Many successful business owners are successful because they think about things differently than most people. Others may recognize your personal brilliance and say to themselves, “I wish I could understand how she does it.”
This “secret sauce” can be a great differentiator. However, when it comes to planning for your successful future, it may also be a roadblock.
Today, we’ll examine a few strategies that can help you leverage the methods that contribute to your unique success into a planning process that lets you pursue your goals on your terms.
When it comes to long-term planning for future success, documentation is key. This can be challenging for business owners who tend to work in a more stream-of-consciousness style. For these kinds of business owners, documentation can seem constraining.
However, as your business grows—and with it the stakes that determine your success—having a method to guide what makes your business successful becomes more important.
For example, say you’re the creative force behind business-development concepts at your company. You might come up with your best ideas after 3 hours of sleep, 15 cups of coffee, and an intense brainstorming session with trusted partners.
After going through this process, you’ll likely need to guide others toward how to implement the ideas that come from the process. It’s unlikely that the people who will implement the ideas will be able to do the exact same things you do to rouse the muse.
Having a documented method to pursue your great ideas is key to consistent success. It gives others who may not have the same strengths as you a way to make your ideas come to life. It can also insulate your company against risks, such as if you were to fall ill for an extended time and couldn’t be the catalyst.
Successful business owners often recognize that they can’t do everything themselves. This recognition is an important touchstone for continuing business success. It allows business owners to search for and implement next-level managers to keep moving the business forward.
If you find that your business isn’t quite executing on your ideas—or perhaps you’re having difficulty articulating what you need the business to do—next-level managers could be the solution.
Next-level managers have proven track records of solving problems relevant to their field of expertise. Their presence can strengthen a company both because of their inherent expertise and because they may have the skill to clarify and implement your unique strategic style.
Even if your processes make sense to you, it’s a prudent strategy to explain those processes as clearly as possible to others to reduce risks. This can be a challenge if you tend to view and do things differently. That’s why it’s critical to ask for help when necessary.
In certain aspects of planning for a successful future, objectivity is key. For example, reducing your tax burdens is a crucial step toward your goal of financial independence. But these methods can be complex, and without proper guidance, you may position yourself to miss opportunities to reduce your burdens.
We strive to help business owners identify and prioritize their objectives with respect to their business, their employees, and their families. If you are ready to talk about your goals for the future and get insights into how you might achieve those goals, we’d be happy to sit down and talk with you. Please feel free to contact us at your convenience.
The information contained in this article is general in nature and is not legal, tax or financial advice. For information regarding your particular situation, contact an attorney or a tax or financial professional. The information in this newsletter is provided with the understanding that it does not render legal, accounting, tax or financial advice. In specific cases, clients should consult their legal, accounting, tax or financial professional. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. Exit Planning is a discipline that typically requires the collaboration of multiple professional advisors. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice that you need.
We help business owners plan for the single most important financial event of their lives – the transition out of their business.
Any examples provided are hypothetical and for illustrative purposes only. Examples include fictitious names and do not represent any particular person or entity. Copyright © 2023 Business Enterprise Institute, Inc. All rights reserved.
Get in touch today and find out how we can help you meet your objectives.
