Why is it important to have a mature business? Why bother caring at all if you are making money?
The Big Why! For Your Business
Many of us spend a lot of time considering what we’ll sell, who we’ll sell to, when we’ll start selling, where we’ll sell from, and most importantly, how much we’ll charge for our goods or services. But many of us don’t stop to consider the reasons why.
Why are we in the business we’re in? Why do we even own an event planning business? Chuck Blakeman calls this The Big Why! He claims that understanding the Big Why is crucial because it brings clarity, which fosters hope—which, incidentally, we need right now—and inspires action.
So, let us unpack the Three Things You Need To Do To Determine Your Big Why:
- What Are Your Lifetime Goals?
When we talk about lifetime goals, we don’t mean getting a house, a car, or enrolling your kids in a particular school. Lifetime goals are not to be crossed off a list; you can never declare completion as they endure forever. Most significantly, lifetime goals give your work today a sense of urgency.
If, for instance, one of your life goals is to improve the lifestyle for Kenyan event planners, you will likely get up and start working regardless of whether you are making money or not, or having a good or bad day.
- What Is Your Ideal Lifestyle?
Here, we talk about time, money and the shiny stuff. Now you can think about the five-bedroom house you want to have and the kind of car you want to drive. The ideal lifestyle exists to support your lifetime goals.
Going back to our example, it would be extremely difficult to achieve your lifetime goal of improving the lifestyles of event planners if you were unable to take care of yourself. You would need to have access to food, shelter, and the bare necessities. You need to know what your ideal lifestyle is like.
What kind of activities do you want to engage in? What location would be ideal for you to fulfill your lifestyle or your lifetime goals? What kind of house do you want to have, specifically? Is it four or five bedrooms? How many and what kind of cars do you want?
The most crucial thing you must do when you list these nice things is to determine how you will pay for your lifestyle. What are the expenses involved in achieving your lifestyle objectives? How much money is required to buy that home and vehicle? How much money do you need from your business each year to live comfortably? Write it down in detail.
The next step would be to question yourself or determine how you are going to finance your lifestyle. Chuck Blakeman says there are four ways to go about doing this – Through savings; through borrowing or loans; through annuity revenue (something like real estate); through a mature business.
- When Is Your Business Maturity Date?
Determine the day and hour when you plan to have your business mature. Let’s face it, you can continue doing this for as long as you live. However, if you include a time and a date, such as the end of 2025, it will inspire you to take action. Take it a step further and make a public declaration. It sounds scary, but when you say it to people or your peers, you will be motivated to keep your promise and achieve your goal.
The question “Why is it important to have a mature business?” can now be answered. Keep in mind that your business can help you live the ideal lifestyle. Saying “Oh, I have a side hustle” is insufficient. Learn everything there is to know about your company to achieve your perfect lifestyle. Do it well. Own it. Like a CEO!