Running a business is hard. Why do you do it? The answer to this simple question usually isn’t very simple. I work with business owners and their leadership teams on strategic planning and believe very strongly in the need for a business vision – an over-riding shared agreement about the long-range goals of the business. This is often a difficult, iterative, soul-searching exercise, but even it doesn’t go far enough. As the owner, you need to go deeper and contemplate what you want to achieve with your life beyond the business.
Imagine you are on a long journey and you come to a vast body of water. The shore on which you stand is unsafe or does not provide the resources you need. The opposite shore is very attractive and provides access to your ultimate destination. Unfortunately, there is no boat or bridge to take you to the other shore, so you decide to gather up branches, wood, leaves, and grass to build a raft. Using the power of your hands and feet to propel the raft, you safely make it to the other shore. Having crossed to the other side, do you think to yourself, “This raft was very useful to me. I will now strap it to my back and carry it with me for the rest of my journey”? No, of course not! It has served its purpose and would be a hindrance to the successful continuation of your journey. But what do you do with it? Perhaps you can sell or give your raft to someone else who can use it. Maybe you can exchange or use the materials from the raft to secure the supplies you need for the rest of your journey. Or maybe you just leave the raft on the beach and continue your journey.
The journey is your life and the raft is your business. You started your journey at birth and eventually arrived at an impasse. Your current situation had to change, either because of necessity or opportunity. You gathered the resources you needed, built your business, and have used it as a tool to continue your journey. It has provided an income for you and your family and has allowed you to accumulate the assets you need for the next phase of your life. But your business is not your life. At some point, it will have served its purpose and you will need to leave it behind to continue with the next phase of your life.
Most business owners do not have a plan for the rest of their life’s journey and see the business as the end goal rather than as a tool to achieve a higher-level goal. Unfortunately, they just keep paddling with their hands and feet until they are exhausted and just give up or die. Without a plan for what you want to achieve with your life beyond the business, you may not recognize when the business has served its purpose and you may never move forward in your journey. You will just continue to paddle with your hands and feet for the rest of your life.
The importance of a personal vision, in addition to a business vision, is vital. I take inspiration from Bill Gates. He came to realize that his life goal was not running Microsoft. He saw Microsoft as a tool that would allow him to achieve something bigger – help every person on the planet get the chance to live a healthy, productive life. We can all set and achieve goals in our lives. They don’t have to be as grandiose as Bill Gates’ vision. Perhaps yours is to retire comfortably and travel the world. Perhaps it is to make the lives of your progeny easier than your life. Or perhaps it is to ensure the continuation of the business after your departure to benefit the employees or the community. Building a profitable, productive business is a noble goal, but it isn’t the end goal. The end goal is what the business enables you to do beyond the business. I encourage you to take time to think about your life goals beyond the business and how you can use the business to achieve those goals.