Lately I’ve had the privilege of mentoring some entrepreneurs in the newer stages of their growth. They’ve been in business for a few years but are now planning for next level development.
When I ask them, “what is your 5 year vision?” I typically get crickets.
“Hello?” I think I’ve been disconnected.
But no – they realize that they are living in the day to day and haven’t given thought to what their business – and their lives – might look like 5 years from now.
For example, for young parents running a business, it’s stressful when your little ones need so much of your attention. But instead of 1st grade, fast forward to 6th grade – what is life like now, and how will that effect the time and resources you can spend on business development?
Five years from now will you have transitioned from a single person in an apartment to a young family in a house? Or will you be an empty nester 5 years from now, with more time and freedom to pursue your career goals?
Now while no one can look into the future, we can all dream and create our own visions, and this is a very helpful and strategic exercise in planning your business development.
Now I ask YOU – when you wake up 5 years from today –
Where are you?
Who are you with?
What is your day like?
What does your business location, team, services look like?
Your own answers are intended to surprise you, if you give yourself permission to freely dream.
For some, the answer is –
“5 years from today I want it to look exactly like today because I’m in a great place and I don’t want it to change.”
For others, it may be –
“5 years from now I have a team of 6 full time employees and 2 locations.”
There’s no right or wrong answer – your dream is your answer.
And while dreaming is part of the activity, now you have to ask yourself how you can work backwards, one year at a time, to make that dream come true?
In order for you to go from solo entrepreneur to boss of 6 full time staff members, you have to decide what roles are you hiring? How much do you have to bring in each month to make payroll? What technology must you have in place to support a team?
Working backwards allows you to clarify each part of the equation, what are the milestones, and what must you work toward to meet each milestone.
Does it sound like I’m saying you have to have a plan? Yes of course. If you only focus on today then tomorrow will look no different.
Another reason planning for your 5 year vision is so critical, is that it gives you a roadmap that prevents you from getting lost in a detour or driving off into a perilous ditch. Stick to the map and keep following your plan. When other shiny opportunities appear, ask yourself – will accepting this new direction lead me toward, or away, from my 5 year plan?
Don’t make a move until you check in with your boss: your future!
We as humans can get locked into confusion about what we want and how to get there. We can see a bright future but be completely unsure and uncomfortable about what steps to take to get there.
Let a mentor be your guide. Work hand in hand with a strategist who will be there with you to design your plan and help you work your plan.
Please feel free to reach out to me any time if you feel I can be of service.