Begin with the End in Mind
You’ve heard this saying – and Steven Covey made it famous as his Habit #2 in the 7 Habits of Highly Successful People (which I strongly recommend as part of your New Year’s reading).
What does this mean for your business?
For the past 3 years, private companies have dealt with round after round of shock and awe from the global economy, COVID, changes in labor conditions, inflation, and shifting consumer and business habits. I bet you’ve just had your head down trying to pivot and survive and capture whatever upside you could find in those shifts. Now is the time to lift up your head and stretch for the horizon!
What are your long-term goals and how will you get there?
If your goal is to keep the doors open until next month, that is likely all you will accomplish.
If your goal is to build a well-run, process-oriented business that can be replicated, that is what you will accomplish.
To make a bigger goal, ask big questions then assemble your Advisory Team to help you answer them and set a course
- Do you need more capital?
- Do you need more employees?
- Can you expand to a different location?
- Are there other similar businesses I could buy?
- Am I a target for someone to buy?
- When do you want to retire? When does your spouse want you to retire?
- Do you have key employees who might want to become owners?
- Is it time to prepare for a sale (in 6 months to 3 years)?
Goodrow Law can be a leader on your #team of Trusted Advisors.