When Entrepreneurs set out to start a business, they set out to succeed and are looking to achieve business success. Unfortunately many business owners don’t always get what they truly desire in their lives even if their business succeeds. Why? Because they did not define their Clear Objective.
What Is a Clear Objective?
In my book, Amplify Your Business, I introduced a term Clear Objective which defines the main accomplishment you’re trying to achieve or the end goal. It is the ultimate intention you want to achieve by building a business.
Why Does a Clear Objective Matter to Me & My Business?
It main seem silly but I’ve seen it time and time again, the stressed, burnt out business owner that has a running business but is not happy for one reason or another after years slaving to their business. It’s the doctor that has a thriving practice but is so stressed out that he has health problems, the family law attorney with a successful firm that ends up getting a divorce because they didn’t make time for their family, and it’s the financial planner that realizes they saved a lot of money but didn’t enjoy many experiences during the best years of their life while they had the health and opportunity. Don’t let this happen to you. Define your Clear Objective, include it in your plans and continue to check if you are on track to achieving it as your business progresses.
Questions to Ask When defining a Clear Objective.
- Do you plan build up and sell the business as quick as possible?
- Do you plan to hold on the business until you retire then sell?
- Do you plan to pass the business on?
- Do you desire more freedom with your time?
- Do you desire to travel often?
- Do you desire to oversee and manage a team, finances, operations or are you looking for less responsibilities?
- Are you looking for a steady safe income or are you willing to take big risks for big rewards?
- If you could wave a magic wand, what would you get out of starting a business?
- Do you aim to own a lot of material possessions? If so what are they?
- Where do you want to live?
- What does your daily life look like?
- Will you have a significant other in your life? How will they support your business?
- Do you plan to have children? How will you fit in your responsibilities as a parent?
- What does work, life, and balance look for you?
What is Your Clear Objective?
Business objectives are the results you hope to achieve and maintain as you run and grow your business. Such objectives may involve profitability, production, and growth. However, before you can begin to define detailed business objectives, you need to know your main objective, what we call your clear objective.
Ultimately, your clear objective should answer this question: What are you trying to achieve and why are you trying to achieve it? Take a moment to record your initial response to this vital question, trying to do so in 25 words or less.