Crafting a business plan is akin to setting sail on a grand voyage or a long journey. And just like any seasoned captain will tell you, it all begins with a clear destination – your purpose. Your business purpose is the North Star that guides every decision, navigates challenges, and propels you forward.
The Business Plan is your SatNav to guide you to your destination.
Starting your Business Plan with purpose is like laying the cornerstone of a sturdy foundation. It shapes your vision, defines your values, and breathes life into your strategies. Purpose goes beyond profit; it’s the heartbeat of your enterprise, resonating with both customers and team members.
The importance of purpose in Business Planning
Purpose is the reason you started and are growing this business. It’s the impact you wish to deliver, the legacy you want to leave.
In a competitive world with many options, purpose is what sets you apart. Simon Sinek said that people don’t buy what you do or how you do it, but WHY you do it. It communicates authenticity, creating a genuine connection with your audience. It’s the magnetic force that attracts like-minded individuals; customers who share your values and employees who believe in your vision.
A purpose-driven Business Plan acts as a compass, keeping you on course during times of uncertainty. When challenges arise, and decisions loom, revisiting your purpose provides clarity and focus. It becomes the litmus test, ensuring that every decision aligns with your core identity.
Now, purpose isn’t a picture of your partner and/ or kids. That is not why you are building THIS business, it is why you a building A business and that is different. Read that again if you need to.
When I am business planning with clients, Purpose is broken down into five areas:
- What puts fire in your belly every day? What’s the legacy you wish to leave?
- What service and value does your solution deliver (not your proposition or USP)?
- What is the size of your target market (so you have room to grow)?
- What financial rewards do you want and what will you spend them on?
- What lifestyle do you want and what will you do with your time away from the business?
In essence, a purpose-driven Business Plan isn’t a mere document; it’s a manifesto. It declares your intentions to the world, generates support and fosters a community around your core purpose.
So, as you embark on your entrepreneurial journey, let purpose be your guiding star, steering you toward success with a sense of direction, meaning and achievement.
If you are like 75%+ of SME owners and you don’t have a plan, it’s not only likely that you won’t be getting the business results you desire but also you won’t be realising some if not all elements of your purpose highlighted above.
