I hate to bring this up, but Labor Day is at your doorstep and it's time to get back to the regular grind. Soon, you will be thinking about next year's budget. But before you start working on the budget for 2020, you should be spending time on bigger picture items. As part of your annual business planning system, you should be spending the month of September looking farther into the future than just next year. Here are a few things to spend time on:
Start with questions in mind. Here are a few examples;
Can we improve the bottom line?
How can we double the business?
Can we provide more value?
Are we focused enough?
Can we be more efficient?
Exit planning - Someday you will move on from your business. What would that look like and when would it happen? It's never too soon to start thinking about that.
New business - Can you grow your business through acquisitions or strategic partnerships?
Off the wall ideas - Sometimes the crazy ideas are the ones that can change the game the most and can be extremely impactful. Caution: They can also kill you.
Our days, weeks, and months are busy. If the business doesn't have a system to look at its past performance and future performance, it will have a tough time getting to its destination.
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