Friday, December 3rd, 2021

Do You Realize That Personal Goals Drive Business Planning!

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Goal setting and planning is essential for economic success, as well as, personal growth and peace of mind.  Without goals and plans for their achievement in both our personal and business life, there is the tendency of letting events dictate how we will live our lives.  We also miss the benefit of learning experiences and the excitement which occurs as we move to achieve our goals.

 The absence of goal setting is the major reason for management by crisis.  This is a situation where reacting to circumstances dictate ones life.  This is a management style I have observed in many business owners and managers.  This often occurs in the time of rapid growth or decline in business and is characterized by burn out or panic.  These traits are truly not part of the environment of “fun and profit” which is found in great organizations.  An early symptom of management by crisis can be identified by a statement such as, “I just don’t have the time to…”.  Goal setting and planning, I have discovered, is the only way out of the crisis mode. 

 One of the most dynamic situations business owners may have is the opportunity to integrate their personal and business goals.  Ironically, this is often happening at a sub-conscious level with single owners and highly productive people.  However, in multi – owner companies and family businesses these goals are often not discussed or shared openly.  It is clear, after working with company owners over the last 35 years; I have observed that personal goals drive their business goals.  This makes it a necessity for owners to communicate both their personal and business with each other.

 One of the processes that I have developed and implemented as a personal and business advisor to company owners and organizational leaders is a process of identifying, prioritizing and articulating their personal and business goals.  This is a very meaningful step in opening up the communication process, especially in family owned and other multi-owner businesses.  Without this open sharing each person is guessing the motives of the other stakeholders. When properly facilitated, this is a positive dynamic process which clarifies direction, roles and communication.  Isn’t better to know and understand the personal goals which are really driving the business?

 Many years ago when I ran my own real estate brokerage and land development business I was sharing my desire to become a management consultant in the next few years with the other major but inactive shareholder.  His response was one of disappointment and ridicule.  Needless to say our relationship was never the same and I did become a successful consultant to entrepreneurial companies.  This could have been a very positive experience if we had discussed why I wanted to take this career path and what would have to be done in our company to facilitate a smooth transition.  For example, at the time we were not aware of any process which could lead us to a positive conclusion.  Unnecessarily, our business was split up in less of a win-win scenario than it should have been.  Our relationship was never the same because we had no process for sharing our goals.  There may be a down side to this; you may hear something you don’t want to hear.  The facts are:

  • It is better to deal with these things through an open process than have personal goals working at a covert level. 
  • Look for a way to integrate personal and business goals in a manner that results in a win/win scenario. 
  • Remember, if you are fortunate to have someone think enough of you to share their goals Stay accepting and do not place a personal judgement on their goals. 
  • Try to understand them and find a way to link their personal goals to achieving a business goal.
  • Personal goals are the basis for the most successful succession plans
  • Unarticulated personal goals often ruin relationships in families and in business
  • People leave businesses thinking that their personal goals can not be achieved

 Partnerships and family businesses are often characterized by very sensitive and delicate relationships.  The understanding of the personal goals of all the stakeholders is essential. 

 To learn more about this process email Bruce G. Clinton for an action plan on how to share personal goals in the business environment; bclinton@business-wise.com  requesting Personal Goal Sharing info.

Comments

One Response to “Do You Realize That Personal Goals Drive Business Planning!”
  1. admin says:

    Hannah,

    Thank you for your kind comments- I hope that you will continue to enjoy the site and will be able to share your stories- personal goals among business partners and family members need to be understood and shared- You are welcome to set up a back link.

    Best,

    Bruce

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