What’s the first step when embarking on a business growth or redesign phase?
The first Golden Rule is – start with the “End in Mind”. It’s critical to have a clear Game Plan – and it revolves around the question “What do you actually want out of being in business?”
So many business owners are unable to state specifically why they are in business, or what they REALLY want out of it. And this isn’t necessarily around money or product sold (though that’s an excellent place to start) – it may well be about handing the business on or selling it, providing a lifestyle for you and your family, time to travel, and a host of other things.
In fact, it might be about “peace of mind”.
The important thing is to define it specifically … WHY you are doing what you are doing. And if this is too difficult to define, the benefits of being in business could well be lost. In fact, you may simply “have a job”.
Do you have a crystal clear “End in Mind”?
Knowing your End Game gives direction – and direction gives focus, meaning you will be far more disciplined and efficient when working towards something that is important to you.
We suggest taking a moment to have a think and write some things down around the question “Why” – so you can be crystal clear on where you are going. Check these out as a starting point:
- Handing the business on – to the next generation
- Enough available cash – to send the kids to school/uni
- Time-out – to travel around Australia or elsewhere in the world
- To ‘cash out’ of the business – to move onto other things or to retire
- To enjoy the rural lifestyle – yet with the available cash to enjoy life
- To acquire another property – or to invest elsewhere in the value chain
- To access an investor – to free up cash for other things (or to bring more knowledge and access to the marketplace into the business) …
The next thing to move onto is – how to get started on this change process.
Has this got you thinking – and you want to know more?
Recently we ran a webinar called “Creating a High Performing Agribusiness – the top 5x ‘Golden Rules'”. You can watch the recording by clicking on the button below.