Success for a business owner can be tied to staying with or discovering your purpose for starting the business or your “True North”.
With the demands of running a business sometimes overshadowing the core values and passions that initially inspired the entrepreneurial journey, It is during these times that discovering your true north becomes crucial to reinvigorating yourself and your business.
What is True North?
True north is a metaphorical concept, and just like a compass points towards a geographic north, this concept refers to a guiding principle, core values, or the most authentic version of ourselves that provides direction, stability, and purpose in life. For a business owner, true north will be the guiding principle to impactful success.
Discovering your true north is a journey of self-reflection, introspection, and exploration. Here are some steps to help you along the way:
- Self-Awareness: Reflect on your values, passions, strengths, and weaknesses. What are the core principles that guide your decision-making process?
- Define Your Purpose: Identify your purpose as a business owner. Why does your business exist beyond making a profit? What impact do you want to create in the world?
- Align Your Actions: Evaluate your business practices and ensure they align with this purpose. Identify areas that need change and work on them.
- Seek Feedback: Engage with your team, mentors, and trusted advisors to gain perspective and feedback on your values and leadership style. A fresh viewpoint can provide valuable insights.
- Regular Reflection: Continuously reassess and reflect upon your true north. As you evolve as an individual and as a business, your purpose and values may also change. Regular reflection will help you stay aligned.
Ways in which knowing your true north aids your business success
Personal Alignment: Unveiling your true north allows you to align your values with your business objectives. This alignment ensures coherence and authenticity in everything you do, leading to a strong sense of purpose and motivation. If honesty is a strong personal value you will want to be free and fair with your clients too.
Goals Alignment: Discovering your true north is essential as a business owner because it helps align your actions and goals with your deepest values and purpose. When you have a clear understanding of who you are and what drives you, you can make decisions that are authentic and aligned with your vision.
Strategic Decision-Making: Clarity about your true north provides a compass to take complex business decisions. It helps you stay focused on what matters, making strategic choices consistent with your purpose and long-term goals. For instance, networking would not be an effective strategy for your business if you are not keen on building relationships.
Inspiring Leadership: Discovering your true north enables you to lead authentically, inspiring and influencing your team to do the same.
Adaptability and Resilience: When challenges arise, staying connected to your true north gives you the resilience to persevere. Your core values and purpose become an anchor during difficult times, allowing you to adapt and overcome obstacles with greater confidence.
Customer Connection: Understanding and communicating your true north builds trust and connection with your customers. People are drawn to authentic businesses and share similar values, leading to stronger customer loyalty and advocacy.
Discovering your true north will help you find your uniqueness and will make you stand out and deliver personal satisfaction helping your business to thrive in an increasingly competitive landscape.