NLP Going Solo | Start With The End In Mind

In this video, Michael explains why you need to know how you want to end your business.

The best time to start thinking about how you want to end your business is when you start it. Will you want to:

Grow and expand? Different sizes of companies need very different management approaches. If you want it to grow significantly how will it do so?
Be able to scale it down? Reduce your work hours as you get older?
Sell it? And if so, is that with an eye for using the money to retire or to set up another business?
Take your business public? So you can monetise your investment and/or get the funds to expand it?
Run a ‘lifestyle’ business? A business that lets you lead the life you want.

Also, you need to understand:

Vision. What will the business do for its clients?
Purpose. What do you want to get out of the business? What will it do for you?

Whatever you choose, the earlier you plan for it the better. As with all plans, you can always change it if your requirements change.

You’re then ready to answer The Balanced Scorecard questions that are in the next section.