If your business is your “retirement fund” or your key to a more passive income (that is, you don’t need to be there 100% of the time to make it work), then it’s essential you put some thought into how the business operates now and where it should head in the future.
If you want to take your business to the next level then proactively thinking about your plan will give you the key to taking advantage of opportunities that come your way.
We all know that plans don’t always work out the way you imagined they would; however the process of thinking through potential scenarios means that you are much more prepared to make the best decision for you in the moment that opportunities arise.
When you develop those scenarios and plans there are a few aspects you should consider.
Practicality. This is the actual execution of the plan. Do you have the people, skills, knowledge & resources you need?
Balance Sheet effect. How the plan impacts on your assets & liabilities. Does the plan build strength so that you achieve a return on your investment, get financier support and so on?
P&L effect. How the plan affects your business income, expenses, profitability and bottom line. What line items are affected by the plan and what might you need to do?
Cash flow effect. How the plan impacts your cash flow. Often there’s an upfront cost to recoup over time; how can you best manage that for you?
You’re the expert in the Practicality aspect. We’d love to be your sounding board in the other aspects so that you are clear on the ramifications & can plan your actions to get the best result for you.
Your “retirement fund” will love you for it!