What’s Your 2021 Journey?
For a business owner, the question often is, “Do I even know where my business is now?”
To answer that question, you first have to understand what type of journey you are going to take. Is it a relaxing vacation, or is it a business trip filled with challenges and growth? Once you know the type of journey you’re taking, you can find your starting point. You’ll then be able to choose your destination, and then you can map your trip.
If it’s a vacation, your starting point might be the local airport. For me, that’s Las Vegas McCarren (or is it now Harry Reid?) International Airport, and my destination is the beach, whether it’s one in California or the Hawaiian Islands.
If it’s a journey to grow the value of your business, then a good starting point would be your Value Builder Score. This can then help you move toward destinations like a full exit and retirement, a smaller role in your business, or other options that come from owning a valuable business.
With your destination decided, you’ll next want to consider how you want to get there. On a journey of value growth for your business, you may have several options for “transportation”; however, it’s likely that one, in particular, makes the most sense. It might be focusing on customer acquisition or chasing revenue. What I find is that value growth is best created by focusing on eight key value drivers in my Touchdown Program… but your decision will be unique to your business.
So, to recap for you:
- Decide on the type of journey you’ll be taking – value growth.
- Know your starting point – your Value Builder Score.
- Decide on your destination from the options that your value growth journey allows – e.g., full exit/full retirement.
Knowing the answers to these three elements will ensure that, whatever your business journey is for 2021, the trip will be a success!