Welcome to the Cultivating Business Growth Podcast.
We are so excited to kick off our podcast with this 10-Part Strategic Planning Series! We cannot wait to share our passion for business planning, growth, and constantly working to balance lifestyle with you!
About this podcast:
We will release weekly episodes every Monday and decided to kick everything off with a 10-part series focused on strategic planning. In this first episode of the Cultivating Business Growth Podcast, we are talking about the vision and long-term business goals. Feel free to listen to the series as a whole, or just grab the episodes you feel you need right now.
As you might know, we are business advisors, who also happen to be CPAs. Our success in our 100% virtual firm is largely due to our unique approach in serving our clients and looking at their business as a whole. We talk to many people who are surprised to hear about our strategies and approach as CPAs and thought it would be great to share a different perspective on business growth strategies to business owners at every stage.
What we cover in this episode:
- 05:00 – Where to start when establishing a vision and long-term business goals.
- 10:30 – I have my vision. Now what? How do I establish long-term business goals?
- 15:00 – Why this is crucial and what it could ultimately mean for you to accomplish these goals
We have created a free, pdf worksheet that we used for ourselves and what we work through with our clients. This walks you through specific questions you should be asking yourself to establish your vision and long-term business goals.
DOWNLOAD THE FREE WORKBOOK: Defining Your Vision
This is one of the first crucial steps you must complete in your business so you have a concrete destination in mind. We are offering this free workbook to assist you in defining that vision for your company.
Where to start when establishing a vision and long-term business goals
Take some time to go back to square one and determine your personal drivers first. Why are you in business or what inspired you to go into business? What initially drove you to do this? Sometimes that purpose can get lost as you scale or in the minutiae of running a business but you need a solid purpose that motivates you. Here are some questions to ask yourself to decide where you’re going and how you’re going to get there.
- Have you dreamed of this since you were little?
- Are you looking to create something new?
- What was the purpose? What was the intent?
What is the vision for your company?
After tackling your personal vision, next it’s time to think about your company. What is the purpose of your company? What is the impact you want to make in the world? While your business and personal life are very intertwined, your personal vision may be different than the vision for your company. What is the company’s ultimate goal? This definition is crucial not only for yourself, but so that you can tell your clients, employees, and the world. From there, you can ensure everything within the company is aligned with this goal. The important step here is to get it on paper! Don’t worry about a lengthy vision. It should be simple and concise.
I have my vision. Now what? How do I establish long-term business goals?
There are many analogies in the business world, but your vision is your “destination” which allows you the opportunity to create a roadmap from where you are to where you want to be.
This is why establishing a concrete vision and writing it down is so important. Now, it’s time to create goals that will get you to this vision. We start with long-term business goals, which in this fast-paced world, are about 3 years out.
Where do you want to be in the next three years to step toward your ultimate goal. You want to incorporate your personal vision into these goals as well. Look at what you want your personal life to look like? How many hours do you want to work? Do you want to take Fridays off? Define what you want in life and build the map to get you there.
We want to reiterate – Put it on paper! Write it down. There is something about putting things on paper that helps solidify your plans.
Challenges & Solutions
Challenges and solutions are important to consider at this stage. For example, you may be thinking about opening another location. A large goal like that means thinking about financing, price point, and whether you want to purchase or lease, among other things, all of which takes time. For example, there are certain things you need in place to get lending, like getting financials in order. That may be a timeline you need to work back from to determine your needs and implement deadlines to ensure you stay on track.
This process is work. It will take a few hours to establish these ideas, goals, procedures, and timelines. You want to focus on why are you doing this though. Take a step back, look at the ultimate destination. It will give you perspective and keep you motivated.
Don’t forget to download our free pdf workbook that will help you establish your vision. Then, listen to episode #02: Strategic Planning – Goals for the Next 12 Months to begin breaking this down into a 12 month plan.
Links mentioned in this episode:
- Episode #02: Strategic Planning – Goals for the Next 12 Months
- Episode #03: Strategic Planning – Goals for the Next Quarter