Purpose Driven Profits

Mar 25, 2024

Three women collaborating at a table, discussing business strategy over notebooks and coffee.

An Integrated Approach to Business Success and Personal Satisfaction

At Troy Accounting we firmly believe that at the core of every successful small business venture lies a business owner whose personal aspirations are deeply intertwined with their business objectives.

It’s a lesser-spoken truth that the financial scaffolding of a business isn’t just a matter of numbers; it’s a reflection of the entrepreneur’s dreams, self-worth, and lifestyle aspirations. However, as the day-to-day of running a business, takes hold it can sometimes cloud that vision and before you know it, you’re going about your business with a skewed view of what’s important in your personal life, doing things with diverted focus and attention, and veering further and further away from where you intended to go and the life you had planned to create for yourself when you started.

It’s therefore so important that you remember to regularly recalibrate by benchmarking your progress against your personal aspirations, realigning and adjusting as you need to.

But first…Let’s discuss the connection between the emotional and the rational of business.

The Emotional Fabric of Financial Goals

For most of us business owners, our businesses are not just a way of making a few quid; they are the embodiments of our life’s work and experience. This goes beyond mere financial independence. Whether it’s the pursuit of excellence, the desire to forge a lasting legacy, or the quest for a balanced lifestyle, our deepest motivations are mirrored in the financial contours of our businesses.

There’s a brilliant model called the Bain Pyramid which illustrates how the most fundamental needs of our customer evolve into more complex aspirations. This isn’t dissimilar to Maslow’s Hierarchy of Needs which explains the 5 categories of human needs right through from our basic physiological needs to our ego-driven needs of self-actualisation.

With slight adaptation from the customer focus, we can use the Bain Pyramid to also demonstrate how it reflects the intimate journey of an SME business owner.

The Bain Pyramid guides us through the complex interplay between our personal goals and the objectives of our business. It begins with our basic needs, these are the quality services and cost efficiencies that keep our business afloat. Yet, as we scale the pyramid, we ascend towards the realisation of our personal aspirations. This evolution transcends the mere transactional nature of business, weaving in our desires for recognition, for achievement, and ultimately, for personal fulfillment and societal contribution.

It might not be possible in the early stages of your business growth to see or even comprehend the summit of possibility and that’s fine. It’s more important you recognise where you are and at what level you will feel you own personal sense of achievement.

The Bain Pyramid encapsulates the emotional and rational aspects of running a business. It reminds us that our companies are not just entities — they are extensions of ourselves, our dreams, and our values. They are the practical execution of our visions, the canvas on which we paint our professional portraits, coloured by the palette of our personal drivers and emotions.

As we break it down, we share how we at Troy Accounting support our clients at each stage of their business’s evolution and personal achievement.

The Rational: Ensuring Stability and Quality

At the very base of the pyramid, we secure stability through financial health and operational excellence. This is where the rational mind prevails, focusing on margins, cost-savings, and the fine balance of quality and efficiency.

At Troy Accounting, we not only ensure that our client’s business financial health is robust, but we also help lay down the operational excellence that acts as the cornerstone for all future growth. It’s here that our expertise in balancing books, optimising costs, and enhancing quality sets you on the right path, ensuring a firm footing for your business ascent.

The Emotional: Connecting Deeper with Our Why

As we elevate our gaze to the middle tiers, the emotional elements come into sharper focus. Here, the rational intertwines with the emotional. This is where your business begins to reflect your personal identity, where the services you provide start resonating with the heartbeats of your clients, building loyalty that transcends contractual obligations.

At this stage, Troy Accounting becomes more than just our client’s accountant; we become partners in aligning their business values with their personal ethos. We understand that each number in a spreadsheet has a story, a dream behind it. By getting to know you and your business on a deeper level, we help ensure that the emotional resonance of your brand is not just felt by you, but also shared with your clientele.

The Ascent: Self-Actualisation and Legacy Building

Climbing further, we reach the aspirational levels where self-actualisation lies. For the business, this is where personal passion fuels innovation and drives excellence. It’s where you align your company’s trajectory with your life’s purpose, crafting a legacy that will echo through the ages.

As our client’s rise to the challenge of self-actualisation and seek to leave an enduring legacy, Troy Accounting is there to support their vision. We offer strategic financial planning that aligns with their passion, ensuring that innovation and drive for excellence are underpinned by a solid financial strategy. Our role is to ensure that their financial performance and business strategies are cohesive and conducive to achieving their long-term goals.

The Summit: Transcendence and Societal Impact

At the apex, we find self-transcendence, where your business commitments serve a greater good. This is where the legacy of your personal values is etched into the societal fabric, where the fruits of your labour support community growth and contribute to the well-being of others.

When our client’s business reaches the summit of transcending personal success and begins to impact society positively, Troy Accounting is right there with them. We help articulate and measure the impact of your societal contributions, integrating them into your overall business narrative and helping to reinforce the positive impact you envision for the world.

Time to Recalibrate!

As we mentioned at the beginning, in the dynamic world of business, it’s all too easy to lose sight of why we embarked on this business owner journey, so we’d like to encourage you to take the time to revisit your initial motivations and measure them against your current operations.

Are you working merely to sustain the business, or are you cultivating a venture that grows with you, one that reflects your values and contributes to your sense of achievement and joy?

Taking Steps to Align Your Focus

Recalibration involves a few essential steps:

Reflect on Your Values; What drove you to start your business? Are those drivers still the same, or have they evolved?
Evaluate Your Goals; Look at your current business goals. Do they serve your personal aspirations? If not, what changes can be made to realign them?
Assess Your Impact; Consider the impact your business has on your life and the lives of others. Is it creating the legacy you envision?
Plan for Action; Based on your reflections, plan actionable steps. If you need help, Troy Accounting can help translate these into a financial and operational roadmap.

Your Business, Your Journey

Your business should be a journey that you relish. A path that is continually adapting and evolving, just as you are. If your personal aspirations have shifted, then let your business reflect that change. It’s not only about the destination but about ensuring the path you’re on feels authentic and fulfilling.

The Power of Synergy

At Troy Accounting we are committed to ensuring that the synergy between your personal dreams and business goals isn’t just aspirational, but. that it’s a tangible and attainable reality. Through strategic financial planning and empathetic understanding of your story, we help you to stay true to your course and to the aspirations that ignited your entrepreneurial spirit.

As you step forward from this moment of reflection, carry with you the assurance that your business, with its numbers and strategies, is a living, breathing extension of you. Let it be your vehicle for self-expression, personal growth, and societal contribution. We’re here to help you recalibrate and journey on, with your business as your ally, every step of the way.