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Bill, Conversation 10 & The Multiplier Effect

Updated: May 28

Bill runs his small family business. He is one of millions of “underestimated” small business owners who undervalue their worth to the community. Not knowing who he really is to the community keeps him from embracing greatness.

Bill has never stopped to realize his business’s “multiplier effect.” The multiplier effect of small business entrepreneurs is the idea that their success has a ripple effect that extends far beyond the business itself. By creating jobs, stimulating economic activity, and contributing to the well-being of the community, Bill plays an important role in building a stronger and more vibrant society.

When compared to national big-box stores who send much of their profits somewhere else, Bill’s business plays an enhanced role in his local area.

Did you know that the bulk of job creation comes from small business entrepreneurs? According to the Small Business Administration (SBA), 62% of net new job creation since 1995 came from small businesses.

When these entrepreneurs rightly recognize their impact (step one in my Cultivating Impact 6-Step Method for Succession Planning), they often thrive beyond their wildest expectations. Recognizing and embracing their impact in the local economy releases a powerful momentum that can be life-altering.

When healthy entrepreneurs rightly recognize their impact, they begin to see their business as a means of serving the needs of their community. This includes creating jobs, providing training and education, improving infrastructure, and promoting social and economic development. This often elevates leaders of the business to leadership roles in the community.

When you see your business as a means to serve your community, we say that you are doing business as mission (BAM).

BAM takes the entrepreneur to a wonderful new level of living beyond merely making money. Entrepreneurs who achieve BAM find:

  • a heightened sense of purpose

  • enhanced entrepreneurial skills

  • increased creativity

  • deeper faith in themselves and in others

  • improved well-being

Not only does the entrepreneur thrive, but by serving the needs of the community, the business ensures its longevity in several ways:

  • Customer Loyalty

  • Reputation and Brand Image

  • Relationship Building

  • Innovation

  • Sustainability

Achieving business as mission involves three steps:

  1. Profit for a purpose

  2. Bless the community

  3. Advance your purpose

In conversation ten, you will address the above three pillars for building business as mission.

Questions to ask:

  • What is the impact in your community that makes your business worth continuing?

  • What is the multiplier effect of your business in your community?

  • For those leaders in your business who are serving in your community, what is the benefit to them? How are they growing personally?

  • How has having an elevated role in the community forced your leaders to grapple with new issues and grow?

Keep up the multiplier effect!

Harry T. Jones

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