Secure and Plan Your Business Future

The previous series covered planning your business future; this series is will cover security.  But the two series together are tied together with today’s post “Secure and Plan Your Business Future.”   Planning your business future helps to secure it.  This helps guide your path so you can reach the goals and reach a planned future rather than a vague moving target.

How Do You Plan Your Business Future?

You already know your why, your ideal client, and what your client wants, but what do you want?  Where do you want your business to be in 20 years?

Yes, you may be panicking over trying to plan next week, but you probably have already heard that failing to plan is planning to fail.  While you may be worried about failing to reach that 20 year goal, planning now will get you closer to that goal than waiting 10 or 15 years and then trying to reach that goal.

Now is the time to dream big! If your goal is small, if you fall short you are extremely disappointed.  However, if you dream a really big goal, and you don’t quite make it, then you are still happy, and if you make the goal? Then you are extremely happy!!

Planning Your Business FuturePlanning Your Business Future Questions:

  • How much are you making?
  • What are you doing?
  • Are you involved in your business or observing it?

It may be that your business goal won’t involve the same business, either because you have plans to sell it or start another one before 20 years.  That is a goal, and while it may not be a goal for your current business, it is YOUR business goal. 

Once you have that 20 year goal, decide what your 10 year goal is.  It should be something that will help you reach that 20 year goal.  Your 5 year goal should be on the path to your 10 year goal.  Continue and plan a 2 year goal, then a year goal.  Then break it down to monthly goals that lead to that one year goal.

What if the Business Future Changes?

The future is unpredictable, but change happens.   There is a reason people create contingency plans.  You may hope you never use them, but you have them if you do need them.  The spare in the trunk of your car is a contingency plan if you have a flat.  If you carry a tool kit, it is your contingency plan should you need tools while on the road. 

As a business owner, you should cultivate alternative plans while you build and grow your business.  This means watching your market and studying related subjects that would allow you to shift to another market should the need arise.  Look at how Kodak shifted their major focus from cameras to printers and many businesses that offer cleaning products shifted to offer greener products.

 

Live, Laugh, Love,

MJ Schrader

 

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2 Comments

  1. Shifting our focus is reinventing ourselves, right? I hadn’t thought about a 20 year plan, I often do good to plan today. But, I think I’ll take your advice and dream big, make a 20 year plan. Thanks for the inspiration.

    Reply

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