As we near the end of summer, it is always a good time to reflect on our 'why' before returning to work or taking on the second half of the year!
The ‘Why’ is our driver. It is our purpose.
How do we even begin to find our 'Why'? Why should we even attempt to find our 'Why'?
A few years back, I read a brilliant book called 'Start with Why' by Simon Sinek, who also did an interesting TED Talk. To this day, I still find this book relevant and extremely useful when finding the focus of our business.
Let’s put this in the context of our own business as an example. But you can easily apply this to yours.
1. WHY do you do what you do? What is your purpose?
- The answer to this should BE your purpose.
- The most important aspect of a business is not what you do or how you do it, but WHY you do it.
- Think about what it is you are working for.
- Is it to provide a new service? To offer a different experience? Do you want to change a certain issue?
- The ‘Why’ will essentially shape your ‘What’ and ‘How’.
If the motivation for being in business is unclear, then it is easy for the What and How to also be slightly lost.
For the consumer the WHY is not rational based on the facts, figures, features or benefits (they come later), it is more so based on choosing the product or service which matches their own values and aspirations.
We want to help our clients make the most of their wealth in order to support their families, business and realise their dreams.
2. HOW do you do what you do?
- Now you understand why you have set up your business, it’s time to think about how to get there.
- Is it by creating a new product? The ways in which you deliver a new service? Will you be doing things differently? Do you need to get someone onboard to support your purpose?
- Start planning the steps you’ll need to take to get where you want to be.
- Whilst HOW you deliver drives the whole consumer experience, it shouldn’t be the main driver of your business.
There are different areas of what we do at Murphy Wealth on a day-to-day basis that appeal to different people, but HOW we deliver what we do is usually the most frequently asked question.
We take the financial burden and complexities off our clients so that they can use their time to focus on what matters to them. We give them a consolidated view of finances, in the most effective, clear and efficient manner possible, ensuring decision-making is also easier for them.
3. WHAT do you do to achieve this?
- Now it’s times to look at the details and plan the tactical approach.
- Do you need to reach out to the right people? Employ new team members? Analysis the market?
- Do you need to implement an additional system to let you sell your service/product?
- There will be many small steps you may need to take to build the bigger picture, but your ‘Why’ should always help you shape your direction.
The team collaborate with each other using their knowledge and systems to offer a smooth client experience. Our operational excellence essentially ensures that every button we press, and conversation we have, adds value to the client– whether they are looking to carry out a withdrawal, tax query or business funding approval. Practicing due diligence means that we carry out the right controls to ensure security for our clients every step of the way.
How about when things don’t go so well?
Essentially, the ‘Why’ drives the ‘What’ and the ‘How’.
But what happens when the ‘Why’ becomes ‘unethical’?
For example, the recent FCA investigations into Defined Benefit Transfers has meant that advisers are being questioned on the basis of advice given to clients. Advisers should be not driven by offering advice to clients that pays out higher returns for the adviser but should instead be driven by what is best for the client.
And that’s why we often discuss what we can offer to provide high quality of advice to clients whilst maximising their benefits.
We would be interested in hearing your ‘Why’.
Why did you start your business? Or why did you choose Murphy Wealth?
Whilst our ‘why’ may not change often, it’s always good to revisit and remind ourselves of why we do what we do and how we can continuously improve the way we do it.