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Do You Own The Business? Or Does the Business Own You?

Guest post by: Kevin Kragenbrink

Article Overview: It's not about the money. I have made this statement often, but today it takes on a new meaning. Today I am not talking about value over price in a sales model. I am talking about why business owners are in business in the first place. At their core, most entrepreneurs and small business owners are in business because they want freedom and opportunity. How sad, then, to know that all too often they end up with neither because their business goals are not aligned to their personal goals or because their life is out of balance trying to make their business live up to their dreams and expectations.

Do You Own The Business? Or Does the Business Own You?

It's not about the money. I have made this statement often, but today it takes on a new meaning. Today I am not talking about value over price in a sales model. I am talking about why business owners are in business in the first place. At their core, most entrepreneurs and small business owners are in business because they want freedom and opportunity. How sad, then, to know that all too often they end up with neither because their business goals are not aligned to their personal goals or because their life is out of balance trying to make their business live up to their dreams and expectations. You may have experienced this yourself. You bought or started a business because you believed it would make you happier, or wealthier, or give you more personal freedom, or . . . you fill in the reason. But in reality, what you got was longer hours, greater stress, higher debt, and less time for the things you love.

I did a simple survey with a group of business owners this week. I asked them to take a blank sheet of paper and draw a line down the middle. On the left side, I asked them to write down the three most important numbers to reaching their personal goals. On the right I asked them to write down the three most important numbers to achieve their business goals. Something remarkable happened. In every case these business owners were able quickly to define their business goals in numeric terms, but none of them was able to call their personal goals to mind in the same way. They just had not thought about their personal goals in those terms.

This may not seem like much of a problem, but it is very revealing. Most small to medium sized business owners struggle with matching their personal and business goals. This happens because most people have not clearly defined their goals, especially on the personal side. This is often the most critical flaw in our plan for success. If you don't have a clear idea of where you want to go, then you have no good way to map out a route to arrive at your destination. That is a problem.

I remember when I was about 10 years old going camping with my family in the Kern River area of southern California. We camped often and as a family were very comfortable in the outdoors. On this particular trip my older brother and I decided to go for a hike. We set out from our campground to do some exploring, but we had no destination and no plan. We hiked for quite a while just following the path of least resistance through the hills above the River. All of a sudden, we came upon a high cliff face overlooking the river, with no way down. More important, we realized that we did not have any idea where we were in relationship to our campground. Because we had been walking without direction, we now found ourselves lost with no real idea how to get back to our starting point. I was terrified.

Our situation was serious, but thanks to good preparation, we knew what to do next. We used our outdoor skills to find our way out of the hills and back to our campground, although not without some moments of real fear along the way. We were lucky.

As I look back on the experience I realize that our training contributed as much to our getting lost as it helped us find our way back. We were over-confident in our skills, and we failed to plan our course.

Isn't it amazing how often business owners make the same kinds of mistakes. Confident in our ability to do what needs to be done, we set off without defining a clear destination and with no specific course in mind. Along the way, we look for and generally follow the path of least resistance. When we do encounter difficulties, we confidently attack them head on or navigate around them with little thought to how those struggles may be affecting our overall course.

Without a clear plan we are vulnerable to the changing circumstances and driven by the environment. The end result is all too often, frustration, exhaustion, anxiety, and, eventually defeat.

So what's the solution? Make a plan. Start with a clear definition of your personal goals over the next 10 years. Make that plan as clear and specific as you can. Write it down, attach pictures to help you focus on the things you want. Don't be embarrassed or afraid to dream big dreams for yourself and your family. Believe that you have the ability to reach your goals.

Now, align your business to your personal goals. If you are in business for yourself, don't you think that the business should make it possible for you to do what you want to do with your life? Make sure that the business you are in matches who you are and what you want. Make sure that your business plan produces the income and profits you need to achieve your personal goals and objectives. Create a plan to look down the road 3-5 years and make sure that you know how your business needs to change and grow to continue the alignment with your personal goals.

If you don't know how to get started with your plan, don't be afraid to get someone to help. Working with a skilled facilitator can free up your creativity and help you pull all of your ideas together in a way that really makes sense. There may be fees associated with hiring a facilitator, but they are more than worth the cost.

Creating alignment between your personal goals and your business goals may not sound very important, but in the end it can mean the difference between success and failure. Alignment means that what I do every day matches my dreams even if it is not what I dream of doing. When that happens I have a great start on success.

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Article Tags: business goals, dreams, freedom, Goals, personal goals, Planning, small business owners, Strategic Planning



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