Tag Archives: Freedom and Profit in Business

Aligning Your Goals for Personal and Business Success

Aligning Your Goals for Personal and Business Success

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:

Align Your Business and Personal Goals for Happiness and Success

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.

If you don’t know where to start, contact your accountant and consider consulting a business coach.

Building a Business System for Freedom & Profit

Building a Business System for Freedom & Profit

Are there certain parts of your business that you feel have to be done by you – the business owner?

Are there bottlenecks in your business because you – the business owner – aren’t able to accomplish certain tasks in a timely manner?

Are these bottlenecks in the areas of your business that you – the business owner – hates to do?

If you can relate to any of the above questions, there may be a lot of freedom and profit available from successfully implementing a system to help the situation.

Let’s review some excuses for and solutions for implementing change:

1) I am not ready or willing to give up control of this task

Let’s face it, most small business owners are control freaks – and for good reason. Until you are willing to give up control you will never get the freedom from the task. To make it easier to give up control, you can design the system to be the way you perform the task yourself.  Although the system will be used by others, as the designer, you can create the system the way you want. By approaching giving up a task this way, it makes it easier to give up control.

2) It’s too overwhelming and I don’t know where to start

The key is to break the tasks down into small pieces. Pick an easy task and create a system for the particular task. Just take a pen and paper and write down each step in performing the task as you do the task yourself.  To make sure you have not missed anything, have someone else try and use the system while you supervise. Even though it takes an extra investment of time up front, once you have completed the system, you’ll have the freedom to delegate the task whenever you like.

3) I tried it before and it didn’t work – there were too many mistakes

This could have happened for a number of reasons, but the most common is a ‘perfectionist’ expectation of the business owner. You delegated a task and it was not done as well as you can do it. You decided you are better off just doing it yourself. Mistakes cost money and you can’t afford them.

I had the perfectionist expectation myself until a ‘master systematizer’ explained to me, ‘Be happy if they can do it 80% as well as you can at first and tickle them up toward 100%’.

Put the proper effort into the system creation and pick a task that won’t ‘sell the farm’ if there is a mistake made. It is important to embrace failure as part of learning. Controlled failure. Think of it as ‘failing forward’.

In summary, the motivation for system building is this:   If you can build a system to delegate the tasks that you hate doing  and these tasks are causing bottlenecks too – your reward will be more freedom and more profit!