How to apply business concepts in your life to help you thrive
Some business talk can be a little…dry. And for those of us who have been employees our whole lives, well, there probably hasn’t ever been any need to pay close attention to common business principles.
But the whole premise of starting and running a business is for it to be successful. So, what if we borrowed the concepts and strategies underpinning successful businesses and applied them to our own lives? What if - instead of running on auto-pilot - we actively made focused and intentional decisions about how to build our own version of success - running the business of You Inc.?
The following questions tend to be considered when starting a business - you need clarity, a goal and focus on how to progress there, so reflection on these three phases is essential.
The initial phase of business startup: Defining your purpose
Key Questions to ask yourself in business:
What do I stand for and what are the core values this business will uphold?
What is the purpose/vision of this business? Also known as ‘what is my why’? (particularly important to know and come back to when the going gets tough!)
What sets us apart from others in the same field and what are our strengths?
What is our mission statement?
How will I measure ‘success’? Is it a number figure, an outcome, an impact?
How this relates to your life: Self-Knowledge
A key part of self-leadership is this self-knowledge. Knowing yourself inside-out is key to moving your life in the direction you choose. Try applying all of the above questions to your life and see how it feels for you.
The middle phase of business: Goal-Setting
You’ve started in business - great! Now is the time to anchor into realistic, achievable steps in making your vision of success develop into reality.
Key questions to ask yourself in business:
What are my short and long-term goals?
Are they realistic and achievable?
What do I need in place to make these happen?
When will I check in and reevaluate if these goals are still applicable? Weekly? Monthly?
How will I know if I am achieving my goals? Is it a feeling, feedback from others, a particular title or level of accomplishment?
How this relates to your life: Self-goalsetting
Having specific, realistic and achievable goals helps to break down our vision for the future and put them into actionable steps that propel us towards our version of success. Building on our self-knowledge this way helps us to live by our values and create momentum.
The sustainable phase of business: Maintenance or Regulation
The business is up and running, you have short and long-term goals that you are working towards that are meaningful for you. The key is to keep the momentum going - now is the time to consider what elements are essential to making progress sustainable.
Key questions to ask yourself in business:
What is my cash flow like? Is it positive or negative?
What systems and routines (policies and procedures!) do I need to develop or hone that help to reach my goals?
Who is going to be on my board of directors to help guide and support me?
What elements do I need to optimise my cash flow (energy levels)?
What are my priorities today, and do they align with my values and goals? If not, what can I outsource to my team or contractors?
What do I need to keep myself on track and accountable?
Who is on my team to help implement my vision and bring it to life?
How this relates to your life: Self-regulation
Most of the questions above don’t need modification to adapt to your own life. But with the concept of money or earnings, consider this more broadly as energy and how this then flows in your life - do you have enough to run on? Are your mental and physical energy levels sufficient and in balance, or do you a run profit and loss statement at the end of the week and find yourself deeply in the negative?
Businesses can’t be viable if they don’t cover their expenses – and the aim is to actually generate a profit. Tuning into your needs through mindfulness and cultivating a healthy lifestyle physically, mentally and emotionally is key to self-regulation for successful outcomes - both in business and in your life - running the business of You Inc.
Has this raised more questions for you than answers?
Do you feel stuck knowing what the Business of You Inc stands for and how you will go about achieving your vision for the future? If so, we are here to help! Our inaugural FRESH START Program kicks off 4th October 2021, and it can help you to answer all of these questions and more, so the business of You Inc. can flourish and succeed - your way. Enrolments are open NOW!