The Key to Improving Your Business’s Success

“I don’t believe in long-term planning. There is so much change that impacts my business and is outside of my control. Threats of a recession, companies downsizing, an upcoming election…at best, I can only think about the upcoming year. As a business strategist, what are your thoughts on this?”

I’ve been hearing this from many people lately and you know what? I understand where they're coming from. I often recommend to my clients seeking strategic planning services to focus on a 2-3 year horizon. Even my own strategic plan for Monumental Strides stretches only three years instead of the typical five.

But here's the kicker: You still need that larger vision. It's the most significant piece of advice I can give any business owner or leader. Sure, it's okay to set goals and detailed plans for a short period, but you must have a clear understanding of where you're headed and how these short-term pieces fit into the bigger picture. I mean, you wouldn't pack up your car and hit the road without a destination in mind, right?

Also, your vision is more than just a dream for your business. It's your North Star. It enables quick and confident decision-making because you know exactly where you're headed. It helps you evaluate which strategies are paying off and whether (and when) you need to course correct. It allows you to gauge external events that are beyond your control and categorize them as valuable opportunities, tempting distractions, or urgent threats.

Having a vision of where you are headed is one of the most powerful tools you can have as a business owner.

And guess what – if something happens that rocks your business (or you) to the core, you can always pivot. That’s right, you can change your vision.

Play-Doh was originally created to clean coal residue from wallpaper. Starbucks began selling only coffee beans and coffee-making equipment and Amazon launched as an online bookstore.

I have even changed my vision. Years ago, I started a rum ball business. I rented a commercial kitchen, infused rum, and crafted seasonal rum balls sold at a local Farmer's Market. My vision at the time was to establish a thriving rum bar and bakery. But then life threw me a curveball – I got pregnant. Suddenly, the idea of running a business that demanded late nights and early mornings didn't align with my vision of starting a family. So, I quickly altered my vision and closed down the rum ball venture. It wasn’t a failure but rather, a valuable learning experience that has significantly contributed to the success of Monumental Strides.

Spend 15 minutes today thinking about what your business and life look like in 5, 10 or 20 years. Look beyond the potential obstacles and focus on the successes. Write it down!

If you already have a vision written down, pull it off the shelf, dust it off and take a good look at it. Does it reflect who you are today, where your business is heading and the principles you value professionally and personally? If not, give it an update, share it with your team and use your North Star to help you build more momentum in the year ahead.