How your economic and emotional drivers affect your businessOctober 1, 2021 2021-10-01 23:59
How your economic and emotional drivers affect your business
How your economic and emotional drivers affect your business
It has again been another challenging week for business owners in Australia, highlighting what I said last week about the past 18 months being a rollercoaster ride – economically and emotionally.
In that article, I spoke about the three cycles that affect you and your business – the Economic Cycle (the grey line), the Business Cycle (the dotted line) and the Personal Cycle (the black line).
So in today’s article, I want to deep dive into your economic and emotional drivers.
Your economic and emotional drivers are related. If you have a stable personal life and business life, your emotional drivers will power you both at home and in your business.
While many of us have been working from home, it’s important that our home life is positive as your personal life will more readily flow through to your business.
Now, we’re all human, after all, but as business owners, we have to push through.
For example, if you have children at home while you’re working, you must be able to persevere and not be distracted. You must not let this emotional driver affect your business cycle.
Of course, if there’s a major calamity at home you must attend to this – nothing is more important than your loved ones – but you must be able to push through the daily life struggles that we all face, and not let them affect your work or energy levels.
Your economic drivers…
Your economic drivers are the factors you can control.
What is showing up on your scoreboard?
What are your economic goals, short term and long term?
How are you measuring success?
Do you really understand your figures at a deep and fundamental level?
How and why are your drivers fluctuating, and how is this reflecting in your business cycle?
You must understand the economic drivers of your business and what causes these fluctuations.
Managing your business cycle – which is unique to your business – is about being in tune with your scoreboard, the broader economy and your economic drivers. It’s about seeing what’s on the horizon and seeing what might trip you up, and preparing accordingly.
You need to understand the drivers of getting through the choke points that all businesses must deal with. You need to understand the outcomes of what you are doing each day and how that counts on your scoreboard. Without knowing what your economic drivers are, how will you know whether you are being truly productive?
There is one – and only one – measure of true productivity, and that is the economic outcome of what you are doing every minute of every day.
Feeling like you are working hard and feeling like you are putting in the effort is admirable, but it means absolutely nothing if you have no economic results to show for it.
Remember, being busy is not the goal. Being productive in a measurable way is.
The more alignment you have with what drives your business cycle, the better you are going push through without being susceptible to the peaks and troughs. Nobody has a crystal ball, and that’s not the idea.
If you understand the economic drivers that affect your business, you can be in control and navigate the inevitable ups and downs while staying aligned to your purpose and your plan.
Your emotional drivers
To succeed in business you must understand the emotional drivers that are controlling what you do every day. If it were easy everybody would be doing it – but it doesn’t have to be hard.
There must be a greater purpose and there must be a greater connection with why you are in business and why are you leading this business. If you don’t have strong personal drivers you cannot grow your economic drivers – they are inextricably linked. Success in business comes from being confident and in control.
It’s not about being happy go lucky. It’s about being clear and staying true and aligned to your outcomes, avoiding negativity and understanding that everything you do in your business will result in an outcome that can be measured with a number.
It’s not just about we finally got here. It’s about the journey to get to those outcomes.
Achieving productivity and reaching your goals is a longer game, and if you don’t have the energy and emotional drivers to be pushing through you won’t get there.
Ultimately you need a strong purpose and strong passion to push you through. Your why must be strong. With the right emotional drivers, every activity, every task and every minute that you put into your activity will push towards a bigger outcome.
Your job is to understand what that outcome is and what steps you need to take to reach it. If you don’t have the emotional strength and energy to keep pushing towards your goals and milestones, the chances are you won’t get to your economic outcomes.
It’s a game of consistency. Productivity is not about being brilliant this week and not so good next week.
It’s not, ‘Let’s settle in on Monday, and Tuesday we’ll get going’.
It’s about having the will and the desire to be at your best all the time, because you have a reason behind what you are doing. It’s about energy management. Those who are succeeding in business know this.
How are you engaged and keeping aligned to your purpose and plan? What are your drivers? Why do you get out of bed every day? What’s pushing you forward, and what’s going to give you the strength and the will to persevere when others do not?
Punching through the distractions. Pushing through the interruptions. Staying focused and in control. It’s your personal cycle and your ability to manage it that’s going to make you more productive.
It’s not survival of the fittest. It’s survival of the most adaptable.
Those who can control their personal cycle and become students of managing it end up winning the game. There’s no such thing as a bad business. It’s about the people and their ability to push through, to be consistent, to stay the course. You have to push on and have your energy high, when things are tough and when things are fantastic.
It’s not about being a flat line or being unemotional, it’s about being aware of the cycles and being in control. Businesses fail every day, sometimes due to a lack of planning, sometimes due to a lack of skill.
Especially in these challenging times, you must be doing everything within your power to succeed.
But sometimes, businesses simply fail because of a lack of will. Even with the best skill and planning, without the will and emotional drivers to push through the challenges, a business is going nowhere.
The more you invest in yourself and your people, the better the outcomes will be, and sooner than you think. This is how to improve the personal cycle.
This is what takes us to a higher level. How much time do you spend each day in improvement mode, or do you do it after work hours? Very early or late? Isn’t that interesting, that we spend time on improvement outside of what we consider productive time?
You need to understand both to succeed
I can have the money in the bank and some wins in the economic drivers, but if I’m not emotionally attached to something that’s going somewhere, if I’m not driving something towards a bigger and better and more sustainable outcome, my energy and focus are going to take a dip.
I’ll be more easily distracted and interrupted. If I hate what I’m doing each day and I’m bordering on depression because this is not what I want to be doing, my mojo and my energy are going to be low, no matter what the economic outcomes.
Or, the opposite is that the money is not showing up but you have the enthusiasm. In this case, your energy is still going to be low, because nobody can keep putting in the effort over the long term if the rewards are not showing up.
So, keeping your energy up is not just about the numbers, it’s about the numbers plus the emotional drivers.
You need to be aware of and understand both to succeed. Think back to the Five Ps; profit is the ultimate goal, but it won’t come without a strong purpose.
If your economic and emotional drivers are aligned, then your energy to get on with it and push through in the toughest times will be at a higher level. If you need to push through and not get stuck, you need to be pushed by your economic and emotional drivers. To succeed at any level of business you must have something driving you.
If it’s just that you want to earn money so that you can pay the bills and put a roof over your head, that’s usually enough to get you out of bed and at your workplace by 9 am each day.
But, if you want to become a true business leader, and if you want your business to be the best in your industry, you’re going to need more than just money to drive you. Wanting or needing money will get you out of bed, but it won’t help you push yourself and your business to the next level of achievement. For that you need a truly inspiring purpose that you genuinely believe in.
Power to you this week!
Founder, CEO – Business Benchmark Group