Pivot Into Profit- Episode 5
Welcome back to the fifth episode of the Pivot Into Profit series!
This mini series will focus on: critical mandates for cash flow, important requirements to run a successful business, cash goals, creating an action plan and everything in between. Be sure to check out episode 1, 2, 3 and 4 if you missed it last week (linked above).
Think Long Term
In this week’s episode we are discussing the importance of strategic planning or long-term thinking.
As entrepreneurs, our days are busy and more often than not we walk into each day with a plan. But let’s be honest, how often do you actually follow that plan to its entirety?
The truth of the matter is so many urgent things pop up day to day where we feel as though we must push everything to the back burner.
This week we are going to discuss the importance of strategic thinking or long-term thinking. Now you’re probably thinking, “I simply don’t have time for a lunch break, how do you expect me to devote a couple of hours of my time to do some long term thinking for my business?”
But the reality is, strategic thinking will actually benefit you in the long run.
Now we know day-to-day operations are consumed by the most urgent problems rather than managed by a plan we have created. However, if your goal is to have the business operating at a $3-$5 million dollar level in 5 years, how do you expect to get there without a plan?
You must develop a performance plans that supports that goal.
A business plan and/or a strategic plan is a road map, simple as that. This is a necessity for any business. Without a solid “future picture” of where you want your business to be in 1, 3, 5 or 10 years, you’ll never know if what you are currently working on will help or hinder your long-term goals.
This ties into your vision statement of where you envision your company. Once you take the time to know where you want your company to end up, we can map a profit plan to help you get there!