Question – what do you do as a business?
Maybe you answered “we do Facebook advertising”, “we make really cool socks” or “we clean people’s ovens for them” (awesome business, nobody likes cleaning their oven).
Perhaps you answered “we believe businesses should look the best they can in the digital world”, “we believe men should dress sharp and look cool as an ice cube” or “we believe people should spend more time with their families and less time doing rubbish tasks around the house”.
If you answered something like the second lot of answers, you probably have a much better grip of your WHY in business. This is key to growing a long-term profitable and sustainable business. In his industry shaking book Start With Why, Simon Sinek states why businesses that understand their why are the only businesses that will survive in the long term.
In this article, we give a few reasons on why it is important to know your why as a business and really knowing your business vision.
Knowing your why gives your business strength. Stood in an elevator and telling the CEO next to you that “we do Facebook advertising” will position you as someone who sells Facebook advertising. Whereas turn to her and tell her that “we believe businesses should look the best they can in the digital world” and suddenly you have a purpose, you have a mission and she should join you on that mission (by letting you run their Facebook ads).
Knowing your why adds credibility to you offering and gives customers and potential customers something to buy in to. Asking ‘join us’ is infinitely more powerful than ‘pay us’.
Understanding your why doesn’t just benefit you in making sales. It also helps you grow your business from the inside out. By clearly communicating why you do what you do, you motivate your employees, giving them a crucial part to play in a greater purpose. It turns them from tools to make the business money into super-cool crusaders in helping you achieve a greater goal. As a business owner, you may be motivated by smashing that turnover target, but beyond a few extra gold coins in their pay packet it doesn’t matter much to your employees…but a powerful purpose gives them a reason to smash it every day.
Creating this kind of environment, understanding and communicating your why clearly will also attract more talent to your business, talent that wants to achieve the same thing as you. Making your ever growing business better and better with each hire.
Knowing your why helps you develop your what and makes business decisions moving forward infinitely easier to make.
Take for example you are looking to grow your sock making business, you have a few options on how to do this but have whittled it down to making socks for women or making underwear for men…both have the ability to be as profitable as each other…you’re stuck…
Review your why. Your why states “we believe men should dress sharp and look cool as an ice cube”…suddenly your decision is soooo much easier. Making women’s socks doesn’t help you achieve your why…but men’s underwear does. This may seem a little bit of a basic way to make business decisions, but when you build your brand around your why, deviating from that can make alienate your customers and lose you business.
This article has covered the power of knowing your why in business. Understanding your purpose can help your business grow internally and externally. It will also make making difficult business decisions a lot easier. Know your why!
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