Core Coaching Business Academy
Business Foundations — Part 3: The Why
Start with Why
This is the third post in a series of four posts on the most important four questions that you need to answer to run your new or existing business effectively. These four questions are the foundation of a great business model. Having the right foundations in place before you begin to do a significant amount of investment in things like marketing and advertising can help you avoid throwing bad money after more bad money.
In the previous week’s post, we discussed WHAT results you were delivering to your clients and customers. In some circles you will hear this called “your secret sauce” or “your signature system.” Yet, no matter what you call it, the fact is that no one is going to buy a service or a product that doesn’t provide them some sort of result or outcome. Today, we are going to talk about WHY you do what you do and how that matters to you and your customers.
If you read any type of business books or follow any type of podcasts you often will hear some of the great marketers like Simon Sinek talk about: “The Why”! Sinek is heard around the world with his tagline of “Start with Why” and he has books that discuss this concept in great detail. So, great marketers agree is it important that we answer the question of why we do what we do?
The reason that we go into business, at some level, is to make money. However, making money isn’t exactly the most motivating messaging to prospective clients … nor is it the most effective motivator for you to get out of bed on those cold winter mornings when staying between the warm sheets seems like such a better idea. So, we do go into business to make a living — even non-profits have to get money to run their business.
It’s not just about motivation either. If you were to complete a traditional business plan, the first section (following the executive summary) is the mission, vision, and values. This isn’t a coincidence. An investor and the bank want to be sure that you are invested in your own idea. They want to be inspired by what it is you are going to deliver to the world before they even look at the financials. In fact, the financial section is often much further along in the business plan. The reason? They want to be inspired and know that you know your customers and your competition before they even think about the financial investment and possibility.
Thinking of your personal mission and your business mission, vision, and values is a great way to stay motivated when things get hard in business — and things are guaranteed to get hard in business. In earlier posts we talked about WHO you serve. Now we are talking about WHY it is important to YOU that you serve them.
In addition to helping you stay motivated, often your WHY is the seed to ideas for your marketing. People don’t just buy the product; they buy the story of the product and the story of the founder. They buy your story and they attach to your passion. You often hear people say in the coaching world that “your mess is your message.” Part of what that means is the mission you are set upon to help others is usually because you have survived the challenge in your past and now you are driven to ensure no one ever has to suffer in the same way you did again.
Consider tuning into the Core Coaching — RAW podcast to learn more about what we suggest you consider regarding the WHY of your business here: https://anchor.fm/core-coachingacademy/episodes/Business-Foundations-Part-3---The-Why-elmno3
If you found this discussion helpful, stay tuned for more business foundations where we look at the HOW in more detail in the coming weeks.
Originally published at https://www.core-coachingacademy.com on October 28, 2020.
