Business is Personal

Your personal vision

There are many business articles and blogs that analyse why personal relationships in business are beneficial.  What I want to touch on is a little deeper being the importance of a personal vision for a SME business owner and how that relates to their business vision.

Business is personal

Many businesses have a business plan that includes operational strategies that underpin the culture, structure and vision of the business.  What is usually lacking is the business owner’s personal vision which should be supported by the business.  The personal vision sits right at the tip of the Business Triangle.

The Business Triangle

The business must provide the business owner with:

  1. The lifestyle that they want
  2. Enough time to enjoy it
  3. The cash to afford it
  4. A valuable, saleable business asset
  5. An outlet to develop the business owners skills

If the business owner is clear on what they want to get out of life they can more effectively manage their business by aligning a business vision that is supportive through strategy and operational execution.  An example from my experiences working with SME business owners is the pain point of not enough personal time to have a life (which is quite common).  They didn’t have a personal vision and hadn’t associated that Business is Personal – meaning the business is there to support their personal vision.  Once a clear personal vision had been set we could work on the areas of the business that needed to change to support that personal vision.

The business is not the driver with the business owner being the vehicle to drive the business to the business vision…it is the other way around.

The simplest way to prepare a personal vision is to do some critical thinking about you and what you want to get out of your life.  Focus on the following areas:

  1.        Family
  2.        Health
  3.        Business
  4.        Wealth
  5.        Hobbies
  6.        Social
  7.        Skills
  8.        Education

Summarise your critical thinking and prepare a one page document, dated 5 years from now, in the 1st person, that illustrates how you are living your life with reference to the above 8 areas (only mention the most relevant and impactful areas).  Sign it off as a commitment, review it routinely and note where you have chosen to edit your path.

The next stage is to review your business vision, culture, structure and operational strategies to ensure that they align and support your personal vision.

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About Timothy J. Lakeman

TIMOTHY LAKEMAN is passionate about business owners THRIVING not striving – strategically; financially; and operationally. Timothy’s passion for business stems from having observed his entrepreneurial father in many failed businesses over a number of decades. This fuelled his commitment to ensure all business owners that he works with have a thriving business. Timothy Lakeman has 20 years’ experience working with small to medium sized businesses in the capacity of a senior executive and also as a business owner himself. He has worked throughout Australia, Asia, Middle East and India, and in a variety of industries including Media, Construction and Technology. Timothy is able to draw on his international experiences from a cultural and diversification perspective to drive change in any business to maximise its profit potential and to create a valuable saleable asset into the future. Timothy utilises the practicality of an in-depth financial understanding from being an experienced Chartered Accountant with the academic theories of his Master of Business Administration to partner with business owners to implement and take their businesses to the next level. Timothy loves being a Judge and Mentor as part of the RMIT University Business Plan competition as it allows him to meet and assist the business owners of the future leaving a legacy of Thriving. He also publishes a Business and Entrepreneurial blog discussing the issues relevant to business owners. Book in for a 2 hour free no obligation discovery session with Timothy to take your business to the next level! View all posts by Timothy J. Lakeman

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