This month our Food4Thought dinners were themed around purpose and vision.
Purpose is the reason you got into business, vision is the representation of where you want to take the business and why. If you don’t know why you do what you do, then you’ll be building the wrong business.
We looked at painting a picture of what success looks like in the future, your personal and business goals.
We discussed a number of areas around the main topic including
- How do you define your purpose and vision and make sure that work/ life balance is included?
- Should you have separate work and personal visions, or are they the same thing?
- Once you have defined your purpose and vision, how do you stay on track?
- How do you build a team that will help you deliver that vision?
- Does every business need an exit plan? And what should that look like?
- How do you value a business for sale? And what do you tell your team (and when) if that’s what you’re planning?
- How do you maintain enthusiasm for a business when you spend so little time on the things you are passionate about?
There were lots of different opinions shared around the table, what was important to us as individuals as well as some common themes.
For some members it was about building a business which gave them the time to enjoy hobbies, activities they love outside of work and for others it was the freedom to be around for a young family. And there are always the financial definitions of success – paying yourself what you are worth and having money to invest in business growth.
The discussions about building a team to deliver your vision were similar to the recent dinner on talent – you need to recruit for values, teach the skills, hire slowly and fire quickly, and make sure you share the detail of your vision and plans so the team can help you deliver it. Hiring people who share your values creates the right culture and makes trusting your team to get on with things, even when you’re away, so much easier.
Exit plans were also a hot topic. Some business owners didn’t feel they could have an exit plan as their business depended on their involvement. The challenge was whether they wanted it to remain that way or were happy to build something which could eventually be scale-able and saleable. Others felt they were just at the start of their business so didn’t need to consider what exit looked like. We pointed out that everyone will exit their business at some point – dead or alive – so it’s probably better to plan for it.
Are you looking to build a support network that can challenge your thinking and help you to solve your business challenges? We’ll whet your appetite as well as your intellect with expert guests from the world of business and sport as well as dinner at some of the best restaurants in the city.
