So you're in business, now what?

Congratulations on joining a unique group of people who have chosen to go out on their own and create their own business. While people who choose this path have varied reasons for doing so, there are often a few key motivations that resonate with all business owners – including flexibility, freedom and the opportunity to shape their own destiny.

So now you’ve made the decision to strike out on your own, what do you do next? Your first most important steps are to identify your key goals so you can focus on the right priorities. You need to consider where you are now (current position), where you are going (compelling future) and what you need to do to achieve your goals. Now is the perfect time to sit down and map out your business.

Start this process by asking the following key questions:

1. What is your WHY - What business are you in and what motivates you?

   1. This refers to more than just the product or service you provide. Ask yourself, what lights you up?  What feeling drives your business and how does this align with your values?
       

2. What is your current position – Your “NOW”

   1. How is your business doing? Do you know what your key sales products/services are, your margins, your overheads and fixed costs, your staff productivity? Do you know exactly how you make money?

   2. How is cash flow?

   3. Can the business run without you?
       

3. Your Compelling Future: Where do you want to go?

   1. What is the size of your business - sales, staffing, profit?

   2. How do you fit? Are you a leader, inspiring others to effectively carry out work to achieve the business goals, or are you more of a hands-on ‘manager’?

   3. Are you growing your business to sell or is your focus more on having a ‘job’/income?

   4. Do you want to be an owner or do you want to be an operator?

   5. What is your exit plan? Thinking further into the future is an important aspect of running a successful business.

Once you've answered these questions, take the time to work out how you get from where you are now to where you want to be.

Create actionable steps using a road map approach. Break it down by areas of the business, and work through what you think you need to do to get it to where you are heading.

Think of tools you can use (strategy planners, books, online learning), advisors and mentors or coaches that can help you work through this process so you do not get caught out by any blind spots. Then implement! Be sure to review and adapt as required.

We strongly recommend you get advice as you go. Be honest in reflecting on your achievements and what you need to do next to continually improve your business and build on success.