Right Sizing Your Business: Why Bigger Is Not Always Better
A TAILOR MADE BUSINESS
Finding Your Perfect [Business] Fit
There appears to be a common misconception regarding business success.
It appears (to many) that the initial thought of being successful is purely (or mainly) having a huge financial amount, lots of material things and maybe having a big business or huge following.
This does not have to be the case.
In this blog, it will be proposed that only you can define and decide what success is for you.
You know best what makes you happy and what you want.
The challenge is clearly knowing what you want. Then working towards attaining that.
Rather than focusing on all of the above, (big this, lot's of that etc.) it would better serve you on deciding on the kind of lifestyle you wish to have, your own chosen goals.
Then the size of the business will grow only to the extent it needs, to fulfil and accommodate that purpose.
So the proposal is to learn how to 'right-size' your business. Having your business grow only to the size it needs to, to achieve the results you want to have.
MEASURE OF TRUE SUCCESS
Achievement On Your Terms, Not By Others' Expectations
Deciding on what you want to achieve is paramount.
Not listening to external expectations. This is purely your choice.
Once you fully grasp what it is you want to have or do, this then becomes your goal.
You will know the outline of your parameters and can begin to learn what you need to do to achieve these things.
Why is this important? Why is it important to have a clear list (if you will) of what it is you want to be doing in your life?
Because not only does it give you a sense of what to go for, it will also let you know when to stop.
When to stop is also important and not always talked about in these spaces.
Once you reach the end (of your list) then you can decide if that's enough for you.
If it is, well done!
You can just maintain and live the life you want and have achieved.
However, if you have reached it and then decide, actually, you may want just a little bit more. You can do that too.
But at least in that instance, you know you are successful already.
You knew you had achieved all you initially wanted. You stopped for that moment. Acknowledged and enjoyed it for a while. Then you decided to move forward again.
All you did was 'add more' (to the list).
But in both cases, you were able to stop because you knew what you had was enough.
FINANCIAL TAILORING
Designing A Business That Fits Your Needs
As alluded to previously, its a great idea to sit down and to actually list down what you want to have and what you want to do,
then calculate how much each would cost and then total the amount together.
Once you have that total amount and then figured out the monthly or annual income needed to have and do those things, this has given you a concrete and real amount to go for.
This means, as mentioned before, you are not just trying to endlessly expand and grow. Getting frustrated because your business is not growing bigger or fast enough.
This blind chasing of growth could be overwhelming and cause unnecessary stress.
This is why it is wiser to have a good understanding of the metrics needed for your goals.
In this way, you are not just seeking growth. Based on the belief that you should.
You are focusing on the monthly income (or the purpose/impact) that you have chosen for your business.
This enables your business to grow organically, in accordance to what you want to achieve.
Upon reaching that financial (or purpose/impact) goal, your business will be at the appropriate, right-size.
Leaving you to focus more on optimization and sustainability.
TAKING YOUR MEASUREMENTS
Finding Your Ideal Size
You need to ask yourself the right questions to know what goals and values are important to you.
This is how you can best calculate what you need to focus on and the financial amount it costs to have or do what you want.
Questions can include:
What problems do I genuinely care about solving in the world?
What work would I do and find meaningful even if I wasn't getting paid?
What kind of impact do I want to have on my customers, employees, and community?
When I imagine feeling proud of my business in 5-10 years, what exactly am I proud of?
What personal strengths do I want my business to leverage and showcase?
What would I need to have or achieve to feel like a success, beyond finance's?
What am I unwilling to live without or give up when going for my business goals?
What do I want my business to enable me to do or have in my personal life?
How do I want people to perceive my business and its contribution?
What existing businesses or leaders do I admire, and specifically why?
What patterns from my past experiences indicate what truly satisfies me?
What would make this business worth the inevitable difficulties and challenges?
What realistic obstacles or challenges might I encounter that could stop me?
How would successfully navigating those obstacles and hurdles align with my values?
How much money do I really need, to have the lifestyle I want?
How much money do I need, to make the kind of difference that I care about, in the world?
Once you have the answers clearly defined for yourself, you then have a clear foundation that you can derive blueprints, plans and strategies from.
Because you have this clear foundation, you will have a better idea on how much you need your business to grow.
This can in turn mitigate the pressure to expand unnecessarily. Allowing you and your business to grow organically. On your own terms.
Even if you become unsure, having your foundation, enables you to ask an appropriate person to help you decide on how much or in what way your business needs to grow.
THE FINAL FIT
Wearing Your Success Comfortably
Keep in mind that success is actually a personal thing.
What might be successful to you, might not be for someone else. There is no 'one thing' that can be considered as being successful.
As long as it ticks all (or at least as many as can be) the boxes on your list, then you have succeeded.
Whether that is:
fame,
fortune,
looking after family/community
better work/life balance,
having a sense of purpose or fulfilment,
doing something you love,
helping a cause.
These and many more, once achieved, no matter how big or small, is to be considered a success.
This blog is designed to encourage you to really discover and define your own version of success. What you, and only you, would consider a win, a good thing for you, once you achieved it.
External feedback can be used to help you learn how to get towards your version of success, but in the initial stages, only you can decide what you consider a success is.
Allowing you to wear your success proudly and comfortably.
