When it comes to naming a business, there are certainly some interesting stories out there.
In Apple’s case, Steve Jobs got the inspiration from a visit to an orchard whilst on a ‘fruitarian’ diet.
Jeff Bezos wanted a name beginning with ‘A’ as at the time websites were listed alphabetically. When he landed on the word ‘Amazon’ – the largest river on the planet – he thought it fit perfectly with his aspiration of becoming the world’s largest book shop.
Starbucks is named after a character in Moby Dick.
Names can be a combination of the founders’ names. They can describe what companies do. They can be acronyms. Or they can be completely random.
So what’s the story behind our name?
There are three reasons why we think it’s fitting:
1. Planning with Purpose
For this we need to take you back to science class… stay with me here, I promise there is a link!
Do you remember the difference between speed and velocity? Brownie points for those that do.
Speed can only tell you one thing – how fast you’re going. And that can mean it can get you nowhere fast. A lot like money.
Velocity is a lot like speed except for one key difference. Velocity has a direction too.
We think your money should be what velocity is to speed. You need a direction for your money – it has to have a deeper meaning. Otherwise, where are you heading and why?
We call this Planning with Purpose.
Our primary goal is to align your money with your purpose.
2. Progress towards your goals
Velocity is the change in position of something over time. That’s a scientific way of defining progress.
If you know where you are headed, then Velocity is getting you to where you need to be. You can figure out if you’re on track and importantly, what you need to do to get back on track.
At its heart, a Financial Plan is simply about progress – making strides towards and moving closer to your financial goals and to living your perfect life.
3. Duality of Financial Planning
We also think that our name tells you something about the nature of Financial Planning. There is duality in what we do for our clients and they couldn’t be more opposite if you could pick them. Just like velocity is a combination of speed and direction, Financial planning is a combination of money and purpose.
Initially you may think that it’s all about the technical or it’s all about the money side. But what becomes apparent is that it couldn’t be further from the truth. Yes, it’s important to get the technical spot on, but we feel that’s a given and the easy bit. After all, money is just a means to an end.
The crucial element of it all is working out what it’s all about in the first place – what’s the end!
What sort of life would make you truly happy and fulfilled and what’s going to give you the courage to live it? That’s what ‘proper’ financial planning will do.
And that’s why we’re called Velocity.