Do you have a long-term vision for your business?
In our previous article , we listed our favourite tips for easy business planning. This time, we look at bigger-picture planning. If you’re a fly-by-the-seat-of-your-pants kind of person, or you want to do more long-term planning but don’t know where to start, these questions will help you create a compelling vision for the future of your business – and your life as a business owner.
How does reality match up to your early vision?
Why did you decide to work for yourself in the first place? What did you hope to get out of the experience? Now, take a long, hard look at your business to see whether the reality lives up to those early expectations. If it doesn’t, identify some steps you can take, over time, to improve things.
Where do you see yourself in five years’ time?
You probably thought your days of answering uncomfortable job interview questions were over! But bear with us. Because this question will help you envision not just the future of your business, but also your life as a business owner. Perhaps you’d like to be working towards retirement, scaling back your day-to-day involvement in the business, bagging bigger clients, or earning a certain amount of money. You may even see yourself pursuing an entirely different business, and that’s fine.
What’s your dream work–life balance?
Is your work–life balance about right, or does your business frequently intrude on your evenings and weekends? If it’s the latter, you’re certainly not alone, but it doesn’t make for a healthy, long-term approach. Try to identify practical ways you can improve your work-life balance right now (which could be as simple as leaving your phone downstairs when you go to bed). Also, identify some longer-term steps you can take, such as exploring time-saving technology, or outsourcing some of your workload.
What are the biggest threats to your business?
A year into a pandemic is an interesting time to answer this question, since most businesses have experienced at least some disruption. So ask yourself, where might disruption come from in future? This could be from competitors, new technology, automation, new channels to market, or whatever. Then, try to flip each threat into an opportunity to improve your business. How might you capitalise on each opportunity?
At Jupp Castle, we’re a small business too, so we understand the challenges of planning for the future. Let us help you create an inspiring long-term vision for your business – and an achievable plan to bring that vision to life.
(Travel photo created by freepik – www.freepik.com)