3 Steps Guide On How Entrepreneurs Should Plan for the Next 5 Years In Business

3 Steps Guide On How Entrepreneurs Should Plan for the Next 5 Years In Business According To Mike Templeman

.Without the ultimate goal of success, no business is worth starting. If there is no possibility of becoming great, nobody would waste time trying to build a startup. As an entrepreneur, your first five years of operation is critical to your survival. Therefore, entrepreneurs should plan for the next 5 years in business.

Where do you see your business in 3-5 years’ time? What are your goals for the next five years? Where do you see yourself in 5 years? These questions are critical to your survival and success as an entrepreneur.

Remember, whatever you vividly imagine, ardently desire, sincerely believe and enthusiastically act upon must inevitably come to pass. If you see yourself as successful, you will become successful.

This brings us to the concept of goal setting. You see, entrepreneurs should plan for the next 5 years in business by setting up their goals and working on their goals.

Related: How to create an effective marketing plan in Nigeria

Templeman believes that it is okay to have strategies and other related things but without a goal, all those strategies will just be in vain.

We will, therefore, discuss the process of setting goals which Templeman believes to be a necessary part of how entrepreneurs should plan for the next 5 years in business.

How Entrepreneurs Should Plan for the Next 5 Years In Business

  1. Review your goals every day

You will need goals to drive your success. Your goals and objectives are supposed to spur you to greater success. It will be in your best interest to check on your goal regularly. If you can do it every morning, then, you are going to better for it. It will be committed to your subconscious and become an essential part of your existence.

Of course, you will need to dream big. It is a standard for entrepreneurs. But, dreaming big alone does not get the job done. You need to find a way to act big. Become an action taker and success won’t be far from you.

By constantly reviewing your goals, you will learn to cut your goals into smaller and achievable goals. It helps you create a pathway or process to your success. Each task you successfully complete will lead you closer to your success.

Templeman brings to man the process espoused by James Clear. To James, these goals are like systems. “If you’re a coach,” he explains, “your goal is to win a championship. Your system is what your team does at practice each day. If you’re an entrepreneur, your goal is to build a million-dollar business. Your system is your sales and marketing process.”

  1. Evaluate your goals regularly

After reviewing your goals, we believe you should evaluate them. it is the next way entrepreneurs should plan for the next 5 years in business. Goal evaluation is about understanding if your goals are really crucial and as important as you would like it to sound.

It is about knowing that your goals really matter. It gives you the ability to focus on what is really important to you.

This helps you discover and understand your path so that you can always help others. If you don’t evaluate your goals, you may get your priorities wrong and it could bring the whole process crumbling down. It is up to you to do the needful.

  1. Zigzag your way to the top

When I saw this tag by Templeman “zigzag your way”, I was initially confused but eventually, I got it. Then, it all started to make sense. Becoming successful in business as entrepreneurs do not require a 100m race. You are not meant to always be on the fast lane so that you don’t make mistakes that you won’t be able to stop and fix.

Rich Christiansen insists that the road to success is not really a straight line. He is the author of The Zig Zag Principle. He maintains that diversions and detours are essential to your success as an entrepreneur. They may be frustrating at first, but they will help you create a more stable and solid business.

When you plan for the future, find a way to factor in those detours and diversions and you will b better for it. It provides you the platform to be nimble and flexible so as to take advantage of opportunities when present themselves. You need to be adaptable because it is not always black and white in business.

In conclusion, you should know that goal setting is the key to your survival in the 5 years as it is to your success. Templeman concludes by stating that “some of the most successful entrepreneurs have achieved their success in part by practicing disciplined goal setting. By breaking down your long-term goals into smaller daily tasks, evaluating your goals regularly and being adaptable, you too will enjoy the benefits of your efforts.”

 

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