But a business plan can’t prepare you for every decision you’ll face. I’ve found that choosing a word for the year helps me make decisions that reflect the kind of business owner I want to be.

Several years ago, I was invited to speak at a conference. The organizers asked everyone to choose a word or phrase that would inspire them throughout the coming year and share it before the conference ended.

I was intrigued. But what should I choose?

Perhaps I should choose something about getting in shape. I could commit to losing 20 pounds. But the more I thought about those pounds, the more I wanted to eat.

Eventually, two words came to mind: awe and wonder. As I wrote them down, I knew I was onto something.

I wanted to rediscover the sense of wonder that children have. I wanted to appreciate the remarkable things happening around me instead of taking them for granted. And I wanted to be an awesome husband, father, friend, son, boss, partner and business coach.

I went home and taped the words “awe and wonder” to my computer screen so I would see them every day.

Throughout the year, I began looking at situations differently. When difficulties arose, instead of immediately becoming discouraged, I challenged myself to find the awe and wonder in the discomfort. That helped me step back from my initial frustration and think more carefully about how I wanted to respond.

The circumstances hadn’t necessarily changed. My perspective had.

Running a business rarely goes exactly as planned. Customers change their minds, expenses go up and unexpected problems arise. When the pressure builds, we sometimes make decisions we wouldn’t otherwise make. And those decisions say a great deal about the kind of business owner we are.

One business owner I worked with chose focus as his word for the year. When an opportunity came along that promised additional revenue, he had to decide whether taking it on would help him serve his existing customers or distract him from that priority. The money was tempting, but he turned it down.

Courage might mean finally addressing a problem you’ve been putting off, even though you know the conversation won’t be pleasant. If you choose balance, you might start questioning whether every evening really needs to be spent working. And if your word is gratitude, perhaps you’ll make more time to recognize the employees, customers and partners who help make your business successful.

Choosing a word won’t magically improve your business. You still need a sound plan and the discipline to carry it out. But a plan won’t make difficult decisions for you. When those moments come, your word can remind you what matters and what kind of leader you want to be.

Looking back, I wish I had started choosing a word for each year much earlier. I don’t know whether my life or business would have turned out differently, but I suspect I would have approached some challenges with a better perspective.

As you prepare for the coming year, choose a word that challenges you to do something differently. Write it somewhere you’ll see it regularly, just as I did with “awe and wonder.” When you face a difficult decision, ask yourself whether your choice reflects that word.

At the end of each month, ask yourself whether that word has influenced your decisions. If it hasn’t, what could you do differently next month?

Your business plan will tell you what you want to accomplish in 2027. Your word can remind you how you want to accomplish it.