The forgotten gold mine!
Your business is an asset which you can control the value of and is an integral part of wealth accumulation. It produces money which contributes to your ability to achieve your personal goals.
Some people opt to sell their business to re-invest and earn passive income for their retirement. Others prefer to keep their business but set it up so it allows them to maintain control of their business cash flow but not be there to keep the business running.
Regardless of which option you choose, you need to increase its earnings and its earnings multiple by reducing business risk to ensure your business reaches and holds its full potential value.
That’s where your business plan comes in. Your business plan is your map; your action plan which you must implement.
Base your plan on five core drivers: business context; organisational responsibility; financial management systems; revenue strategy and leadership.