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Believe it or not, many business owners run their businesses 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. Before you go on, take the 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…. where do you want your business to be in 5 years?" and the owner cannot answer the question with clarity. Even scarier is when the business owner cannot answer the question, "What is your ultimate exit plan for your business? Are you planning ultimately to sell, transition to your children, go public, or what?" Have you thought these through and come to a good answer for your specific situation?

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, either by death, divorce, sale, closure, IPO, employee buyout, transfer to family or friends, the list goes on. You can choose to either PLAN for your preferred transition or you can let it just happen to you or your spouse. I would suggest that planning for it has far more near and long term benefits than taking a "whatever" attitude.

Let's focus on the positive aspects of the future. The first thing you need to have clearly in your mind is your growth goal. Your team members need to know what your plans are for growth. 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 or mergers? 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? Some may be scared by your big plans, but I can assure you, people like to work with those who have a VISION and a DREAM for the future. It generates excitement and gets people seeing themselves as a part of a business that is going somewhere and will be part of their future. How energizing is it to just come into work day after day as compared to being a part of something that is growing and has a PURPOSE and a GOAL?

As the business owner, your primary role is to create the VISION and PICTURE for the future that is exciting and compelling - motivating others to do whatever it takes to make it happen. Without your clear idea of your FUTURE DESTINATION, everything falls flat.

Once you get the picture clear in your head, and then share it with your team - on a regular basis. Show them how you are making progress towards the big dream. Let them be a part of your dream. Let them see they are an integral part of the success. Their productivity, commitment and passion for your success will rise to heights you have never seen before. Once they catch the Dream Fever … your role shift to “enabling their success”.

Meanwhile, behind the scene, dedicate some of your time to seek out wise counsel on how to properly 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 proper legal, financial and ownership structure 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, it will be anything but easy, fun and stress-free.

Take time this week to get your thinking straight on where you want to take your business - in the near term and over the long-term. Go all the way to your ultimate exit strategy. The effort you put forth during this will pay you dividends for years to come!

Remember, my goal is to help you THRIVE not merely SURVIVE!
We “Guarantee” our results!!  Contact Jay for a Complimentary Coaching Session (CCS) to show how Coaching is “self-funding” through bottom-line impact in 17-weeks or less.  Guaranteed!! , or call my cell at (949) 422-1167.  Don’t WASTE any more of your most precious resource, Your Time!!

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