For many small businesses these past few years have been an economic nightmare. Survival has been the main focus. Now is the time to start working on building a business that will last. Let’s start this building process by answering a few questions.
- How old will you be in 10 years?
- What will your company look like in ten years?
- Will you still be active in your business in 10 years?
- What will your role be?
- What do you want out of your business?
- What will your customers/clients look like in ten years?
- What changes do you foresee in your industry?
The first step in sustainability is for you to answer these questions; allow a week and work with your coach to dig deep within your mind and heart. When these answers are analyzed, then it’s time to build upon this foundation. There are several characteristics that are important to building an enduring business:
- Consistent profitability: this means more than just covering your expenses each month. This means that there is a company profit which shows an increase each year. That figure should be part of your goal for the next year.
- Saleable business: I often mention that you should run your business with the thought of selling it. That will help you focus on the overall management, systems and accounting that you put in place.
- Clients/prospects that are loyal to you and that tell others about your business.
- Employees; feel like they are part of the business and know that there is room for them to grow with the business.
- Diversity of customers/clients: sustainability is having a business that will continually attract a diversity of customers/clients. Otherwise, you can grow your business into a corner and not have the potential for new clients.
Creating a picture of yourself and your business ten years into the future may be hard, but focusing only on the present will not allow you to do the proper business and marketing planning that is necessary to survive.
When GOD solves your problems, you have faith in HIS abilities; when GOD doesn’t solve your problems HE has faith in your abilities.
Nick J. Petra CFP Join the Strategic Duck client family… visit us at www.strategicduck.com