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How to build a “lasting business”

In many of my past blogs I have referred to My Value Based Strategic Focus Plan. Now I want to focus on the word VALUE.  As individuals we all have a set of values: honesty, integrity, loyalty, character, respect and dozens of other values that we hold onto in our personal lives.

In a very small business we start the business plan development process by first identifying the Values that the owner(s) has. These values then become the core values of the business.  We can call these the “guiding principles” of the business and the ones that serve as the foundation for growth.

Success will come if these core values are never compromised for financial gain or short-term expediency. Change is the only constant in the life of a business thus strategies will change but the core values have to always remain constant.

The vision statement is what a company aspires to become. The core values are what hold the company together as is grows and changes with time.

I am disappointed to find that many existing firms that I work with can provide some sort of a business plan, but very seldom is there a section on the value or core beliefs to which the company adheres. Since many business plans are put on shelf to gather dust and have very little to do with the day to day operation, it is a good idea to review an existing plan, beginning with the identification of core values.

The second phase of the business plan review is to make sure that it is an action plan with accountability and is still pertinent in today’s economic climate.

In my experience I found that most successful companies that have survived at least ten years have defined their core values, and they are an important part of their growth. These same companies are successful in their bottom line and have systems and procedures in place to continue their growth.

Today is a good day to make sure that your values are the guiding principles for your business.

To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.                                                                          Donald N. Adams

Nick J. Petra CFP                    Our only business is helping you grow your business©

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