Most small businesses start almost by accident or out of necessity. They then tend to grow organically, with bits and pieces being added to the pot as the business evolves.
Rarely is any business designed from the beginning, but if you want to build a commercial profitable enterprise that works without you, I do recommend you start with the end in mind.
What do I mean by that? Well, start by thinking about your personal goals, the lifestyle you hope to enjoy and then align these to the business goals. Consider what the business has to look like in order to support this lifestyle.
How much money will the business need to generate to give you the financial freedom you desire?
How much time will you need away from the business to do the things you want to do?
Are you hoping to pass the business on as a legacy or sell it in 5 years?
Realistically, it’s unlikely you will be able to fulfil all these requirements immediately. However, if you have them in mind, you can start to plan accordingly and lay out the action plan that will get you to the end goal within your preferred timelines.
Once you have the initial plan in place, I then recommend an annual realignment of your goals where you review and update, or even add to, your personal goals and track whether the business goals remain aligned with these.
Look, you may not be 100 percent sure about all your dreams when you start the alignment process but what is important is to start right now!
If you want to read more about effective goal setting, check out our previous blog – Goal Setting for Success.
