As a business owner, it's easy to get caught up in the day-to-day tasks of running your business. From production issues to financial struggles, it can feel like you're constantly putting out fires. However, if you don't take the time to look beyond the present, you may end up feeling burnt out and stagnant.
That's where a 10-year business plan comes in. By setting long-term goals for your business, you give yourself a sense of direction and purpose. You know where you want to take your business and can focus on achieving that vision.
But how do you go about creating a 10-year plan? It starts with setting goals in four key areas:
1. Revenue: Break down your revenue goals by location, revenue streams, and programs. Don't be afraid to set a high goal - you have 10 years to figure out how to achieve it.
2. Profit: Set both real-dollar and percentage-based profit goals. Remember, your profit margin may decrease as your business grows, but the overall dollars will increase.
3. Employees: Determine how many employees you'll need by looking at revenue or profit per employee.
4. Key Performance Indicators (KPIs): Choose a KPI that's relevant to your business, such as number of locations or clients.
Once you have your goals set, you can start making decisions based on your long-term vision. You'll know who to hire, what marketing campaigns to run, and where to invest your resources.
If you're struggling to envision your business 10 years down the line, consider booking a strategy session with a business coach. They can help you break through limiting beliefs and identify new possibilities for your business.
In summary, a 10-year business plan is essential for avoiding burnout and achieving long-term success. By setting goals in key areas and staying focused on your vision, you can take your business to new heights.
Kevin Weir - 6/16/2023
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