First Things First: What is the Purpose of your business?

The Big Question of Small Business

Purpose and the accidental small business owner

big question purpose of business

I’m often asked what the secret of small business is. I was recently asked this question by a new internet support service for micro and home based businesses called Brazzlebox . I told them there’s only one thing to get right and that is be able to answer the Big Question of Small Business, What’s the Purpose of your business?

It’s actually a really interesting question, and one that few business owners stop to think about before they get their business underway. I’ve also written about the Big Question here on Medium.com and in other pages on my website here as well as in this podcast for example. To be honest, I think that most business are started more or less by accident.

Of course there are startup entrepreneurs who plan the development of the next widget, they take a shared office space in some kind of incubator and plan to sell their widget to Facebook for 25 trazillion dollars one day, but I believe that those business owners are in a tiny minority.

The small business owners I meet everywhere (and the ones I support) start their business when an ever increasing level of frustration with their  job or career to date simply overflows the bucket and they decide to take control of their life in their own hand.

And when that moment arrives they run around doing the practical logistical things; bank accounts, business names, email addresses, business cards… the basics, but the really important questions are not usually addressed until much later, sometimes never.

Strategic Direction

The really important questions that we should all attempt to answer right from the word go are the questions about the strategic direction of the business, the Goals (short, medium and long term) and the biggest question of all:

Why does your business exists; What’s it on this earth for, and why would anybody care?

Purpose of small business Big Question Mission business card exchangeWhenever I am at a networking function talking to business owners I always ask them what is special, or different about their business, why I would want to do business with them and how I could refer business to them. It’s actually surprising how difficult most business owners find it to a give a clear answer to those questions. Mostly people try and tell me that they have a Great product (Our widget comes in 23 different colours) and they give Great customer service (We re smaller than the competition so we care more about our customers) and their prices are Great too (we’re really efficient and run a tight ship and we have few overheads and we’re committed to “adding value”).

These days I have hardened up a bit so I don’t feel the pain so much anymore and mostly I remain polite and nod with interest and make engaged noises, but deep down I think to myself: “Oh Please… not another one!”

D’OH

Of course you have a great product with a great price and great customer service, “D’OH” as Homer Simpson would say… I don’t think I’ve ever talked to a business owner who told me their product was average, their prices were average and they kind of looked after their customers in an average manner either. The competition has those three covered as well as you do (otherwise they wouldn’t be your competition in the first place) and your potential customers assume you will deliver them those three as a minimum, otherwise they wouldn’t be talking to you.

You have to find what sets you apart, what makes you different, because if you don’t, your customers only have one way to decide who they’ll use and that is by comparing your price and competing on price is a dog’s game, it might work for Walmart and Ikea but few others.

So… Why does your business exist, what’s it on this earth for, and why would anybody care about that?

  • I have a client who is an architect, he defined the purpose of his business as “Architecture that Inspires”
  • I have a client who owns a gym and he defined the purpose of his business as: “To build the finest resistance training community in the world”
  • I have a client who has a video production business and the Purpose of his business is: “It’s a joy to work with us”

Being remembered

When I meet someone at a networking function and I ask them what’s special about their business and they give me a powerful short statement like that, I sit up and take note and I’ll remember them and I will be able to introduce them to potential clients.

Also when your business rests on such a strong statement, it suddenly makes everything so much easier:

  • It’s suddenly easy to make decisions about which jobs to bid for and which opportunities to say No to
  • It’s suddenly clear which employees to hire
  • It’s suddenly clear what prices you should be charging
  • etc etc

Finding the Purpose of your business and being able to express it with complete clarity is absolutely the biggest step you can take to building a sustainable, fun and rewarding business.

Masterminds

mastermindsAs it happens I have run many webinars on this exact topic. Here is a link to a recording of a recent Small Business Masterminds on Purpose

So I hear you ask: “Ok smartie pants, what’s the Purpose of your own business then?”, and I am so glad you asked, because this is what I get out of bed for every morning:

To help family business owners feel great about themselves and about their business by making Business Fun again

How do you like them apples?… Does that work for you?

I thought so….

Check out the Masterminds webinar and I’ll help you take the first steps to discovering your own Purpose (with a capital “P)… You’ll never look back… I promise you.

Further reading

For more resources, and reading on strategies for growing your business follow this link to the first of the 7 Big Questions that all small business owners want answered

For more information about to how to step out of overwhelm, get unstuck and start having Fun in Business again, click here

Here are some other insights on the Big Question of Business and the Purpose of Business:

Would you like to download my free 12 Question Cheat-sheet to help you find your next Coach? Click here.

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