Identifying Goals & Vision As Your Business Grows
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Identifying Goals & Vision As Your Business Grows

Identifying Goals & Vision As Your Business Grows

Franchise owners know what motivated them to get into business in the first place. But have you ever considered how your motivations or perspective on being in business have evolved over time? In the beginning, perhaps you wanted to be your own boss, have more control over driving revenue (and having access to it), or maybe you simply wanted to have an impact in your community. Regardless of your motivation when you started, have you asked yourself lately, why you are in business anyway?

The motivation and perspective of the owner is a very important part of the value and growth puzzle of the business. Your company takes on your values and priorities and if they are known and understood then you stand a better chance of success. Your motivation and perspective establish the operating direction and performance expectations of your business.

New franchisees have different reasons for starting and operating a business than do seasoned franchisees. But both kinds of operators have some questions to consider:

Tenured Franchise Owner

New Franchise Owner

  • What it is that you want now, compared to the motivation of what got you started to begin with?
  • What do you want now, and how might this change as your personal life changes?
  • Does your vision still align with when you started, or do you need to reevaluate and make the appropriate changes in planning?
  • Do you know or have a vision?
  • Do you know or have goals?
  • How have your emotions impacted the ability to grow and sustain your business?
  • Have you considered how emotions play into motivation and perspective?
  • What impact have you had, and want to continue to have on your employees, community, and family?
  • Do you know what kind of impact you would like to have on your employees, community, and family?
  • Have you felt, and continue to feel responsible for those who depend on your business?
  • Do you know who is dependent on the success of your business?
  • Did you consider how much you would care if your business succeeds once you are gone?
  • Have you considered what your business will look like after you are gone?

As the business grows, your vision, views, and goals evolve with it. As these areas evolve, they impact your profitability, efficiency, enthusiasm, innovation, customer satisfaction, and the ongoing sustainability of success. In order to ensure the ongoing forward progression and growth of your franchise, you must not only clearly identify your goals and vision but understand what is motivating you based on your perspective.

 Dan Iosue is a partner of The Rawls Group, a business succession planning firm. Dan specializes in dealing with the issues that must be resolved by business owners to implement succession strategies geared towards building business value. For additional information, visit www.rawlsgroup.com or call 407-578-4455.

Published: January 22nd, 2020

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