So we discuss not only why you need a vision but what it should look like at this stage of your business.
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Episode 74: Do You Have a Vision for Your Small Business?
Welcome back to the Local Small Business Coach Podcast. I am your coach, Tammy Adams.
Today we are going to take a look at the vision you have for your company.
Hey everyone, I have a question for you. Do you find that you are getting up each day and repeating the day prior? That whole wash, rinse, repeat? Sure, the jobs and customers might change, but does it feel like you are just reliving the same experience day after day?
Do you feel that you have lost traction? Maybe you are barely keeping your head above water or maybe you are killing it and sales are great but have leveled off. Nothing really growing but at least maintaining?
So how did you get into this hamster wheel?
Typically, when we start our business we are out there hustling, ideas are flying a mile a minute. The energy and excitement is high. You fly out of bed ready to attack! You feel like a superhero and can accomplish anything? Everything was new.
But you had a vision of what you wanted to build and by god you were going to do it! You knew what you wanted to build. You held on to that vision as you built it brick by brick. You kept this Vision front of mind and worked towards it.
WHAT HAPPENED to YOUR COMPANY VISION?
What happens unfortunately to all of us is, you begin to get caught up in the day to day tasks. Your customer base grows, so less time is spent in the brainstorming phase and more time is spent in the “doing” stage.
So, as the business grew, this vision slowly moved further back in your mind. You went from focusing on your vision 100% of the time, to pushing it aside for the day to day functions that took over.
WHAT IS YOUR CURRENT COMPANY VISION?
If I was to walk up to you and ask what your company's vision is, what would you tell me? Would it be the same as it was back when you started? And if it is, should it be?
Here is the challenge for most folks.
Your initial vision typically will take you to a level that gets your business up and running. Once you are up and running how will you get to the next level if you don't adjust your vision?
For example, if your initial vision is to get your landscaping business off the ground and making enough money to support your family, that would be a typical vision of most folks. Your first goal is to build a business that sustains itself and your personal needs.
If you do not revisit this vision, you will continue to produce at a rate that keeps your expenses paid, after all, that is the extent of the vision you set. Now, it’s not bad. For some of you that might be all you want. But I'm going to bet that some of you want more.
You want a business that creates enough income for your future. You want a business that allows you to give more. To travel more. To send your kids to college. You just want more. Does your Vision support this?
TIME TO SET A VISION FOR THE NEXT LEVEL
If your initial vision was to create a business that paid your bills, then I challenge you to sit down in a McDonalds and put pen to paper or whip out your iPad and jot down a new vision. See the possibilities for your company. Where do you want to take it? Think big, challenge yourself.
For example, if your business is doing $75,000 a year right not. That is awesome! But tweak the vision, how do you make it a $250,000 business?
I hear you laughing at that thought. Thinking I've lost my ever living loving mind. But hear me out.
Humor me. Just pretend for a minute. What if you could have a $250,000 business? What would you need to do? How would you need to run the business? What changes would need made? What new products or services would you need? What people?
For example, if you had that landscaping business, you personally couldn't do that many jobs. But what would it take? You would jot down in your plan… “I'd need some crews.” Ok, what else. “I'd have to do more leading vs doing.” Ok, what else? “I'd need a plan for each team. I'd need to possibly go from hiring temp help to more of a mixture.” Ok, what else? “I’d have to expand to add in some concrete work.” Ok, what else? You get the idea.
DO I NEED A ONE SENTENCE VISION?
By the way, you might be thinking you need one of those cute one sentence vision statements. No, that isn’t the goal. What you want is a clear, specific vision. When you see your company 5 years from now, what does it look like? What matters more than anything else is that you clearly see what you are trying to build and where you want to be. That is what needs to be captured. If you can do it in a sentence, great. If you need a paragraph great. If it is a one page document, fine. Just be clear on what you want!
SERIOUSLY UPDATE YOUR VISION
Change the trajectory of your business. This one little act will increase your sales and profits. It will change how you look at the day to day running of your business. You will make different choices. Choices that are much bigger than the ones you are making today.
So seriously, go to McDonald's, go to the library, go somewhere you can have some quiet time and just dream bigger. Create a new, updated vision for your business. Remember:
Part 1 is to create the new Vision.
Part 2 is to create the list of what you need to do to make that happen.
By doing this, you will make different choices each day. Choices that will get your business moving again just like it did back when you first started!
So, what if you don't hit the $250,000? What if you land somewhere between the $75,000 – $250,000? Wouldn't that just be fantastic? You just doubled your $75,000 to $150,000 all by changing and updating your vision! What do you have to lose?
What are you waiting for? Time to go write your future!
And as we wrap up this episode I want you to know, that I realize being a local small business owner can be a lonely gig at times. But you don’t have to do it alone. Just know, I’m always here for you.
By the way, If you like what we are taking about, then make sure to subscribe to the podcast so you don’t miss an episode, if you love the podcast and what we are talking about, then please leave a 5 star review so other local small business owners know this is a podcast that they can’t miss.
And don’t forget to visit the website at LocalSmallBusinessCoach.com to leave your question for me to possibly answer on the podcast in the future. You can leave it via the Speakpipe button or just shoot me an email.
Meanwhile, I wish you the best in your business and remember: Great Customer Service, coupled with Great business practices will set you on the path to Great Profits!
Bye for now…..
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Today's episode, as well as all of our episodes, is brought to you by trainingforlocalsmallbusinessowners.com. Where we provide free tips, tools and resources for your local small business. So whether you are just starting out or you've been in business for a while and want to learn more ways to increase your profit, boost your sales, improve your processes and develop stronger teams then head on over once again to trainingforlocalsmallbusinessowners.com..
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See you on the next episode!
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