When starting a business, you must have a clear vision and goals. But it is not enough to simply have an idea of what you want to achieve. You need to be able to articulate WHY you are doing it.
The power of WHY is twofold. Firstly, it will help you to maintain focus and motivation when the going gets tough. Secondly, it will make you attractive to potential investors, customers, and employees.
In this article, we will explore the concept of WHY in more depth and look at how it can help you to achieve business success.
What is your “why”?
Your “why” is your reason for doing what you do. It is your purpose, your cause, and your belief. It is the thing that drives you to get up every day and do what you do. Your “why” should be more than simply making money for a business. It should be something you are passionate about, driving you to create a product or service that improves people’s lives. Your “why” should be the foundation to build your business. It should be the thing that motivates you and your team to keep going, even when things are tough.
How knowing your “why” can help you in business
Knowing your WHY can help you in several ways in business:
- It will help you to stay focused and motivated. When things get tough, your WHY will be the thing that keeps you going. It will be the light at the end of the tunnel.
- Knowing your WHY will make you attractive to potential investors, customers, and employees. People want to invest in, work for, and buy from companies with a clear purpose and vision.
- It will help you to make better decisions. When you know WHY you are doing something, making decisions that align with your goals is easier.
- It will help you to build a strong company culture. A company with a strong culture is one where employees feel part of something larger than themselves.
Examples of businesses with a strong “why”
There are many businesses with a strong “why”. Here are some examples from Fortune 500 companies:
- Expedia Group is a company with a mission to power global travel for everyone, everywhere. Their “why” is to bring the world within reach.
- eBay is on a mission to be the world’s favourite destination for discovering great value and unique selection. Their “why” is to empower people and create economic opportunity for all.
- General Electric is rising to the challenge of building a world that works. Its mission is to invent the next industrial era to build, move, power and cure the world.
- Starbucks, from the beginning, had a purpose far beyond profit. They believe in the pursuit of doing good. Their mission is to inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time.
- Target is on a mission to promise surprises, fun, ease and inspiration at every turn, no matter when, where or how you shop. Their “why” is to help all families discover the joy of everyday life.
How to find and develop your own “why”
Finding your WHY can be challenging, but it is worth the effort. Once you find it, your business will be on a solid foundation.
There are a few ways to go about finding your WHY. One way is to look at your own life and experiences. What are the things that you are passionate about? What are the things that make you angry or upset? These are often good clues as to what your WHY might be.
Another way to find your WHY is to look at your customers or employees. What are their needs and wants? What are their pain points? What can you do to make their lives better?
Finally, you can look at your business itself. What is your product or service? What need does it meet? How does it make people’s lives better?
Once you have a good understanding of your WHY, it is essential to develop it further. This means articulating it clearly and concisely and creating messaging and branding that reflects it.
The importance of living your “why”
As a business owner, it is crucial to live your WHY. This means living and breathing your purpose every day. It means making decisions that align with your goals. And it means creating a company culture that reflects your values. Living your WHY will make you more resilient in the face of adversity. You will be more attractive to potential investors, customers, and employees. And you will be more likely to achieve your goals.
In conclusion, the power of WHY is undeniable. It is the thing that will help you to stay focused and motivated when times are tough. It is the thing that will make you attractive to potential investors, customers, and employees. And it is the thing that will help you to build a strong company culture.
Our WHY is to educate and empower small business entrepreneurs so that together, we can ensure more businesses thrive.
So, what is your WHY? Use our free guide to help draft your why statement.
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