Pinpoint business personality to achieve meaningful success

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No two businesses are the same - and success means different things to different people. But what many New Zealand business owners have in common are the goals and aspirations that motivated them to start a business in the first place.

To reach those goals, it's vital that business owners determine the kind of success they are striving for and identifying a "business personality" is a good way to do this.

SME research specialists from the Cameron Research Group have identified three main business personality types.

Which of these three statements most sounds like you and the way you think about your business?

TYPE A

"I don't want to make lots and lots of money, it's more a lifestyle choice for me.

"It's not just about being able to work when I want, but also on the project I want to work on.

"I am still driven to build my business but in a lifestyle framework that is far more balanced."

TYPE B

"My aspiration would be to grow, to expand the business. I'd never be happy to just drift.

"The aim at the end of it all is either to build the business up to a stage where it provides me with a very good living or where it can be sold for a large profit."

TYPE C

"The business is really a secondary consideration. It is more about pursuing my passion.

"I just see that my business allows me to do what I want, which is to work in a profession I get excited about.

"I would probably continue to do this even if the business made only a modest profit on some jobs and even losses on others, just because I am passionate about it."

The statement you relate to most will describe your business personality.

If you identify with A then you are, not surprisingly, a "lifestyle seeker".

You are motivated by being in full control of your business and you want the freedom to choose to work when and where you want.

While you're focused on growing your business, it has to work in with your family and lifestyle commitments.

As a lifestyle seeker, you'll be most successful when you have processes in place to give you more free time, so using technology to help with accounting and administration will be important.

You may also prefer to outsource many of the administration aspects of your business. And you'll probably want to be able to work from home or on the move, so online business tools might suit you.

Type B is the "business builder".

Business builders are motivated by revenue, growth and profit. The key to your success will be finding the right support for your ambitious plans - a great accountant and bank manager who can work with you on aggressive growth should be top of the list.

You also have an end-game in mind: making a large profit or selling your business, so succession planning is important. To achieve this, make sure that at the outset, you invest time in designing your exit strategies.

Type C is the "passionate professional". You love what you do and wouldn't do anything else. Sometimes you get so caught up in your vocation, you forget to manage some of the "business" issues - like getting invoices out on time, chasing payments and making sure your provisional tax and GST payments are planned for and paid on time.

Recognise that you want to spend your energy on what you do - and get a great bookkeeper to manage the administration for you. That way you will know you've got the detail covered and won't have to worry about it.

Whatever your business personality, it's important to recognise that to achieve your business goals, you don't have to go it alone. Identify the people - and personalities - that will be the best help for you and you'll be well on your way.

Julian Smith is general manager of MYOB.