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.