Why do you own a business? Have you ever sat back and reflected on this point or do you follow a specific roadmap?
Perhaps your business gives you cash now to provide for your family or perhaps will provide a lump sum if/ when you exit the business in the future.
Having a business,is not necessarily the important thing – the important this is how this business will provide for you now and into the future.
Your plans for the future or where you will finish your career is what we call your "end game’.
Your plans for the future or where you will finish your career is what we call your "end game’.
Many business thought leaders, experts and our own Irish business leaders tend to indicate that one benefit "of having a business is to sell it – even if you don’t want to right now".
This could allow you to provide for a comfortable retirement or reduce/ eliminate any debts you may have. It is hard to plan for this now as we tend to focus on what will impact us in the short term. Taking a more strategic approach will enable you to plan for the future.
The decisions you make now can have a tremendous impact on your future, your goals and where you see yourself.
So this next piece is the primary challenge I have found with business owners. They are successful and a key part of the business, but sometimes to their detriment.
The biggest thing you can do is to make changes so that your business does not depend on you. If your business needs you to operate – can you exit easily. The unfortunate answer is no.
How do we solve this challenge?
- Set up systems and processes
- Train your team to follow the new systems and processes
- Delegate to the right team members
Over time this will help you move away from the business operations and build a team who can thrive without you.
Would you like advice or a sounding board for you plans for the future?
We are here to help with your questions anytime so drop me a line anytime.
Paddy Gahan (paddy@gahan.ie)