Take a moment now and envision your company’s future. Then answer the following questions.
When do you want your vision’s end game actualized? I recommend in 2-5 years.
Do you want a lifestyle business, one that you will be involved with for the foreseeable future, or do you want to build up your current business and sell it? If you want to build to sell, using 5 years as an example, what financial amount do you want to sell it for? To whom might you sell it–what type of company do you sell to?
Why do they buy your company? What do they get, specifically, from buying your company? Perhaps a huge database of repeat clients? A diverse product line? A well-known and powerful brand? What are the assets the acquirer is gaining?
How does it feel to achieve this vision? How do you and your loved ones benefit?
How are celebrating the success of this vision? Can you now afford things you couldn’t before? A waterfront home in a gorgeous location? Providing an exceptional education for your kids? Taking your partner or spouse on exotic vacations? Making a large donation to a non-profit that inspires you?
What hurdles might stop you from achieving this vision, this glorious end game? What strategies can you implement to prevent, blow through, jump over, walk around these hurdles?
Write your vision down, look at the keys to your end game every day: in how many years you exit your business (or if a lifestyle business, when you have achieved your greatest revenue goal); what the amount of your exit or peak revenue is; and if selling, the type of company you sell to and what assets they now enjoy.
This will guide how you shape and grow your business. Let’s drill down on exactly that—starting with your business model.
Your business model will make or break you—and it may change often as you adapt to market shifts, launch new products or services, and respond to competitive threats. Your people will help you execute your business model. As I explain in our Team Essentials module, you’ll be constantly training and hiring people as your company’s needs evolve. Your money will come from financing as well as from sales, two topics I address in the Financing and Sales Essentials modules.
To YOUR continued success,
Christine Comaford, CEO Freedom Fighter!
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author