It’s a common thought early in the morning, after another late night working to keep your business going, trying to find a few more hours in the day.
That’s why in business, it’s important to start at the END.
One of our main goals with new clients at Entrepreneurs Accountant is to set an End Goal for their business, because the best way of maintaining your drive and focus on those Groundhog style days is by having a clear end goal to achieve. It makes all of those important little decisions you make all of the time a lot easier as it gives them a purpose to achieve before they can fit into the overall framework.
Your End Goal will depend entirely on what you want to get out of your business and how long you want to be doing the same thing, but the main thing is to ensure that when it comes time to walk away from your business you have something that you can sell or continue to make income from without having to put in a full-time effort.
For the sole traders out there this means ensuring that when it comes time to sell you have a sale price in mind and can work towards building your equipment/stock/client list/procedures to a point where people will be willing to pay your price instead of having the bare essentials that they could put together themselves.
For the larger business and Professional practices, you can choose between a sale price or putting management and procedures in place that would allow you to still draw from the business without being involved in the day to day operations.
A third option you might not have considered is Franchising. It’s not for everyone but can be a good way to earn money from the work you’ve put into building your brand and operation.
Planning for the fact that at some point you will have to walk away from your business is one of the most important parts of running it. You may not have a say in when it happens and all too often business owners without an exit or succession strategy are forced to simply walk away from their creation with nothing but memories and lingering debts.
Having an End Plan gives you the answer to ‘Why am I doing this?’ on those long days and early mornings. When you find yourself adrift in the business world you need to have a destination in mind before you can chart your course.
Charisse Russell is a Chartered Accountant with over 18 years’ experience in accounting, audit and taxation. Her passion lies in changing lives through her approach in being a coach, advisor and mentor. Charisse has two gorgeous munchkins and has an amazing husband. She is backed by an amazing team that is HKS Russell.
Our clients are located across Cairns, throughout the remote regions of the Cape, Northern Peninsula, Torres Strait, Northern Territory, Australia wide and International clients. Contact us today for a free consultation.
© HKS Russell 2021