Begin With The End In Mind
In This Issue
- Stephen Covey: Begin With The End In Mind
- The Value Accelerator Roadmap
- Introducing the Value Builder System
Begin With The End In Mind
What does Stephen Covey, author of the best-selling book, 7 Habits of Highly Effective People, mean by “begin with the end in mind”?
To achieve the life you want, you must start with the end in mind. This means identifying the big picture — the life you want to lead, the character traits you want to embody, the impact you want to have on those around you — and then ensuring each daily action is in line with your ultimate goals.
In business, you must begin by being clear on the following key aspects:
- What product or service will you provide,
- Who is your target market,
- How will you reach them,
- What is the economic engine that will make it sustainable?
Creating a Vision The vision is stated in the future tense, most often with the words “to be . . . ,“ or ”to become . . . .”
Business owners/entrepreneurs must have two visions:
1. Personal Vision
Here are some questions to consider.
- What will be my exit strategy?
- How much net worth must I accumulate to fund the next phase of my life?
- Will I have a qualified successor?
- What hobbies or interests outside of work will I begin, continue or pursue?
- Will I be involved in philanthropic activities, if so, which ones?
- If I have a unique passion I want to fulfill, what is it, and when will I devote more time to it?
- What will be the perfect day for me?
2. Organizational Vision
It is important for the organizational vision to reflect the intentions of the owner(s) and is compatible with the owners’ personal vision.
- Based on the organizational vision, a mission statement is developed in the present tense, (what the organization does and for whom) which is different from the vision statement.
- It is important that the Mission statement be brief and clear so that every employee knows what it is.
- Every key position must have a set of key accountabilities that supports the Mission which can assure an ideal job-talent fit.
- When key positions are filled with qualified talent, you can move forward with the development of high-performing teams.
- Managers and team leaders must support their team by guiding and coaching them in the specific tasks to achieve the mission (and the vision for the team).
These are the essential steps required for Turning Good People Into Teams of Top Talent and are addressed in Stage Two of the Three Stage Value Accelerator Road Map: Refining Your Outer Game Stage of the Value Accelerator Road Map.
Stage Three of the Roadmap: Winning The Ultimate Game includes the Final Step, Assuring Maximize Company Value. This brings us back to our topic: Begin with the end in Mind, Your Exit Strategy.
Introducing the Eight Drivers of Company Value
If you’re like most business owners, your desire for freedom is hardwired into your psyche. However, selling your business may seem far off into the future, but if exiting your business sooner than later would give you the financial resources to do whatever you want, it may be worth considering sooner than feels natural.
Begin by discovering your value builder score based on the eight drivers of company value, and how to improve your score so you can get a premium offer when you decide to exit OR just to know that you could.
Click on the Button Below to view a 26-second introduction to the 8 Factors that Drive Company Value and a brochure that shows how to Increase Business Value By Up to 71%.
