While many business owners will have a business plan, on a far broader level, what do you want from work? We all want different things from our labours …some want to get rich, while others just want to make it through to the weekend. Only by beginning with the end in mind, can we put the stepping stones in place so we can get
For instance, if your dream is to eventually cut back your working hours while still maintaining ownership of your business (sort of like a passive revenue stream) then you’ll need to ensure that you have systems and procedures in place so that your business can run independently of you. Systemitising your business in this way is a massive task, so you’ll need to get started. On the other hand, if you are planning on selling your business in the near term and living off the proceeds, then you need to make your business “sale-ready” so that prospective purchasers will be attracted and you maximise the sale price. There are many steps to take in doing this (speak with your accountant for direction). Alternatively, if you’re in it to get rich, then you’ll need long-term strategies in place to aggressively market your business and attract new customers.
Take some time this Christmas to reflect on the end you have in mind.