When people start a business, they typically would have the one or more of the following objectives:
- To create a regular income stream greater than the amount you would earn as an employee;
- To have the managerial freedom to make the decision you believe to be correct;
- To develop a long term business;
- To develop an asset that has a marketable value that you can sell or transfer on to your family, and, most importantly,
- To undertake a business activity that fulfills your life’s purpose and provides you with personal satisfaction.
Each of these objectives faces major challenges – how do we meet those challenges?
There are a number of alternatives open to any business owner, but there is one absolute: no alternative is as successful as it could be without adequate and timely planning. Periodically, review your strategic issues and challenges. It is important to understand where your business is now, where you want to be in the future, and how you are going to achieve your goals.
How about you – what is the biggest challenge you face as a business owner? Have you set aside the necessary resources for planning?