In the absence of business standards. Your business will drift aimlessly, without a purpose, without meaning.
You as an owner of a business must have a way to make certain. Time and resources you invest in a company. Produce exactly what you want.
A tool for measuring your progress toward a particular end.
Your business must be able to communicate to anyone the direction your business is going. How it intends to get there. And accurate benchmark it will need to hit. For you to achieve your lifelong dreams and desires.
But unless your strategy. Can be reduced to a set of simply stated standards. It will do more to confuse you than to help.
And following is that such list of standards.
The first standard is you
I don’t believe your business is your life. I don’t even believe the idea of the business to be the first order of business.
So what is?
When building a business, it’s not your business you have to fear to lose that will be terrible business standard. It’s something much bigger than that; it’s you. Business plays a significant role in your life.
But before you can determine what that role will be, ask yourself this questions:
- What do I value most?
- What kind of life do I want?
- What do I want my life to look like, feel like?
- Who do I wish to be?
These answers become standards by which you can begin to measure your life’s progress.
The second standard is money
Creating money rules is not just necessary for your business. It’s necessary for your life, for the realization of your dreams.
The first question about money then becomes: How much money do I need to live the way I wish?
Not income but in assets.
In other words, how much money do you need to be independent of work, to be free? How much money your company needs to make that happen? Will it be $300,000? A million dollar? A $500 million dollars?
Deprived of the answer.
Can you know whether your business will help you realize your life goals and dreams?
The third standard is the opportunity
You’ve created a set of financial standards for your life. You know what it is your business needs to provide you with. As a return on your investment. It becomes evident the business must have a realistic chance of achieving those standards. Of producing that return on your investment.
How can you know whether it does?
By determining whether your business is an opportunity worth pursuing. The business that fulfills the financial standards you’ve created is an opportunity worth pursuing.
This standard meets two primary requirements of your business. It tells you what kind of business you’re creating while it defines who your customer will be. So when you ask,”is this business an opportunity worth pursuing?”
The only way to tell is to determine how many selling opportunities you have. And how effective you can meet the emotional or perceived needs lurking there. If it is reasonable to assume it can, the business is worth pursuing. If it is unreasonable to assume it can. Then no matter how exciting, interesting, or appealing the business is, forget it.
Walk away from it. It will consume too much of your precious time. Prevent you from finding a genuine opportunity worth pursuing.
Standards create the energy by which the best companies. And smart business owners produce results.
The question you must always ask when creating standards for your business is: How will it serve my dreams?