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EP7: Gaining Clarity Around the Critical Aspects of Your Business
“Having clarity around all aspects of your business gives you the invaluable insight you need to make the best possible decisions, and improve your outcomes.”
Adam Rundle (7:05 - 7:19)
Gaining clarity on the relationship you have with your business.
The relationship you have with your business is one that affects all aspects of your life. It has a significant impact on your personal finances, the amount of time you get to spend with your family, and on how you fulfill the purpose that made you start your business in the first place. It also affects your clients and the value that you are able to deliver to them.
In order to have clarity, you need a strong understanding of all the different moving parts in your business, and how each of those components affect the others. Having clarity also means understanding your business in the context of the current marketplace, and your personal life.
Gaining clarity in your relationship with business will take critical introspection.
For example, you should ask yourself if you are clear on the purpose that your business is serving, or on the decisions that you need to make every day to fulfill the outcomes that you’re trying to achieve. You should also consider if you have clarity around the results you're trying to get for your clients. Answering questions like these will help you uncover a lot about who you are as an entrepreneur, and will help you move your business forward.
“The financial numbers of your business will show you the health of your business in a way that no other metric ever will.”
- Adam Rundle (24:09 - 24:17)
There are many different aspects of your business that you should get clear on. But two of the most critical elements that have a significant effect on your relationship with your business are your mindset and your finances.
Mindset clarity.
Self-awareness - Every entrepreneur has a unique story, and they have intrinsic motivators that led them to start their businesses. It also guides them in how they show up and make business decisions every day. They might be emotionally driven, or they can be more analytical. If you’re clear on what your intrinsic motivators are as an entrepreneur, it will have a significant impact on how you operate your business, and how you interact with your clients.
Mindset around money - You need clarity around your mindset regarding money because it plays an essential role in your relationship with your business. You should carefully assess how you think about money. For example, are you more driven by instant gratification or long-term success? Evaluate how your mindset around money affects you as a leader.
Finance clarity.
Numbers don’t lie - The financial figures in your business, assuming they’re accurate, will give you the full story as nothing else can. Numbers like income, expenses, assets, liabilities, equity, profitability, give you invaluable clarity on the health of your business. Without them, you’ll never be able to make informed and logical decisions. You’ll make decisions based on emotion, or on small pieces of information that lack context. They might work occasionally, but they won't move your business forward consistently.
You don’t know what you don’t know - There are some aspects of your business you know more about, and some that you don’t. Until you gain some clarity on the things you don’t know much about, you’ll never know how your decisions affect them. You need to understand how the choices you make as a business owner influence things like cash flow, equity, and other financial numbers.
“As a business owner, we need to consistently and actively pursue knowledge and understanding around the areas where we lack clarity.”
- Adam Rundle (27:13 - 27:27)
You might be a great marketer, consultant, or coach, but you may be lacking financial clarity on your business because that’s not your area of expertise. However, it is critical to have your finances in order so you can be clear about the impact your decisions have on your business. You can start by implementing systems and structures that facilitate accurate reporting of the numbers. Then you can seek help from someone that can interpret those numbers for you, so you can get back to serving your clients, growing your business, and fulfilling the purpose that led you to start your business.
How to get involved
If you would like more information about ABR, and the success businesses have gained through their work with the firm, visit their website.
If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
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By Adam Rundle“Having clarity around all aspects of your business gives you the invaluable insight you need to make the best possible decisions, and improve your outcomes.”
Adam Rundle (7:05 - 7:19)
Gaining clarity on the relationship you have with your business.
The relationship you have with your business is one that affects all aspects of your life. It has a significant impact on your personal finances, the amount of time you get to spend with your family, and on how you fulfill the purpose that made you start your business in the first place. It also affects your clients and the value that you are able to deliver to them.
In order to have clarity, you need a strong understanding of all the different moving parts in your business, and how each of those components affect the others. Having clarity also means understanding your business in the context of the current marketplace, and your personal life.
Gaining clarity in your relationship with business will take critical introspection.
For example, you should ask yourself if you are clear on the purpose that your business is serving, or on the decisions that you need to make every day to fulfill the outcomes that you’re trying to achieve. You should also consider if you have clarity around the results you're trying to get for your clients. Answering questions like these will help you uncover a lot about who you are as an entrepreneur, and will help you move your business forward.
“The financial numbers of your business will show you the health of your business in a way that no other metric ever will.”
- Adam Rundle (24:09 - 24:17)
There are many different aspects of your business that you should get clear on. But two of the most critical elements that have a significant effect on your relationship with your business are your mindset and your finances.
Mindset clarity.
Self-awareness - Every entrepreneur has a unique story, and they have intrinsic motivators that led them to start their businesses. It also guides them in how they show up and make business decisions every day. They might be emotionally driven, or they can be more analytical. If you’re clear on what your intrinsic motivators are as an entrepreneur, it will have a significant impact on how you operate your business, and how you interact with your clients.
Mindset around money - You need clarity around your mindset regarding money because it plays an essential role in your relationship with your business. You should carefully assess how you think about money. For example, are you more driven by instant gratification or long-term success? Evaluate how your mindset around money affects you as a leader.
Finance clarity.
Numbers don’t lie - The financial figures in your business, assuming they’re accurate, will give you the full story as nothing else can. Numbers like income, expenses, assets, liabilities, equity, profitability, give you invaluable clarity on the health of your business. Without them, you’ll never be able to make informed and logical decisions. You’ll make decisions based on emotion, or on small pieces of information that lack context. They might work occasionally, but they won't move your business forward consistently.
You don’t know what you don’t know - There are some aspects of your business you know more about, and some that you don’t. Until you gain some clarity on the things you don’t know much about, you’ll never know how your decisions affect them. You need to understand how the choices you make as a business owner influence things like cash flow, equity, and other financial numbers.
“As a business owner, we need to consistently and actively pursue knowledge and understanding around the areas where we lack clarity.”
- Adam Rundle (27:13 - 27:27)
You might be a great marketer, consultant, or coach, but you may be lacking financial clarity on your business because that’s not your area of expertise. However, it is critical to have your finances in order so you can be clear about the impact your decisions have on your business. You can start by implementing systems and structures that facilitate accurate reporting of the numbers. Then you can seek help from someone that can interpret those numbers for you, so you can get back to serving your clients, growing your business, and fulfilling the purpose that led you to start your business.
How to get involved
If you would like more information about ABR, and the success businesses have gained through their work with the firm, visit their website.
If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!