New Year's resolution: Building a future for your business
As the business owners among you know, when you run your own business it’s quite likely it will be one of the top three consumers of your most precious commodity – your time.
And in relation to the things in your business that you most regularly deal with – it’s the urgent stuff that will tend to take priority. The phone calls, the e-mails, the urgent client or customer meeting – sound familiar? You are not alone.
While some of those issues will be urgent, it’s unlikely they will all be. And if you predominantly devote your time to the urgent stuff, when do you get to spend time on the other important things that aren’t quite so pressing?
For business owners, these tend to be issues such as plans for the future of the business or business interest. Is it to be sold – and if so, will it have a value or a buyer? Is it to represent a continuing source of income? If so, how will this be affected by your health, enthusiasm and ability to work?
Without serious thought and even more serious planning, what you would like to happen probably won’t. While it may not be urgent, planning the future for your business that you want is certainly important.
Now, here’s an idea for a New Year’s resolution… take some time out with your financial adviser to consider these issues. Start by clarifying and articulating your vision for your “business future” and move on from there. The need to take the first step in this process is both important and urgent.