As a business owner, do you feel like you are sitting in the back seat and your business is driving your life from the front seat?
This usually happens when your personal goals are not aligned with your business goals.
What are your personal goals? What are the goals for your business? If the two goals are aligned, it becomes much easier to attain both.
Goals to consider:
Personal income and equity goals – What is your desired income in 3 to 5 years? Do you have a target date to be mortgage free? Are your investing practices in line with your lifestyle expectations?
Type of work – Are you passionate about a particular area of your business? What are you most profitable business activities? Can you do this type of work until you retire?
Retirement and succession planning – How saleable is your business? Do you have a succession or strategy for sale in place? Do you plan to semi-retire at a specific age?
Current and future work – life balance – Do you want to work less and spend more time with family or are you focused and driven to achieve maximum growth for your business? How is your time now best invested?
Consider successful and well-balanced happy business owners you know. The odds are, they have grown their business in alignment with their personal goals.
Passion is one consistent attribute of a successful business owner. Becoming passionate about your business is much more likely when your business is aligned with and serves your personal goals and ideals.