Building a Legacy
Small Business Owners Can Build a Legacy
When thinking of the word ‘legacy’, our minds often go to something you can leave behind for the benefit of your loved ones after you are gone. In terms of business, building a legacy can be much more than that.
The legacy you can build through your small business is about how it will impact its customers, community, and culture, even after you’re no longer involved in the business. In fact, mission statements are meant to describe what you want to achieve with your business. It is certainly valid to want to build something substantial that you can leave behind to help your family succeed and grow, but you can also consider building a legacy for your industry.
In general terms, business legacies tend to gravitate toward generating a positive impact for your culture and community but if you’re thinking of building a legacy at the industry level, you’re aiming to create something valuable for people and organizations in your business niche. This is where it gets a little tricky since you’re not the only one in the industry doing what you do. You must identify what sets you apart and work from there. Your legacy to the industry should be something that is bigger than your business.
Define What Matters
Goal setting is a major element in the process of building a legacy. Your actions must align with your objectives —or your vision— long-term. Setting goals will serve as a guideline and allow you to track your progress. The goals you set must be related to the vision you have in mind for your legacy, they should be broken down into more attainable goals, and they should also be specific, measurable and descriptive.
When you start your own business, take your time to define your vision and think about the kind of legacy you want to leave behind. Whatever you decide to do, make sure it’s something that truly makes an impact and that will continue to be relevant as the years go by.