Long-term Career or Short-term Hobby?
Kerri Lawrey-Jones | Operations. Accounting. Organization. | Thursday March 11 2010Do you know if you have a sustainable business idea? Is your idea something you deeply desire to do? Is it able to provide a suitable income? If so, in a timeframe you can live with? And, does it fulfill your personal goals?
These questions are key in developing your strategy for launching your business – regardless if it is a new or existing. Over time, businesses evolve and a business owner must understand his or her purpose and evolve with it. Unfortunately, launching or evolving cannot be done on the fly if you want to be successful. You need to put considerable thought, time and care into developing your plans, or you may find yourself focusing on too many things and accomplishing nothing at all.
I remind all of my clients that there are certain things a business of any size cannot do without… a business plan for a new business or a strategic plan for an existing business, and a solid understanding of your current financials and projections.
These must have’s will outline the goals of your business by identifying how you plan to achieve those goals, the financial resources you have to do it, and the revenue you need to sustain it. Additionally, you will be able to identify intellectual property that may need protection from competitors, or imbalances or inconsistencies that need to be remedied prior to launching or reorganizing your business.
Do not get my wrong, you can do all these things without documentation, but you may be putting yourself at risk of spreading yourself too thin, purchasing equipment that your company cannot afford, or expanding when your business does not have the foundation to support it.
Do not turn your long-term career into a short-term hobby.
