In this column, coach Jody Eagen, relates how his entrepreneur clients have made themselves more effective. In this issue, the coach’s message is that understanding yourself better (including knowing what you love to do and the many strategies available to let you do it) can equal more financial viability in your business.

The last time we met, Atheena, a new entrepreneur struggling with defining her business, had gotten clear on her strengths and on what she wanted. By examining her ‘inner chatter’, she was able to make more effective decisions and really start to build her business. She even brought in a partner who was prepared to invest in and manufacture the product.

Unfortunately, knowing your strengths and what you want, and having that actually meet your financial needs are two different stories. Many entrepreneurs find themselves spending their great strengths in areas of their business that bear little fruit. While they may be getting what they want in some respects, they are pursuing a ‘financially ineffective strategy’.

Atheena’s great strength is creativity. She exercised it in designing her new products, each of them unique from one another. The process was very fulfilling and she was proud of her work. This strategy seemed to be a great way to make a living. But was it?

After the business had been running for awhile, Atheena again worked through the difficult task of forecasting the time and costs associated with her business plan. This time we had more information. The numbers spoke for themselves. Her strategy, although fulfilling, was not viable as it stood. The time spent designing, producing and marketing her products outweighed the financial return.

Luckily, Atheena had already started providing a number of services to clients related to her areas of interest. She now began to see that these other strategies could also meet her need to be creative. She did not need to manufacture products to do that. And there was more. Providing client services met her need for independence and her desire to see the impact of her work. These needs were not always met producing and selling products. All well and good, but she still had to make money. This became one of the criteria for assessing the success of a strategy.

For a time, Atheena continued to balance several strategies. Each strategy challenged her as she experienced them first hand. Whenever she stepped into the ring she learned something new about the strategy and herself. One by one the strategies that did not work fell by the roadside. Trying different strategies and getting a better understanding of who she was, helped Atheena narrow down her choices and, finally, make a decision about the main activity her business would engage in.

During this time, she also created a personal mission statement that expressed the underlying reason for everything she did. She saw that one service she was providing allowed her to live her mission, use her creativity and gain a sense of fulfillment by allowing her to work directly with clients and see the impact of her effort. And, the service was financially viable. She had finally found the right focus and could move forward with confidence.

As you can see, doing what you love does not always mean the money will follow. As an entrepreneur, it’s easy to get caught doing things that are seemingly fulfilling but not serving the bottom line very well. The key to ensuring you do not sabotage the financial viability of your own business is to get to know yourself on a deeper level.