60 Second Snippet #124 - Why purpose is so important

Why purpose is so important

When I drafted this week’s broadcast, I was sat in central Ho Chi Minh City, Vietnam having a Starbucks and watching the world go by. I spent an hour killing a couple of emails and producing some content as I waited for my son Harrison to get out of bed.

Am I missing the rain, politics, bad news and angry people in the UK? Erm, not in the slightest! Although we are in raining season here and the heavens opened - but it was still warm.

I am on week two of my Asian trip to spend time with him (Cambodia last week) and doing a reccy ahead of spending three to four months out here in 2025. I have managed to build a business that allows me to work when, where and if I choose. A business that I can run on my terms.

Those that know me well, know that my Son, Harrison, is on a one way ticket travelling the world. He is in month five after spending the last few months in Asia. We sat chatting into the early hours. It was 30C and we had a cold beer in hand discussing UK life, his travel and work plans and just bonding as we should do.

What has this got to do with purpose you may ask? Everything!

You see, when a business owner starts out, they have expectations of what the business will give them and what impact they will make but often, these do not materialise. When this happens, they start to lose their mojo, question if they are doing the right thing and wonder why they are working so many hours, not seeing the financial rewards and not living the life they wanted.

They become trapped by the very thing they thought would free them.

So, getting clear on your purpose gives you a datum point to refer back to when the going gets tough and to revaluate your strategies, vision and your goals.

There are five elements of purpose that you need to get clarity on.

Passion – what is it that puts fire in your belly every day about this particular business you are building. Get deep and specific. This is not a ‘building a team’ or a ‘making money’ statement. Why did you start your accounting business, contracting company, digital agency, law firm etc. What ignites your passion EVERY day.

Service & value – not what differentiates you from your competitors. Dial into what service and value your product and service delivers so you can stay in your lane.

Market size/ opportunity – your friends and family won’t tell you if you have an ‘ugly baby’ as they don’t wish to bruise your ego. Is there an opportunity for growth in your space and what is the size of the market/ value of the opportunity. This doesn’t need to be accurate to five decimal places. There are 500,000 SMEs in our target market or this is ￡300 million market or something similar should suffice.

The next two sections are for the business owner to dial in alone. By all means have softened versions developed with the team for obvious reasons

Rewards – what financial rewards do you want the business to give you (monthly, yearly or at exit) and importantly, what will you spend them on. You have to be able to visualise the car, house, holiday, savings, school fees so that your focus is on achieving them.

Lifestyle (not work life balance) – what lifestyle do you want the business to give you. How many hours per day, days per week or weeks per year do you wish to work and again, what will you do with the time you are not working. This could be family time, hobbies, travel, a side hustle.

I want to work no more than a four day week, travel extensively and be able to work remotely if I choose from wherever I am travelling/ meeting Harrison.

So, hopefully you can see what my current location and lifestyle has to do with purpose and why it is important that it is dialled in.

Every Business Plan I develop with my clients starts with purpose as the foundation stone and we build from there. Your vision, your growth strategies and your financial goals have to be developed with your purpose in mind and help you realise it.

If you are building a business where you are working too many hours, not seeing the financial rewards or your hobbies, holidays and family life are suffering, then perhaps you are building the wrong business.

If your purpose isn’t dialled in, then why not get started today and try articulating yours. Here is my handy guide so you can do just that.

Let me know how you get on.

Gary

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