Building a Business

What It Really Means to be a Thriving Company

Joe Collins, CPA, CA
December 5, 2019

Affiliate disclosure

Building a thriving business means more than just making money (although that’s a big part of it). Here are the other factors that make for a thriving business and some steps to bring you closer to a business that works for you.

Thrive is our final stage of the Entrepreneur's roadmap. It’s the ultimate goal - it’s the stage where a balanced life and sale ready business lives. It’s where vacations, weekends and tech-free Thursdays exist.

So what does it mean to be a business that is thriving?

It means having Time, Money and Purpose.

Think about it for a minute. Why did you start a business in the first place? Chances are it was for one, or all of these reasons:

  • It was a chance to make a difference
  • It was a chance to make more money
  • You wanted to have control over your future and your earnings
  • Because you saw a problem in the world you could help solve

But it’s only when you achieve success in all three areas (time, money, purpose) that you’re truly thriving as a company.

Three is a magic number after all.

Here’s how it works.

Money: Running a business is hard, you should be rewarded

Your business should make you money. It should make enough money to sustain itself, plus give you what you desire out of life. When you’re at thrive stage, your business is profitable, it has consistent cash flow, and it is valuable to potential buyers.


Money Alone means squat - you need time

Your business could have a tonne of money in it, it could be providing you with exactly what you desire out of life - but if you don’t have the time to enjoy it, what’s the point?

The world is littered with stories of “successful” business owners who made a lot of money, but lost friends, family, and health in the process.

Learn from these cautionary tales! Money can not cure all, you need to have time as part of the equation.

Money + Time is true wealth. You have the money you need to do the things you love and the time in which to do it.

What if you want more? Cue purpose.

I don’t know about you, but I still want more. I want meaning in my work.

You could be in a situation where you’re making money and have time to enjoy it, but you still feel pretty empty because your work has no meaning. Having your work has meaning and purpose, it won’t actually feel like work at all. Your work will have its ‘why’.

We all have a personal desire to help, to be of service and be important in other people’s lives. At Avalon, we believe one of the best avenues for making the world a better place is commerce.

Small businesses have a unique ability to serve communities through great products and services and employ people in the process. Being small is their greatest strength: they’re adaptable and stay close to their customers. This gives them the ability to quickly respond to customers and come up with innovative solutions to their problems.

Purpose trumps passion. Business owners can get down on themselves about what they do. They don’t always feel they can be passionate about the ‘mundane’ service they provide. Well, passion is overrated anyways. Purpose is where it’s at.

If you clean gutters for a living, you may not be super passionate about the job. But you can have purpose. Your purpose is a matter of perspective. Those clean gutters help people’s homes be functional for years to come. Without you, those homeowners would be lost.

Money + Time + Purpose = Thriving, but how do you accomplish this?

If you don’t feel you’re at thriving stage yet, like something is missing from the equation, here are some steps to get started:

  1. Have a vision: What does success look like to you? Imagine it’s 5 years from now: How much money do you have? How are you spending your time? How is your work meaningful to you?
  2. Define your present state. This may be uncomfortable because it may be a long way off from your goal. Get cozy in this discomfort to define it. Take a look at the Entrepreneur's Roadmap and tell us where you feel you’re realistically at. We can help you figure out number 3...
  3. Explore the delta: The difference between where you are now and your business reaching thrive stage may be large, but putting it out there will make it real. You can start coming up with ideas to bridge the gap - you have time.
  4. Work backwards: If you want to be somewhere in 5 years, where would you need to be in 4? If you need to get to that point in year 4, what does year 3 look like? Keep going back in time until you reach a point at which you can identify where you need to be in 3 months. Now set yourself 3 mini projects for this quarter to accomplish. When you complete those projects, not only will you be closer to your thriving business, you’ll know more about what your next 3 month goals should look like.

And finally, some across-the-board tips for success wherever you are in your journey

  1. Get the facts: Good reporting will keep you honest, so get to know your numbers. Suggestions on where to start: what’s your profit and how many hours a week do you work?
  2. Be accountable: Find someone to keep you accountable. Business partners, accountants and executive coaches are great examples of people you can bring in to help.
  3. Track your progress and celebrate your wins. Stack the deck in your favour. At first, start with ridiculously simple goals and celebrate when you achieve them. Start to stretch yourself after building up your own culture of winning.

If you’re mindful of all of these areas, and you always begin with the end in mind - you’ll get there and if you need reminding that the Thrive stage really does exist, we’re here. Reach out and book your consultation now.

Work With Avalon

Our goal is to help small businesses thrive, and we want to help as many businesses as we can.

Here are a few ways that we can help ⬇️

🤝Hire Avalon
We offer full-service bookkeeping and accounting services for small businesses in Canada.

We start by helping incorporated businesses navigate the maze that is tax compliance in Canada. We provide clarity on your business' financial performance so you can make informed decisions with the guidance of our expert team.

If you're interested in hiring Avalon, check out our Services Page or get an idea of the Service Packages that we offer.

🏫Learn New Skills
For those wanting to learn the skills needed take on your own bookkeeping and accounting, we offer online courses.

We've taken our years of experience working with hundreds of small business owners and distilled them down into practical online lessons.

Check out our Business Courses page to take your skills to the next level.

📖Share Our Knowledge
We know that being a small business owner is challenging.  There are so many hurdles to overcome and questions to answer when running a business.

We aim to help as many business owners as possible to overcome those hurdles and answer those questions by sharing our knowledge.

Check out our Blog, YouTube Channel and Downloadable Guides that have helped thousands of people get answers to their questions.  

You can also sign up to our Weekly Newsletter to get tips from Joe on building a successful business.

We speak in plain language and put out the most useful content that we can.

Thanks for reading!
Article by
Joe Collins, CPA, CA
Originally published
December 5, 2019
If you enjoyed this article, please consider sharing!

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