- Do any of these statements ring true for you as a business owner?
‘I’m feeling frustrated and disappointed, ‘I’m not seeing enough financial reward’,
‘I’m working too many hours’, ‘My business is causing me stress’, ‘My personal relationships are suffering’, ‘Employees and clients are unhappy.’
If so, you don’t need to endure the situation; nor is it necessarily time to throw the towel in. Instead, it’s possible that your business and personal goals are out of alignment, and you need to make some changes.
Business goals versus personal goals
First, let’s get clear on the difference between these two types of goals.
Business goals, or organisational goals, relate to your professional endeavours. They focus on growth, financial objectives, and professional development and involve strategic planning and collaboration with colleagues or partners.
Personal goals, on the other hand, revolve around your wellbeing, life balance, relationships, and personal growth. They prioritise emotional and mental health, nurturing relationships, and pursuing hobbies or personal fulfilment.
When you own a business, so much of your personal life is intertwined with it that making sure they’re in sync is a must.
Why strive for goal alignment
When your business and personal goals are aligned, many positive things can happen:
Sense of purpose and fulfilment
Your work becomes more than just a means of making money; it becomes a vehicle for personal fulfilment. It allows you to infuse your passion and values into your business, making it a source of deep satisfaction and meaning.
Enhanced drive and motivation
You gain a heightened level of motivation as you’re driven by a deeper sense of purpose. This motivation helps you navigate challenges and overcome obstacles, as you are fuelled by a genuine desire to achieve both personal and business success.
Increased focus and efficiency
It gives you a crystal clear vision of what you want to accomplish both from a business and personal perspective. This helps you prioritise your efforts, avoid distractions and invest your time and energy into what matters.
Better work/life integration
Rather than viewing your business and personal life as separate, you’re setting them up to support each other. This integration allows you to strike a better balance, leading to improved overall wellbeing and satisfaction.
Ability to leverage synergies
It allows you to maximise the two. Your personal experiences, skills, and passions can inform and enrich business decisions and strategies. Likewise, your business resources, networks, and opportunities can support your personal goals.
Authenticity and integrity
When your actions and decisions align with your values and aspirations, you project authenticity. This authenticity builds customer, client, and stakeholder trust, enhancing your business reputation and driving success.
Start with your personal goals
To bring your business and personal goals onto the same page, begin by rewinding to when you first started.
Why did you go into business? What were you hoping to accomplish? If you’ve lost sight of your reasons (your why), and work has taken over, it’s time to reset by revisiting what you really want in life.
Here are some key questions to ask:
- Where do you want to live?
- What does that home look like?
- What do you want for your family in terms of education, health, etc.?
- What lifestyle do you want? For example, how much discretionary spending, how much do you want to travel?
- Do you want to be involved in activities outside of your business, such as kids’ school/sports or charity and community work?
- What do you want to do for you? Hobbies, relaxation, family time etc.
- Do you have or want an investment strategy?
When asking yourself these questions, make sure you document your answers.
Documenting personal, meaningful goals is a powerful practice that brings clarity, focus, and accountability to your aspirations.
Reset your business accordingly
Once you have clarity on the above, you can begin planning how your business can help you achieve this. What needs to change so everything is heading in the same direction?
For example, what financial income do you need to generate to meet your personal aspirations, e.g. that large house with ocean views?
How many hours can you commit to your business to give yourself the hours you want to spend with your family, play sports or go on holiday?
Can you adjust your operations to create a more flexible schedule or delegate or outsource tasks? While it can hard to give up control, you don’t need to do everything yourself.
We appreciate that some of these things may not be achievable right now. Because of this, set more realistic short, medium and long-term goals.
Bring in an independent advisor
Realigning your business and personal goals isn’t always easy on your own.
Like most scenarios in business, it pays to bring in an independent external expert who can guide you through the process.
An external business advisor can challenge and support your thinking, help you with your financial forecasting, hold you accountable, and give you honest appraisals along the way.
Alignment equals happiness and success
Realigning your business and personal goals can be a transformative journey that brings remarkable rewards.
When these two dimensions of your life align, you can enjoy both long-term business success and a happy, fulfilling life. The two should never be mutually exclusive.
If you’d like help aligning your business and personal goals, reach out to your Maxim advisor or get in touch with our team.
