Have you ever wondered about the origin story of your business? What drove you to start it in the first place? It’s a question that we recently discussed in our morning meeting of how Leenane Templeton started. It’s a question that often gets overshadowed by the day-to-day hustle and bustle of entrepreneurship.
Many entrepreneurs set out on their journey with the goal of building a better future, pursuing a passion, or gaining financial independence. More money, more free time, and more control over your work are often the driving forces behind starting a business. In an ideal world, you’d have it all – control, shorter work hours, more money, and the pursuit of your dream job. But, as many entrepreneurs can attest, the reality often doesn’t quite align with this picture-perfect scenario.
In most cases, business owners find themselves working longer hours, struggling to maintain their income, and feeling like their business has taken control of their lives. Instead of answering to a single boss, they now answer to a multitude of customers, each with their own demands and expectations.
Owning a business provides you with more control, but it also comes with increased responsibilities and obligations. The workload can be overwhelming, but it’s a part of the entrepreneurial journey. So, how can you navigate these challenges and ensure your business doesn’t become a burden?
This is where consulting with a trusted Leenane Templeton adviser comes into play, after all we have been through this process ourselves and also with many of our clients. Our advisors can help you tackle seemingly impossible situations and give you choices, taking the fear out of the equation.
Your business likely started as a dream, one that probably didn’t involve becoming a slave to your work or earning less than your previous job. It’s essential to reflect on your initial motivation and assess where your business currently stands.
Take a moment to relax, reflect, and think about the direction you want your business to move in. What are your long-term goals? Once you have a general idea, it’s time to put some effort into planning how you’ll get there. Think about where you want your business to be in five or even ten years.
As Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” This timeless wisdom holds true for businesses as well. Regardless of your business’s stage, revisiting the planning process can be a valuable strategic tool. Every business needs regular planning to thrive. A well-documented business plan can significantly improve your chances of achieving your goals.
Your business plan should outline your strategy for the next few years. It can be a tool for seeking financial support or simply a roadmap for your business’s growth. The plan should spell out your objectives and the necessary actions to take your business from its current state to where you envision it.
Creating a business plan can help you focus, clarify your ideas, and identify priorities. It will give you a sense of direction and a benchmark to measure your progress.
Don’t forget – while there are ideal times to prepare a plan for your business, it’s never too late to start. Consider developing not only twelve-month plans but five- and ten-year plans as well. If you need assistance with reviewing your business plans, don’t hesitate to consult with LT trusted business advisers who can guide you on your journey to success.
Disclaimer:
The information contained in this publication is for general information purposes only, professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.