Delivering the How – the Strategy and the Tactics

It’s impossible for anyone to solve a puzzle if they are missing pieces. The road to prosperity is littered with the corpses of businesses who simply were not aware of or armed with the necessary tools to achieve success.

The road to success can be achieved, when businesses clearly understand and identify all of the elements needed to complete the puzzle and effectively execute the grand plan.

Clearly understanding your business can be interesting. In fact, it can be exciting!

When you get the feel for the results that can be achieved through small adjustments in your business, you will see strategy and advice in a whole new light.

Strategy is often cited as a main source of stress for business owners. This stress is often counterproductive and takes your focus away from other valuable activities that produce your results.

It is important to visualise how business strategy and advice from professional advisers can fit within your business model. From there you will gain a clear understanding of the strategies and collaboration that you can put in place to ensure your business is a powerhouse!

Some interesting facts…

  • There are almost 3 million small businesses in Australia of which over 70% do not have effective succession plans in place.
  • Most of these small businesses are owned and operated by single family or multiple family groups.
  • There are a large percentage of business owners who are now aging (e.g. baby boomers) who need to give serious consideration to succession planning and to unlocking some of the capital and wealth built up inside their business.

Let’s face it, investing the time to develop a succession plan is one of the most important financial decisions a business owner may ever make.

Asking questions (HOW) can help you understand the actions to be taken to deliver the WHAT – the desired outcome (if you haven’t already read our article on the WHAT – Creating Value Comes First – click on this LINK) :

  • How are we going to achieve this?
  • Do you / we have a documented business plan?
  • What are the specific actions to be taken?
  • Who is accountable to deliver?
  • Is this all reliant on me?
  • Who can we engage to help us?
  • How do you build genuine business relationships?
  • Do you and your strategic partners have a good relationship and communicate clearly?
  • Who is your business most useful or valuable to?
  • Do you know what your business in worth?
  • Do you have a clear outcome in your head that is documented and clearly communicated?

Succession planning is a holistic process to help you align your personal and financial goals within your business. A strategic succession plan is a vision of the future, broken into the steps required to achieve that vision. To maximise the value of your business upon exit you must plan your exit long before it happens. This will allow for a smooth transition and will also give you a much better state of play should anything unexpected happen.

This brings it back to Begin with the End in Mind”

Peter

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