When we enter business it’s often with short term goals front of mind, such as making a profit, being the master of our own time, or bringing an idea to life.
But as you venture further down the path of business, it’s important to also consider the big picture.
After all, what is it that you hope your business will ultimately achieve? Because knowing this guides the stages of growth.
What do I mean? Well consider this…
The importance of the big picture
The big picture is all about where you intend your business to be when you part ways with it. And when we talk parting ways, that can take a number of forms.
You may wish to:
· Sell your business at a profit
· Pass it on to the future generation
· Run it as an entity under management
· Publicly list it as a company
The ultimate outcome
Regardless of what you want your business to be in the long run, having a big picture approach allows you to create a masterplan and a timeframe.
It will allow you to set goals, manage growth, hire staff accordingly and establish processes and procedures that help drive your business towards the desired outcome.
How that affects growth
Regardless of the type of business you have, there are generally five stages of business growth:
· Existence – Where you are in start-up phase
· Survival – Where a business is either just above break-even or beginning to make a profit
· Success – Where a business is generating a solid return
· Take-off – When the business is growing at a rapid pace and there may be major changes to management and how it runs
· Maturity – When the business is stable, proven and experienced, and boasts power and recognition in the market
Your personal big picture allows you to understand how far you want to take your business as part of this journey.
If you’re looking to ultimately sell your business at a profit for example, it will allow you to build your business to a specific point such as success, but create growth potential within it that is likely to appeal to a prospective buyer.
How that impacts your goals
Working backwards, the big picture approach then impacts your goals, allowing you to chart a course and set milestones that need to be achieved within a set timeframe to position your business where you want it.
These goals are also intertwined with growth. So, for example, you might set KPIs that determine when your business is ready to be publicly listed, or when your business is at the prime position for sale.
The big picture can change
Realistically, your big picture may change due to circumstances over time. And that’s OK. Keeping the big picture in mind isn’t about setting up a rigid framework that you have to adhere to relentlessly.
Rather it allows you to grow and manage your business with its potential value in mind. It keeps you focused on a greater goal, ensures you are working on, not just in your business, and allows you to become the master of it rather than a slave to it.
But it begs the question, as you walk into your business each day, do you have the big picture in mind?
If you’re looking to examine the big picture for your business, I’m available to assist with planning, goal setting, and proven strategies all focused on business expansion and growth.
Talk Strategy with Clive
With more than 30 years’ experience in mentoring small to medium-sized businesses around Australia. Clive works with company owners and their teams to grow their business and achieve goals through startegic coaching.