When I was in Business School, I took a class on how to be a CEO.
My professor made a comment during that class that rang in my ears like a church bell on Sunday morning.
“The Job of the CEO is to determine what business he/she will be in.”
In my first business, I was in the office cleaning business. That meant I cleaned toilets, emptied trash, and vacuumed carpets of offices.
When I first started my accounting business, I was in the bookkeeping business. Then I transitioned it to the tax preparation business. Then I transitioned it to a one-stop-shop for small business owners. Then I transitioned to providing tax savings advice.
Now I’m in the business of providing Profit First Coaching via an online business.
The businesses I have chosen to be in have evolved over time. They should evolve because I evolve.
My experience evolves.
Nmy customers evolve.
The world evolves.
I have to be adaptable; otherwise, my business will become outdated and be at risk of a liquidation event.
Answers are good things to have.
However, I believe that the right questions are more important than a good answer.
You see the questions you ask about your business will determine the answers you get.
If you aren’t asking the right questions, then the answers you get to the wrong questions are utterly useless.
Small people ask small questions.
By asking the right questions, you will get the answers that truly matter.
Here is an example of how a few words can change a small question into a powerful question.
Can I make money selling this widget?
That questions requires very little thinking and will answer you will get a basic answer.
Here how a few words can make a more impactful question.
- How can I make money selling this widget?
- How can I make more money selling this widget?
- What can I do to sell this widget to more people profitable?
- What could I sell instead of this widget to make more profit?
The list of impactful questions could be limitless.
Remember, we only have so much time each day.
We only have so much brainpower at our disposal.
We will get much better results if we focus on questions that will lead our thinking towards answers that are impactful for our business.
Let’s dive deeper into a question every business owner should be asking.
While answering the question, “What business am I in?” is essential.
It is not the most critical question to ask.
There are plenty of people that start businesses that fail to answer the most crucial question in business.
Everything in your business should revolve around the answer to this vital question.
The reason being if you don’t correctly answer the question, then you will be confined to the life that your circumstances dictate.
You will be swept around by the whims of your customers and the winds of change that the economy brings to you daily.
You will be a prisoner to chance.
That is no way to live your life. If you don’t answer this question accurately, then you’re better off being an employee to someone else’s business.
Your life will be much easier, and you won’t have to put up with the garbage that flows into the life of a business owner that is ignorant of the answer to this question.
Here is the all-important question!
What is the life you want?
It’s your business, and you should be striving daily to achieve your Ideal Money Life.
- If you’re going to take all the risks in your business.
- If you’re going to pour your blood, sweat, and tears into your business.
- If you’re going to grind your nose to the bone on the grindstone of business ownership.
- If you’re going to lay it all on the line to serve your customers.
Then you best be assured that the reward for everything you give to your business is abundance.
If abundance is not the reward, then why take the risks associated with business ownership?
You could live a much easier life and still have a comfortable retirement by pursuing a career with a “good-paying” job.
If the reward is not worth the risk, then don’t take the risk.
The promise of business ownership is a life of abundance.
You need to define what an abundant life is for you.
You are a unique person. Don’t let other people define your abundant life.
Here are your action steps now.
Set a timer for 15 minutes. Grab a piece of paper and a pen and spend time dreaming big about your business.
- If you could have anything, what would your business provide you?
- Where do you want your business to be in 5 or 10 years?
- What is the life you want to have in your business?
Please resist the urge to self-edit or make sense of it right now.
Just write down what comes to your mind.