You own your business for a number of reasons. These no doubt include:

• Providing for your family
• Being your own boss
• Making money
• Having flexibility
• Building equity

To help identify what really matters to you, complete the following questionnaire:

On a scale of 1 to 10 (where 10 is very important), how important are the following to you?

Issue

1. Increasing sales to existing customers

2. Getting new customers

3. Expanding your range of products and services

4. Improving quality and service

5. Reducing your costs

6. Energising your team members

7. Having a written strategic plan

8. Having a detailed budget

9. Getting accurate and regular reporting of budget to actuals

10. Knowing and tracking your Key Performance Indicators

11. Improving cash management

12. Reducing debt

13. Knowing how you’re doing compared to others in your industry

14. Having a succession plan or exit strategy

15. Using new technology to improve productivity

16. Having everyone follow uniform systems for all processes

17. Having greater flexibility with work hours

18. Taking more time off

19. Funding your retirement

20. Protecting your family against your death or disability

21. Funding your children’s education

22. Protecting your business with funded cross-purchase agreements

23. Building your personal wealth

 

Once you’ve completed this questionnaire, you should be in a position to prioritise your personal objectives and set actions for business improvement. The most profitable small businesses all have one thing in common:

The owners’ personal objectives are congruent with their business strategies.