Hopefully, you are beginning Stage 13 with a new-found sense of priorities around how you are using your valuable time. In Stage 12, we talked about how to focus your attention on those things that are Important but Not Urgent in your business. Those things that will shape your future and motivate your team. If you missed the last stage, then take the time to go back and check it out.
Now, we are moving forward to a new area of Mastery – Destination Mastery. Many business owners are running their business without a clear idea of where they intend to take the business. Often times, we get so buried in the day-to-day that we forget why we went into business in the first place.
Take time this week to focus on your future. The clarity you get from doing this may just change the “so what” for you in your business. I can’t tell you how many times I’ve asked a business owner, “So what do you want this business to be in 5 years?” and they cannot answer the question with clarity.
What you ultimately intend to do with your business is critical to many legal and financial aspects of your business. Let’s face it, everyone will ultimately transition their business. We all will experience a final transition. You can choose to either PLAN for your preferred transition or you can let it just happen to you.
Here a couple of question for you:
● Are you thinking of expanding geographically?
● Will you be opening new offices and if so, ideally where?
● Will you be expanding into new product areas?
● Are you planning to grow organically (internally) or through acquisitions?
● How aggressively are you planning to grow the business?
● Can you see how answering these questions with conviction and clarity would motivate your team members?
Here’s Your Profit Tip of the Day
People like to work with those who have a VISION and a DREAM for the future. It generates excitement and allows your team members to see themselves as a bigger part of a business that is going somewhere.
One of your primary roles as a business owner is to create the VISION and PICTURE of the future that is exciting and compelling – one that is motivating to those on your team to do whatever it takes to make it happen for and with you.
Once you get the picture clear in your head, then share it with your team – on a regular basis. Show them frequently how with their help, you are making progress towards the big dream. Let them see themselves being a part of the success. Their productivity, commitment, and passion for your success will rise to heights you have never seen before.
Meanwhile, behind the scene, dedicate some of your time to seek out wise counsel on how to best structure your business entity, your financials and your ownership structure for an orderly transition to your ultimate exit strategy.
Let me be clear. It is critical that you have the legal, financial and ownership issues in place well before you plan to exit your business. It will lessen your stress level, reduce your expenses related to the transition and make it a pleasant experience. If you wait until the last minute, I can promise you, it will not be easy, fun or stress-free.
To get more tips on how to improve your leadership skills, your team engagement and your business results, go to my website, www.tourdeprofit.com and you’ll find lots of free stuff there.
And when you’re ready, join my FREE, private Facebook Group called The Peloton. It’s where business owners like you are learning, sharing and working together to get better every day! Here’s the link: https://www.facebook.com/groups/jointhepeloton/
Come on – join us! And remember, whatever you do, RIDE HARD!