Strategy Formation of Your Purpose and Values

Strategy FormationMarathon runners start planning for the big race many months in advance. They plan for the expected, and the unexpected, and without these established strategies, they would likely fail. Much like the runner, entrepreneurs must approach their businesses with a strategic mindset.

The strategy formation process is purposeful and driven by your values. To discover your purpose, you must first decide on your why. Why do you get out of bed and conduct business every day? Understanding this will help you articulate your purpose statement, which must also include the action you plan to take, and for whom. Next, decide upon your values. Examples of values are: excellence, integrity, creativity, life long learning and healthy living. Yours may be similar, but uncovering your own values requires examining your vision for your business, and your building blocks to achieve this vision. Choose five to seven of these and then decide on one as your core value.

A major component of strategic planning is change, which will help you create your vision. Evaluate your current output, both good and bad. Then, return to your vision statement to determine what requires change, based on their alignment with your purpose statement. The examples below are from my own business. They will help you as you consider the vision, values and purpose for your business.

Values:
•    Excellence (My core value)
•    Integrity
•    Health and Well Being
•    Impeccability
•    Life Long Learning
•    Creativity

Purpose:
“I want to inspire and ignite an entrepreneurial mindset in the small business owner, so they can produce outstanding results and contribute to a sustainable, successful economy for our future.”

Vision:
“To advance human potential by expanding the techniques of experiential learning.”  (My 5-year goal)

Use these tools in your initial planning, and you are accomplishing an important step in Strategize the Run.

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