So a great way to approach any changes, improvements or ideas in your business is to apply the 3P filter. Will it deliver a better outcome for 3 Groups not just one or 2 – this will help you focus on the things that will have the biggest impact.
Let me first explain how I came to develop the concept of the ideal business model.
Business is about sales and ultimately profits. This is the key metric and benchmark which is used in the game of business. Due to this most of the attention, intention and strategy is all about increasing sales to have an impact on profits. This is essential and critical to the success of any business. The issue I found was there is no focus on other essential areas to ensure that the business delivers what the original basis for starting the business was.
To have control, time to do what you want, when you want, and freedom.
When I engage and work with business owners one of the first things l always ask is “Why did you go into business?”. Most of the time it is not about the money but more about what they believe the money will be able to achieve personally. They assume more money simply = more profits which = more freedom. But if that so often isn’t the case.
The business starts and the perpetual chase for more sales, cross over the break even line then increasing profits. With the cycles and challenges of business which are guaranteed it becomes a continual process with little progress towards the original outcomes and goals the business owner wanted. It’s just around the next corner or over the next crest…
I have worked with many business owners over the years and what I have found is that there is a level of income and profits needed and wanted to meet the needs of the business owner. Above this level there are other things which become more important. One of the key things is time, freedom and being able to only do what the business owner enjoys and is passionate about. If these other aspects are not being achieved this can lead to a lack of satisfaction and motivation for the business owner.
If you are in this position, then it’s time to reconsider this perpetual grind towards more and more and start planning your business around what you truly want to do. How you want to spend your days at work and not at work.