Doing What’s Right For You in Your Business
Do you know what the right thing to do is when it comes to your business?
Most entrepreneurs want to do things right for their businesses the first time. People tend not to favor making the wrong decisions.
As an entrepreneur, you see many people doing different things and telling you what worked for their business. Still, it is essential to remember that every business is unique and has different needs at different times.
In this article, I will discuss doing what's right for you in your business and how to know what that looks like.
What's Right for You in Your Business?
Business is not one size fits all.
I like to say, “Everything works in business, and nothing works in business.” Taking a blanket approach to business is one of those things that just doesn’t work. I will give an example of this.
I sat on a committee called the Success and Business Committee. We hosted a strategic planning luncheon. At our table, we had a business that was relatively new and one that had been in business for 25 years. The younger business owner talked about how their goal was to get the minimums in their classes instead of focusing on filling them. Many people challenged him, asking, “Why are you focusing on this? Don’t you want to fill your classes?”
Later in the conversation, we moved on to the business plan for the business that had been in business for much longer. Their goal was to diversify the services that they offered. They wanted to focus on this one new service and do it well.
I felt the need to tell them both that they were right.
Both were on track for the needs of their businesses.
This is where I bring up "yes" on every level. It is right for the more established business to want to diversify their services. It is also right for the newer business to want to meet minimums before worrying about filling up classes because the first goal should be getting to the point of being profitable.
Every business has different needs, and your approach should be based on the individual needs of your business.
Instead of saying, “Stop doing everything,” start saying, “Do things strategically.”
Messaging that says "stop" is something that I am seeing more and more frequently, especially when it comes to people talking about businesses. “Stop doing this,” “Do this instead.” This can make some blurry lines for an entrepreneur trying to do their best because every business has different needs.
In your business, you should do what you feel and know needs to be done rather than what you think other people would do or want to hear. Of course, you need to run the numbers and back up your thoughts with logic.
One of the most beautiful things about owning your own business is simply: It is YOURS!
When working with my clients, I always go back to who my client is and filter the decisions the company should make through the lenses of their values and the problems that they say they have solved.
As you are working on your business, I recommend that you create a strategic plan based on your needs and not what all of the outside noise says you "should" do. You can plan for scalability, profit, and growth. Just remember that this will look different for every business.
As an entrepreneur, you are the only one who knows your business quite like you do. Being at a different point than the businesses around you is okay. Your growth and changes won’t look the same as everyone else.
Do you know that your business is ready for growth and change but are struggling to develop a strategic plan that is a perfect fit for your business? We would love to help with that. Let’s find a time to chat.
If you enjoyed this article, check out Five Ways Entrepreneurial Communities Bring Value To Your Business.