Grow Your Business & Stay True to Your Values
For many entrepreneurs, lofty, admirable, and authentic dreams are what inspired you. You view big business or other entrepreneurs, and you vow to do better. You passionately research how to grow your business and stay true to your values and the person you are. And it works! At least, it works until “business” ironically gets in the way of your business.
We’ve all been there. Bills come in, the reality of economics hits, competition wears you down, and you wonder if it’s possible to stay true to your values as an entrepreneur. To grow your business ethically and morally isn’t impossible. It may take a more conscious effort, but you can certainly do it!
Identify Your Values
The first step is to identify your values. What’s important to you, and what do you want your business to emulate? Use others for inspiration: what to do and what not to do. But when deciding how to grow your business under your values, try to focus on your beliefs. Not every entrepreneur has the same values that you do, so it’s okay if your business plan is different.
Maybe you want to hire a diverse staff, use domestic manufacturers, or use sustainably-sourced materials. Perhaps you’ll vow to be transparent and honest throughout your business. Whatever your values are, take time to honestly think about how you can add them to your overall business plan.
Grow Your Business with Solution-Based Thinking
The next step is to anticipate roadblocks. Any seasoned entrepreneur will tell you the same thing: there will be a temptation to abandon some of those values. Why is that? Because “business” gets in the way. What happens when profits are down, and you can outsource production for much cheaper? Or when demand is down, and you can use a fishy marketing scam to boost sales? Bills don’t stop, so you may be lured into making decisions that compromise those values.
What can you do? Anticipate these moments and plan accordingly! Let’s take the example of a too-good-to-be-true marketing scheme. They’re out there, and boy, are they intriguing! Avoid temptation by creating numerous back-up plans that allow you to stick to your values. Plan ethical marketing strategies that you can regularly apply to support authentic business growth. There are thousands of resources out there, and many share ways to avoid schemes that trick—and often disappoint—customers.
What about the lure of cheaper products? Add a back-up plan for that, too! Instead of outsourcing manufacturers, can you reduce costs differently? Are there more low-cost domestic manufacturers? Or, can you find alternative and less expensive materials that create a similar quality? Create lists, plans, and solutions for anything that you think might get in the way.
When determining how to grow your business without compromising your values, learn to accept feedback in a way that supports your endeavors. That feedback may come from employees, customers, clients, your community, or partners. Entrepreneurs know the importance of building a passionate and loyal community, so it’s imperative to listen to your community members. They’re an excellent resource for business growth, and you can learn from them.
If you have a loyal customer base or clientele, you won’t have to worry about compromising values. Instead, you’ll have support and income you can rely on from a group that cares about your work as much as you do.
Virtual Leadership Retreat
This month’s posts all focus on the idea of personal and business growth as an entrepreneur. If you’re interested in learning more, Majestic Coaching will host a virtual retreat from July 31 – August 1, and I’d love to see you there! We’ll discuss topics like staying true to your values, as well as building authentic leadership, bringing more purpose into your work, and impacting the world around you.
As new and seasoned entrepreneurs, we often get stuck in a mindset that doesn’t serve the people we are or the clients we help. I want to encourage you to shift the paradigm of your business toward a more conscious one! If you’re interested in attending our virtual retreat, please contact me for more details!