Business is War, But What Are You Fighting For?
Understanding the importance of a business legacy is crucial, especially when times are tough. Think back to why you started your business—this core motivation is the compass that guides you through challenges. Just like packing for a holiday, knowing your destination simplifies every decision. Your business legacy is your vision related to the success you imagined when you started. Whether it’s financial abundance, industry recognition, or operational excellence, this is the legacy you aim to leave behind.
Recalling the driving force behind your decision to start a business is crucial. This reflection will maintain your passion and provide a clear direction, especially during challenging times. Visualise the movie that played in your mind when you started your business. What did success look like in that vision?
That is your business legacy.
Types of Business Legacies
Financial Legacy: This involves creating a boatload of money. It’s about creating an outsized and regular cash flow from your business or attracting a large sum if you sell. It feeds your financial wants.
Reputational Legacy: This refers to being the master of your craft. It emphasises building your personal brand. It’s about being the name in your industry with an inspiring reputation above all else.
Operational Legacy: This legacy focuses on creating a company that operates without you being involved. It’s about leaving a blueprint for future success, a well-oiled machine that thrives even after you’re no longer in the business.
Building any of these legacies starts with defining your core desired outcome related to your business – the fundamental beliefs that guide your business decisions. These desires form the foundation upon which your company operates.
At its core, business ownership is about providing a valuable solution to a specific problem. But while we grow our business, our legacy can be forgotten.
How do you live out your legacy?
If your legacy is financial, focus every effort on maximising profit. If it’s reputational, commit to excelling in your core services—this is what you do best, and straying from this diminishes your brand. If your legacy is operational, build a team of the best, those who can carry your vision forward with the same passion and precision.
Focussing on these core drivers constantly will align your day-to-day operations with your long-term goals. Communicate your vision clearly and regularly with your team to ensure everyone is aligned and moving towards the same goals.
Remember, your business legacy is not just about what you build but how you build it. It’s about the mark you leave on the world, the difference you make, and how your story inspires others.
