In the previous installments of our series, we have addressed the key factors for a brand new business. Now we move into the expanding business with the elements of Story and Simplification.

7. Story: Taking a Stand, Refining Your Purpose

As a business grows, its purpose must be revisited regularly to be sure the expanding market and growing line of products and services still express that purpose. In addition, the business’ position in the marketplace may need to be honed and narrowed even further to remain relevant – which means taking a stand to polarize the audience. Once you do this, those who love you really love you – and those who don’t resonate with your business will leave. This is a distilling process that greatly increases the impact and staying power of the business. Gathering success stories of happy customers and sharing them with prospects is also key here.

This factor answers the question “Who are we/what do we stand for?” for the established business.

8. Simplification: Getting Back to the Basics of Purpose and Vision

Growth inevitably means chaos – sometimes a lot of chaos. This factor examines how you have simplified – or could simplify – all aspects of your business. Often this means letting go of things that no longer serve the purpose of the business, whether that be staff, products, or ways of doing things. The Pareto Principle is useful here: 20 percent of your business will be generating 80 percent of your results. So what comprises the 20 percent, and how can you let go of the rest?

This factor answers the question, “How do we feel about what we do?” for the established business owner.

Evaluate all 12 factors of Purposeful Entrepreneurship in YOUR business with our Purposeful Entrepreneur Compass today: http://www.purposefulentrepreneur.com/assessment.html

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