What’s on the bucket list for your small business?
Friday, June 14, 2013
Posted by: Rhette Baughman
Let’s face it; every business will eventually reach its demise and
cease to exist. The end of the road for a business can be reached via a
number of different outcomes such as a planned exit strategy, sale,
consolidation, or failure. Eventually, it will cease to exist. It’s the
same for us humans. We all know that some day we will die, but in the
meantime we try to live happy, meaningful lives.
What humans and businesses have in common is that both have basic
needs essential for survival. For a human its food and shelter. For a
business the most basic need for survival is profitability. Once your
business achieves that most basic survival need, what’s next? What’s on
your small business bucket list?
For those of you who have not seen the 2007 movie "The Bucket List,”
starring Jack Nicholson and Morgan Freeman, it’s a list of things you
want to do or achieve before you die, or kick the bucket.
many of you have created a bucket list and kudos to you who have begun
to cross items off the list, added new ones, and have found joy in doing
so. Although a business is not a living, breathing thing, it does seem
to take a life of its own, so why not start a bucket list for your small
What do you want your business to do and achieve before
it kicks the bucket? We’re not talking about goals such as increased
revenue or market share. Those would be in your business plan. Think
big. Be bold and swing for the fence. You have nothing to lose as these
are your thoughts on paper.
It’s also a powerful exercise that can
help you see your business from a different vantage point and add some
excitement and meaning to its life. If swimming with sharks, running a
marathon and building your dream home are items on your personal bucket
list, what would the equivalent of each be on your small business bucket
Think about how much more meaningful the life of your
business would be if you had a bucket list and were crossing items off
and adding new ones. I reached out to some members of the Arizona Small
Business Association (ASBA) and asked what would be on their small
business bucket lists. Here are some of their responses:
• Do something innovative
is your business or industry not known for? Do something creative and
innovative that has never been seen before in your industry. Something
that will set you apart from you competitors, mix things up for your
staff and wow your customers.
• Pay it forward
scholarships and training to high school students who have an interest
in your industry. Sponsor community events, provide leadership on a
local board of directors and become known as a good corporate citizen.
• Go global
Just because you are small doesn’t mean you can’t go global. Expand your business into a new foreign market.
• Get rejected, come back bigger and better
one plans to fail and rejection is no fun but there is no doubt that
both are great teachers. If you have not learned a recent lesson from
rejection and failure, you’re not trying hard enough.
• Figure out this social media stuff
if you’ve convinced yourself that your business does not need social
media, learn it anyway. Help your business benefit from it.
are just five small business bucket list ideas ASBA members shared with
me. The only expiration dates we can count on are those on coupons and
milk cartons. Your business doesn’t come with one. Make the most of the
life of your small business and do what you can to make the journey more
Jerry Bustamante is senior vice president of
public policy and oversees the Southern Arizona office of the Arizona
Small Business Association, 4811 E. Grant Road, Suite 262, in Crossroads
Festival, (520) 327-0222.
Source: Inside Tucson Business