Business Success Series: Purpose, Values and Goals

Results

Welcome to the Business Success Series, a comprehensive guide designed specifically for small and medium-sized enterprise (SME) owners who are committed to achieving their business goals and overcoming challenges. Last month, I touched on the importance of having the right mindset. This month, we need to talk about the bigger picture. The deep stuff in Business: Purpose, Values, and Goals.

In this seven-part series, we will delve into crucial aspects that can make or break your journey towards success. We understand the struggles that come with turning aspirations into achievements, and that’s why each article in this series addresses a key issue hindering business growth.  

Every month, we will provide insights, strategies, and practical tips to empower you in navigating the obstacles that commonly hinder SMEs. Whether you are a seasoned business owner or just starting out, join us on this insightful journey as we explore the mindset, strategies, and actionable steps needed to elevate your business to new heights. 

Let’s start with the key questions surrounding Purpose, Values and Goals:

  1. Why are you in business?
  2. Why are you doing what you are doing?
  3. Who you are doing it for?

Defining your Business Purpose

It’s a question that is not asked of business owners very often but it is one of the most important questions to answer.  
 
Now most people know exactly what they do in their business, many also know and can articulate how they do it, but when I ask business owners, why they do what they do, very few are able to quickly and succinctly articulate this. 
 
When I ask what is your purpose, why do you do what you do, often, the response will be “to make money”, but making money is not your purpose, the money is a by product of exercising your purpose effectively through what you do.

Your purpose is about why you get out of bed in the morning, why you love what you do, and more importantly than that, why should anyone care. It is your businesses reason for existing, whether that is to eliminate a headache or help make a wider contribution to others.

To give you some examples: 

  • What is our WHY/purpose – At Nordens, our purpose is to redefine the industry and elevate business excellence – We are truly committed to helping people achieve what they deserve to achieve 
     
  • WHAT do we do – We help people, identify, clarify and achieve their goals through a range of business focused services. 
  • HOW do we do it – We come up with innovative ways of dealing with problems, ask open and sometimes difficult questions, which helps us uncover the root of the problem or desire. Alongside this, we help people get complete crystal clarity on their numbers to inspire people to make better, quicker and more comfortable decisions. Holding both themselves and us accountable to the actions we agree on, to build consistent momentum and success. 

There is a well known saying that your purpose (or why) should be capable of making you cry…. if it does not it is not your purpose, now I am not expecting you all to break down in tears, but the purpose has to come from that emotional and feeling part of you. 
 
If you are struggling to define this, think back to your past successes and your favourite stories, and drill into them to ask why did they make me feel happy, what was it about that experience, that I loved, chances are your why will be hidden within them  

VALUES 

Do you ever feel out of control in your business, long for more consistency, and wish people would just “get it”?  

Chances are your core values are not defined clear enough. 

So, what are core values? 

Core values are what you stand for as a business. They help to give your business a personality and assist you in your decision making and act as your guiding light to determine whether you should say, do or act in a certain way. Through executing consistently in line with your core values, you build trust both internally and externally. 

The best businesses are perfectly in unison, with all team members moving, speaking and acting in alignment, and you should hire, fire and reward and recognise based on them. 

How often are you faced with a tough decision in your business? Your values can help you here, as they are that constant reminder of what is important. 

Additional benefits of having strong core values:  

It is important that your core values are not just wishy washy words that just sound good, they have to mean something to you, and we encourage you to add in a way of measuring how you are acting in accordance with them as a business. 

Our core values at Nordens are: 

Just Care.  
Step Beyond. 
Think Solutions.  
Build Connections.
Bring Results.  

So when we are faced with a decision we can round back to our values and make the decision that is most in alignment with these. 

GOALS 

Do you have a clear 5-10 year vision? Can you specify this? Can you show us the next 3 steps on that journey? 

If you are not able to answer yes comprehensively to all of the above, you need to drill deeper into your longer term vision and desires. 
 
Your vision is your long term, big goal, the aim for as far into the future as you can see, it should align with your purpose, and the long term outcome must be pleasurable enough or remove enough pain to commit you for the long term, pushing you outside of your comfort zone, making sacrifices and tough decisions along the way. If your long term goal does not do that, your vision is not clear or strong enough. 

The crazy thing is that many business owners do not have a vision or long term goal……at all, they are so bogged down in day to day work and fighting fires, they have not got the time to discuss the long term future. This is a worrying position to be in and we use the analogy of being in a car without a destination, how do you know if you are on the right track.  

So even in a tough economic climate where there is naturally more focus on getting through the pinch, it is vital to know what your long term vision and business purpose is. 

Once you have a long term vision, you need to break this down into mini milestones or goals that move you towards that vision step by step. 

How many times have you set a goal, for it to be thwarted or forgotten about fairly quickly?…..Research shows that 80% of new years resolutions fail by February and only a mere 8% stick for the whole year – how are yours doing? 

There is a reason for this…most people setting goals, fall down as they do not meet one or more of the SMART metrics and end up with vague and unrealistic goals, which inevitably lead to failure. 

So, what do we mean by SMART?

  • Specific (Enough detail and meaningful, state exactly what you will do, use action words) 
  • Measurable (So at the goal date we can measure it properly and conclude whether it has been achieved, use amounts or other metrics to measure the achievement and avoid vague words like ‘more customers’) 
  • Attainable (It needs to be realistic, and can actually be achieved) 
  • Relevant (It needs to allign with the company mission and overall vision) 
  • Timely (It has a deadline) 

What about when your goals are smart and you are still finding it tough to stay committed? 

  1. Set bitesize goals often, and action them – I strongly advocate small and regular action.
  1. Have someone to hold you accountable – it is proven that having that extra layer of accountability can fast forward your level of success, and it is even more crucial for those business owners who are running a business on their own 

So my challenge to you is…. 

  1. Explain succinctly what you believe your business purpose is 
  1. Set out your core values 
  1. State your long term vision and the first step you are going to take in the next 30 days to move the next step closer to this 

We will be your accountability partner here to help direct you and keep you on track. One specific area of our advisory programme is centred around your purpose, values and goal setting, so if you would like to hear more about how we can help you, please contact us.

………………… 

“The only way to do great work is to love what you do”

– Steve Jobs. 

Related News & Insights

19 November 2024

How Advisory Can Help Navigate Uncertainty

Steven Brewer

15 November 2024

Cryptocurrency & Inflation: A Guide For Businesses

Nordens Partner

15 November 2024

The Power of Networking for Business Growth

Joe Sword

13 November 2024

Capital Gains Tax Update: What It Actually Means

Adam Truluck

30 October 2024

EIS And SEIS: Here To Stay

Adam Truluck

16 October 2024

Companies House Updates: The Latest

Jennifer Georgiou

09 October 2024

Recruitment Industry Round-up: September 2024

Ashlee Cooper

09 October 2024

Technology Round Up: September 2024

Nordens Partner

09 October 2024

Property & Construction Round-up: September 2024

Ashlee Cooper

09 October 2024

Professional Services Round Up: September 2024

Nordens Partner

03 September 2024

Finance, Scale, Exit: Recruitment Industry Panel

Adam Truluck

10 July 2024

FAQ: How do VAT late payment penalties work?

Maria Mousoullou

08 July 2024

Invoice Finance - All You Need To Know

Darren Hahn

19 June 2024

Reverse Charge VAT: What you NEED to know

Maria Mousoullou

07 June 2024

FAQ – Does my business need an audit?

Lorraine Curtis

03 June 2024

Company Car Tax: What you need to know

Nordens Partner

12 April 2024

Understanding a Shareholders' Agreement

Jennifer Georgiou

01 April 2024

EV Salary Sacrifice Scheme – A Gamechanger

Steven Brewer

04 March 2024

How Target Darts is Revolutionising the Game

Ashlee Cooper

19 February 2024

Why there is a tax on neurodiverse people?

Ashlee Cooper

12 February 2024

IR35 reforms continue to frustrate freelancers.

Adam Truluck

02 February 2024

A Comprehensive Guide to Registering an Overseas Entity

Jennifer Georgiou

01 February 2024

Decoding The Changes To UK's New Company Law

Jennifer Georgiou

29 January 2024

Business Success Series: Mindset

Joe Sword

10 January 2024

Unveiling the winners of our 2023 End-of-Year Awards

Panayiota Viglas

20 December 2023

Rebel: 30 Years Of London Fashion

Mark Norden

08 December 2023

Setting up a Limited company as a Freelancer

Nordens Partner

05 December 2023

Official Diagnosis: Imposter Syndrome

Ashlee Cooper

29 November 2023

Finalists: Culture Pioneers Award 2023

Mitch Hahn

16 November 2023

Save more as a couple with the Marriage Allowance

Adrian Williams

09 November 2023

The Autumn Statement – What to Expect?

Adam Truluck

01 November 2023

Weathering the SME Insolvency Storm in the UK

Mitch Hahn

30 October 2023

Is Financial Management Key for Law Firm Expansion?

Panayiota Viglas

27 October 2023

Tailoring Management Accounts for Law Firms

Panayiota Viglas

23 October 2023

Ensuring Solicitor Firm Success in SRA Audits

Lorraine Curtis

20 October 2023

The Benefits of Outsourcing to an Accountancy Firm

Nordens Partner

16 October 2023

Why Do Legal Pros Need Strategic Tax Planning?

Adam Truluck

26 September 2023

Should Capital Gains Be Aligned With Income Tax?

Adam Truluck

19 September 2023

How Advisory Can Help Turn Your Business Greener

Steven Brewer

11 August 2023

Lewis & Co Join Nordens

Mitch Hahn

26 July 2023

How AI Can Transform Your Business

Mitch Hahn

25 May 2023

How To Succession Plan In Your Business

Nordens Partner

12 May 2023

An Insight Into Selling Your Business

Nordens Partner

27 April 2023

5 Ways How Businesses Can Improve Their Cashflow

Nordens Partner

06 April 2023

What Are The Changes To Pensions In 2023?

Adam Truluck

22 March 2023

Director’s Loan Accounts – What Are They?

Nordens Partner

15 March 2023

The Spring Budget 2023 In A Nutshell

Adam Truluck

24 February 2023

The Benefits Of On The Go Bookkeeping

Balraj Bajwa

10 February 2023

Influence Your Accounting With Stevo The Madman

Nordens Partner

31 January 2023

The CIS & Handing Over Responsibilities

Stacey Carr

27 January 2023

The 5 Benefits Of Outsourcing An Accountant

Mitch Hahn

23 January 2023

Influence Your Accounting With Victoria Winterford

Nordens Partner

07 December 2022

The New VAT Penalty System – All You Need To Know

Maria Mousoullou

05 December 2022

The Importance Of Filing A Confirmation Statement

Nordens Partner

28 November 2022

The Super-Deduction Scheme - Ending On 31st March 2023

Panayiota Viglas

28 November 2022

Tax Scams – How To Identify & Report Them

Adam Truluck

17 November 2022

The Autumn Budget 2022 Recap

Adam Truluck

02 November 2022

Lorraine Curtis on The Challenges Facing Auditing

Lorraine Curtis

26 October 2022

How Will The New PM Rishi Sunak Affect You?

Mitch Hahn

20 October 2022

Renewable Energy – Is It The Solution?

Steven Brewer

14 October 2022

Another U-Turn - Corporation Tax

Adam Truluck

05 October 2022

Making Tax Digital Is Changing Again

Adam Truluck

29 September 2022

Changes to IR35 & Off Payroll Working

Adam Truluck

27 September 2022

The EIS & SEIS Process – A Case Study

Adam Truluck

23 September 2022

The Mini-Budget in a Nutshell

Mitch Hahn

08 September 2022

The New Register Of Overseas Entities – What Is It?

Nordens Partner

07 September 2022

The Next Prime Minister – What To Expect?

Mitch Hahn

06 September 2022

Virtual FD Boosts Businesses - Case Study

Hollie Watson

01 September 2022

CGT Changes For Divorcing Couples

Adam Truluck

18 August 2022

Nordens Spotlight - Every Child Online

Nordens Partner

05 August 2022

13% Inflation & Increased Interest Rates

Mitch Hahn

27 July 2022

The Commonwealth Games - Nordens Joins In

Nordens Partner

19 July 2022

The Great Resignation's Lasting Impact

Nordens Partner

04 July 2022

Branching Out – How Franchises Work

Nordens Partner

29 June 2022

How To Register Your Business as a Company

Nordens Partner

20 June 2022

Streamlining Your Outgoings - Payment Runs

Hollie Watson

10 June 2022

A Message From Our CEO, Mitch Hahn

Mitch Hahn

27 May 2022

Have You Seen Our New Website?

Nordens Partner

25 May 2022

Financial Support For The Elderly

Paula Webb

18 May 2022

Business Credit Rating Score

Nordens Partner

26 April 2022

The Importance Of Pricing Structures & Delegation

Panayiota Viglas

28 February 2022

Back To Normality? – All You Need To Know

Mitch Hahn

18 February 2022

Why LCE Audits Are So Important For Businesses?

Lorraine Curtis

07 February 2022

The Future Of Insolvency

Joe Sword

14 December 2021

Securing Funding To Grow Your Business

Nordens Partner

02 December 2021

What Grants Are Available For My Business?

Darren Hahn

01 December 2021

Friends Of Essex & London Homeless Charity

Mitch Hahn

19 November 2021

5 Areas Of The Construction Industry To Improve

Hollie Watson

19 November 2021

The Construction Industry Scheme (CIS)

Mitch Hahn

12 November 2021

Stepping Away From Your Business?

Joe Sword

08 November 2021

The Recovery Loan Scheme & Another Extension

Darren Hahn

05 November 2021

The Future Of SMEs – We Want To Know!

Mitch Hahn

28 October 2021

Cryptocurrency and How To Account For It

Nordens Partner

21 October 2021

Elliott Winner: How Brexit Is Affecting Service

Nordens Partner

20 October 2021

Joe Sword: How To Navigate An Unstable Economy

Nordens Partner

13 October 2021

The Autumn 2021 Budget Predictions

Adam Truluck

12 October 2021

The Global Minimum Corporate Tax Rate

Adam Truluck

08 October 2021

Making Tax Digital - All You Need To Know

Adam Truluck

29 September 2021

Furlough and What Needs To Be Considered

Joe Sword

29 September 2021

How The Fuel Crisis Could Affect Your Business

Adam Truluck

24 September 2021

What Makes A Good and Dependable Leader?

Joe Sword

10 September 2021

Are You A Fashion Entrepreneur In The Making?

Nordens Partner

09 September 2021

When Is The Best Time To Recruit For Your Business?

Sharon Brooks

06 September 2021

The New VAT Rate For Hospitality Businesses

Maria Mousoullou

03 September 2021

Why Protecting Your Business Is As Important As Ever

Nordens Partner

25 August 2021

Benefits of a Virtual Finance Director (VFD)

Nordens Partner

06 August 2021

Impacts of Furlough Ending

Hayley Mason

05 August 2021

Planning For Your Children’s Future

Nordens Partner

04 August 2021

Benefits of the Research & Development Relief

Adam Truluck

19 July 2021

The Importance of Business Insurance

Darren Hahn

01 July 2021

A Year On: The Furlough Scheme

Hayley Mason

28 June 2021

Understanding the EU Settlement Scheme

Darren Hahn

25 June 2021

How to Structure For Growth

Joe Sword

25 June 2021

The Tax-Free Childcare Scheme

Adam Truluck

17 June 2021

Investment Schemes For Start-ups

Joe Sword

16 June 2021

A Year On: The CBILS & Repayments

Darren Hahn

10 June 2021

The High-Income Child Benefit Tax Charge

Adam Truluck

24 May 2021

The Help To Grow: Management Scheme

Darren Hahn

14 May 2021

The Third Step Out Of Lockdown

Mitch Hahn

06 May 2021

Articles Of Association: How To Submit

Nordens Partner

27 April 2021

The Introduction of The Fourth SEISS Grant

Darren Hahn

22 January 2021

Brexit - What To Expect For Businesses

Mitch Hahn

21 December 2020

New Year, New Business Goals

Mitch Hahn

11 December 2020

VAT Brexit Changes - All You Need To Know

Adam Truluck

08 December 2020

Deferring Tax Due in January

Adam Truluck

08 December 2020

Nudging To Correct Your Tax Return

Adam Truluck

01 December 2020

Tax Crunch Expected In 2021 - What Will Happen?

Adam Truluck

06 November 2020

Another Furlough Extension Until March 2021

Sharon Brooks

02 November 2020

Extended Furlough And All Government Updates

Darren Hahn

23 October 2020

Latest Government Updates

Darren Hahn

16 October 2020

Working From Home Could Land You A Tax Bill

Adam Truluck

13 October 2020

Government Announces New Support Measures

Darren Hahn

09 October 2020

Don't Miss Out On Tax Relief Allowances

Adam Truluck

06 October 2020

The Importance Of Taking A Break

Mitch Hahn

25 September 2020

Chancellor's Winter Economy Plan

Darren Hahn

22 September 2020

Make Sure Your Business Is Ready

Joe Sword

15 September 2020

IR35 Preparation

Adam Truluck

08 September 2020

What Is My Business Worth? Valuing Your Business

Darren Hahn

02 September 2020

Recession Proof Your Business

Darren Hahn

20 August 2020

CBILS Extension

Darren Hahn

18 August 2020

Second Self Employed Grant Claims NOW LIVE

Adam Truluck

14 August 2020

Job Retention Scheme Bonus

Adam Truluck

05 August 2020

What is New With Furlough?

Sharon Brooks

31 July 2020

Save Your Business From Failure

Darren Hahn

24 July 2020

Free Receipt Bank For All

Adam Truluck

23 June 2020

An Introduction To Nordens HR

Sharon Brooks

16 June 2020

LATEST Furlough Changes

Hayley Mason

04 May 2020

Bounce Back Loan

Darren Hahn

16 April 2020

Furlough At Our Cost And Update From HMRC

Darren Hahn

03 April 2020

Emergency Business Loan Scheme Revamped

Darren Hahn

02 April 2020

Job Retention Scheme (Furlough)

Hayley Mason

31 March 2020

Self Assessment Tax Payments 2019/20

Adam Truluck

03 March 2020

Budget Predictions 2020. Are You Ready?

Adam Truluck

25 February 2020

Accounting2You - An Introduction

Hollie Watson

18 February 2020

Corporate International: Global Awards 2020

Olga Wilson

12 February 2020

IR35 Changes - The Complete Guide

Adam Truluck

04 February 2020

What Is Payroll? Get The Full Details (2020)

Hayley Mason

06 January 2020

20 ways to save tax in the ‘20s

Adam Truluck

19 December 2019

Raising funds for our Charity of the Year

Mitch Hahn

09 December 2019

8 ways to finance your business

Darren Hahn

29 October 2019

Nordens' first annual conference

Nordens Partner

14 October 2019

How to quadruple your business’ worth

Darren Hahn

27 September 2019

How we saved one company 43 days a year!

Darren Hahn

21 September 2019

Get ready for changes to the IR35 rules

Adam Truluck

30 August 2019

How to smooth a turbulent cashflow

Darren Hahn

26 August 2019

Find A Business Mentor

Joe Sword

26 August 2019

The Business Coaching Process

Joe Sword

22 August 2019

What does a business coach do?

Joe Sword

22 August 2019

What is business coaching?

Joe Sword

17 August 2019

Can you claim the employment allowance?

Adam Truluck

28 June 2019

Two more awards up for grabs

Mitch Hahn

13 June 2019

Refer a friend and earn up to £1000!

Mitch Hahn

28 May 2019

Some common issues with VAT registration

Nordens Partner

28 May 2019

Brexit - Why Britain has never had it so good

Nordens Partner

28 May 2019

Brand new look and feel for Nordens!

Mitch Hahn

28 May 2019

VAT, Brexit and where you'll stand

Adam Truluck

28 May 2019

Don't get struck off by Companies House

Olga Wilson

28 May 2019

Business by Design

Darren Hahn

28 May 2019

Maximise value before sale

Joe Sword

28 May 2019

Hire For Culture, Train For Skills

Sharon Brooks

28 May 2019

Autumn Budget - Tax Briefing

Adam Truluck

28 May 2019

VAT, Making Tax Digital (MTD) and fraud

Adam Truluck

28 May 2019

Give Your Business Direction

Olga Wilson

28 May 2019

Importance of Marketing

Nordens Partner

28 May 2019

Plan For Future Business Success

Darren Hahn

28 May 2019

VAT risks associated with family trading

Adam Truluck

28 May 2019

Congratulations to James Fowler ACA

Mitch Hahn

28 May 2019

Successful Dragons' Den Candidates

Mitch Hahn

28 May 2019

The New Finance Bill

Adam Truluck

28 May 2019

Mentoring for business growth

Paula Webb

28 May 2019

With the best of intentions…

Mitch Hahn

28 May 2019

Congratulations to Selen Mertdjan ACCA

Panayiota Viglas

28 May 2019

Why you need a partnership agreement

Paula Webb

28 May 2019

Tax refunds: HMRC policy changes

Adam Truluck

28 May 2019

Why we love our super-smart telephone system

Nordens Partner

28 May 2019

Let Property Disclosure

Adam Truluck

28 May 2019

Are you a visionary or a two-percenter?

Darren Hahn

28 May 2019

Business forecasting: how can it help?

Darren Hahn

28 May 2019

Tax help for older people

Adam Truluck

28 May 2019

Business Factor update!

Mitch Hahn

28 May 2019

Mentoring For Growth

Joe Sword

28 May 2019

The Power of the Team Survey

Darren Hahn

28 May 2019

The three categories of succession planning

Nordens Partner

28 May 2019

New Registered Audit division for Nordens

Lorraine Curtis

28 May 2019

We're on our way to raising £10k for charity

Nordens Partner

28 May 2019

Don't get caught out by scam texts

Nordens Partner

28 May 2019

Visit us at the Restaurant Show!

Nordens Partner

28 May 2019

Are you suffering from neophobia?

Nordens Partner

28 May 2019

What does the Audit Team do?

Lorraine Curtis

28 May 2019

The 2018 Accounting Excellence Awards

Nordens Partner

28 May 2019

Team motivation and celebration

Nordens Partner

28 May 2019

For anyone who has a student loan...

Nordens Partner

28 May 2019

Budget highlights

Nordens Partner

28 May 2019

Tis the season to be jolly don’t you know

Nordens Partner

28 May 2019

Ron Weasley in tax battle with HMRC

Nordens Partner

28 May 2019

The taxman called and it cost me thousands

Nordens Partner

28 May 2019

Make it happen in 2019

Nordens Partner

28 May 2019

Your VAT queries answered

Nordens Partner

28 May 2019

A simple guide to creating habits

Nordens Partner

28 May 2019

New HMRC guidance for directors’ returns

Nordens Partner

28 May 2019

We beat HMRC's record!

Nordens Partner

28 May 2019

The latest bogus calls claiming to be HMRC

Nordens Partner

28 May 2019

Seven things we can learn from Olivia Colman

Nordens Partner

28 May 2019

Lord Seb Coe - a visionary leader

Nordens Partner

28 May 2019

Insurance for Contractors and Freelancers

Nordens Partner

28 May 2019

What businesses need to do in a recession

Nordens Partner

28 May 2019

What’s your breakeven point?

Nordens Partner

28 May 2019

Your VAT queries answered

Nordens Partner

28 May 2019

Is your finger on the pulse of pricing?

Nordens Partner

28 May 2019

Working parents: reduce your childcare costs!

Nordens Partner

28 May 2019

Why is there VAT on school uniforms?

Nordens Partner

01 February 2019

Distance Selling: another VAT win for Sports Direct

Nordens Partner

28 January 2019

Climb your mountain, achieve your goals

Nordens Partner

27 January 2019

Capital Gains tax hike and the accidental landlord

Nordens Partner