Episode 169 - The Blueprint to Unlock Your Business's Full Potential

 Good day and welcome to The Budding Entrepreneur podcast. I'm your host, Randy Bridges. In each episode, we dive into practical business strategies that you can put to work in your business right away. 

We also focus on inspiring stories from leaders who are shaking and making things happen in their industry. It's all about giving you the tools and insights to take you and your business to the next level. So get comfortable and let's jump right in.

All right, all right. We are on episode 169 of The Budding Entrepreneur podcast. Today is Friday, October 11, 2024. 

Now, if you tuned in last week, we kicked off our new topic of vision and talked about the power of having a clear vision to guide your business. Today, we're taking it a step further by discussing actually how to build a vision, one that serves as a blueprint for your success. So what's on the agenda today? Well, we'll be walking through a step-by-step process on how to build a vision, four steps in particular, that is designed to work for you, your team, and your long-term goals. 

I'll also share a fantastic quote from leadership guru Simon Sinek that'll tie everything together nicely. Now, we've got a lot to cover, so let's jump right in. Today's episode is all about building your business vision. 

Last week, we touched on why vision matters. It shapes your decision-making, motivates your team, and gives your business a direction. This week, we'll break that down into actionable steps. 

As always, I've got a great quote to kick things off, and this one's from Simon Sinek. He said, vision is a destination, a fixed point to which we focus all effort. Strategy is a route, an adaptable path to get us where we want to go.

In this case from Simon Sinek, I love this quote. It reminds us that vision isn't just some abstract idea. It's a real concrete destination for your business, and your strategy, well that's the path you'll carve out to get there. 

So let's start with step one, asking the big questions. If you're building a vision, it's not enough to say, I want to make more money, or I want to grow my business. You've got to dig deeper. 

You need to ask yourself a couple of really important questions. The first of which is, why did I start this business? What's my real purpose here? What am I passionate about? What could make the difference in my life that, if I could achieve it, would really, really make me capable of saying, I've done my life's work? This is something we call your why. Your why is the foundation. 

It's what drives you when things get tough, when you're feeling stuck, and you're not sure what the next step is. I always tell my clients that if your why doesn't make you excited, or get you out of bed in the morning very early, and keep you up very late, then you need to rethink it. Your purpose needs to be more than just financial success.

That's a measurement that is great, but it is not long lasting, because once you achieve it, where do you go from there? Now in building your why, there are four key steps, stairs if you will, that you can take to develop your why. I take these from Melinda Cohen. She is a wonderful coach. 

She coaches coaches on how to help their clients. Her concept of why has these four questions. Question number one, why is starting or growing your business important to you? Question number two, why is the answer to question number one important to you? Number three, why is the answer to number two important to you? And the fourth stair is to keep going up the stairs until you can't answer the question anymore. 

That last answer will be your why. And here's another question to ask, what problem am I solving for my customers, my clients, the people that I serve? Especially in like professional services, service industry businesses as a whole. This is a big one, because if you think about what your clients come to you for, that's the thing that matters to them. 

You know, it's good to ask what are their pain points, but it's better to ask how are you uniquely positioned to solve those challenges. Now that you've gotten clear on your purpose and the problems you solve, we move to step two. Let's talk about defining success. 

This is where we start asking future focused questions like, where do I want my business to be in five or ten years? What does success look like for me and my team? Don't just think about revenue here. That's a again, it's a great measurement, but success needs to be about more than just profits. Ask yourself, how is my business impacting my community, my employees, and my industry? Where am I making a difference? And for a lot of business owners, this often means making a real difference in your clients lives. 

Are you helping them solve problems? Are you giving them peace of mind? Are you providing a service they can't get anywhere else? But what about them? What do they want? What are their dreams, their desires? What is their why, and how can you help them achieve it? Once you do that, success is a very clear idea. If you've answered these questions, you should start to have a vision of what success means to you. But a vision doesn't mean much if you don't have a roadmap to get there.

Which brings us to our next step, which is creating actionable steps to achieve your vision. Now you've got your vision, it's time to figure out how you're going to get there. This is all about breaking down your vision into actionable concrete steps. 

For example, ask yourself, what do I need to accomplish in the next 12 months to move closer to my vision? Then take those 12 month goals and break them down further into quarterly, and then monthly targets, and maybe even weekly. This is one of the main steps in our building of a 12 month roadmap with our clients, is this very thing right here that actually gives them much more clarity on where they're going and how they're going to get there. So let me give you a quick example. 

Let's say your vision is to become the go-to provider in your field within five years. Your first year goal might be to double your client base, or maybe improve your client retention if you've been, say, already in business for a while. Break that down into monthly actions, like improving your onboarding process, or enhancing your marketing efforts. 

And don't forget about your team. If your vision isn't communicated to your team, I can tell you it won't work. You have to get them on board by explaining your vision in a way that excites and motivates them.

It thinks about what they're trying to achieve, what their position is, and it will align their roles with the overall vision. Give them ownership and responsibility for key parts of that vision, so they're as invested in it as you are. Go back, if you need to, to last quarter and take a look at leadership. 

This is one of the most important parts of building a good leadership program. And step four, measuring your vision success. Now let's talk about measurement, because a vision without metrics is like trying to drive a car with no dashboard. 

You need to know where you are and where you're going. So how do you measure whether your vision is working? Well, first you can look at your business's financial health. Are you moving toward your revenue goals? Again, it's not just about money. 

Think about things like customer satisfaction as well, and employee engagement. Are your clients happy with your service? Are your employees motivated and aligned with your vision? As we've used this analogy before, think of your business like a plane. You need instruments, what we would call metrics, to tell you whether you're flying high or getting off course. 

Track your progress regularly and make adjustments when needed. This is why you have to have monthly as well as quarterly goals, because you might need to make small course corrections in a week-by-week process in order to get you back on track. Now those four steps, that's enough work for now. 

If you just did this, you're going to be way ahead of most other people. And we're going to pick up from here and continue forward during the next two weeks to help you out even more. Now keep in mind, doing what we've discussed so far is not the end. 

And don't just take it to task during a single weekend, or even maybe a week. This is a long-term journey you're building, and your future planning should be long-term as well. Now before we wrap this episode, I occasionally like to bring alternative thoughts from some of the topics we cover. 

Mostly because there isn't a singular approach to this world we live in that works for everyone. Keeping an open mind is crucial to our own development in overcoming new challenges. To that end in mind, I want to bring something to the table.

Wise words that provide a spark in the area of vision. This is part of a post from Mike Walker, client services director for The Wealthy Consultant. Like everyone in TWC, Mike is super experienced at the upper levels of business thinking. 

He has over 20 years of consulting experience, and I rely heavily on the concepts he brings. So here are some of those thoughts from Mike, just to give you something to think about after this rather heady topic we've covered. His words are both direction and a warning in the area of vision, and the post works like this.

Clarity without flexibility is a cage. Here's what most people miss. The world doesn't care about your vision. 

It's changing faster than ever, and if your vision is too rigid, you'll be left behind. But don't freak out and throw away your vision board just yet. I still have one too.

There is a way to harness the power of vision without falling into the trap. The key? Create a quantum vision. Instead of a single fixed picture of the future, hold multiple possibilities in your mind simultaneously. 

Like a quantum particle, your vision should exist in a state of superposition, multiple potentials all equally real. This isn't some woo-woo concept. It's a practical approach to navigate our chaotic business landscape. 

So how do you do it? First, set a direction, not a destination. Your vision should be a compass, not a GPS. Then embrace contradictions. 

The future is both and, not either or. Get comfortable with paradox. Make your vision a living document. 

Review and revise regularly. A static vision is a dead vision. Share it, but don't preach it. 

Use your vision to attract aligned people, not to convert the masses. And finally, focus on the feeling, not just the details. The emotion your vision evokes are more powerful than any specifics, which are likely going to change over time anyway. 

The real power of a quantum vision isn't in achieving it, it's in who you become as you pursue it. Every time you adapt your vision, you're growing. Every time you face a challenge that doesn't fit your original plan, you're evolving. 

That's the true you. So here's my challenge to you. Take your current vision. 

Now imagine three radically different versions of it. Each one should make you a little uncomfortable, a little excited, and a lot curious. This isn't about hedging your bets. 

It's about expanding your possibilities. Remember, the future belongs to those who can navigate uncertainty, not those who cling to certainty. Your vision should liberate you, not limit you. 

It should pull you forward, not pin you down. Your future isn't written yet. Make sure you're the one holding the pin.

Again, this is from Mike Walker of The Wealthy Consultant. Great man. It's truly good stuff to think about. 

And I want to sincerely thank Mike for allowing me to use this post in our podcast. Now let's quickly recap what we've covered today. We started by asking the big questions.

What's your why? What problem are you solving? And then we moved on to defining success, not just financially, but in terms of your impact on your clients, your team, and your industry. We talked about creating actionable steps to achieve your vision, and finally, how to measure your success over time. Now next week, we're diving into the execution phase. 

We'll be talking about how to turn your vision into reality by creating a detailed practical plan that you can implement in your business. Trust me, you don't want to miss that. I hope today's episode has given you some valuable insights and inspiration for building a strong vision for your business. 

Remember, a clear vision isn't just about what you want your business to look like today. It's about building a roadmap for the future. That's it for this episode. 

I hope you picked up some valuable insights and maybe even sparked a few new ideas. If you want to keep the conversation going, or maybe even explore partnerships, don't hesitate to reach out. And hey, don't forget to subscribe, leave a review, and share this with someone who needs to hear it. 

The steps you take today could be the start of something big tomorrow. For the budding entrepreneur, I wish you the best in your health, your wealth, your business, your family, everything about you. Take care, and we'll see you back here next week.