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What is your five year plan?

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Situation: Most likely your plans before 2008 involved retirement. Due to the economy that year of retirement most likely changed.

Problem: You are doing way too much in your store right now. It was a fact of life. Jobs and dollars had to be cut to make the business work. As a business owner you took on the brunt of responsibility and ultimately you got tasked with more than you were used to.

How to Fix It: Your goal of retirement should not change.  However, plans help keep organizations moving and growing.  Formulate where your business is going to be five years from now.  With this plan in place you will see a sense of urgency from your staff to achieve whatever goal you have put in place

1. If you have family or employees in the business who are interested in ownership begin determining how you are going to transfer your business to them…or not.

2. When do you want to get out? Don’t worry about when you think you can get out. Pick a reasonable date and then execute a plan to achieve that date. It is hard to follow a map when you do not know which direction you need to head.

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