The Five-Year Plan
When someone interviews for a new job, it’s common to be asked about a five-year plan. It’s also something that frequently comes up during annual reviews. For a lot of the workforce, the five-year plan is a common point of reflection.
But what if you’re the boss? What if nobody has asked you about your five-year plan since you interviewed for your first job out of college? If nobody asks, you don’t have to come up with an answer.
Questions To Ask For Your Five-Year Plan
And we’re asking two questions:
- What’s the five-year plan for your company?
- What’s the five-year plan for you?
Most entrepreneurs have at least a general direction in mind—after all, that visionary quality is what makes you an entrepreneur. But how specific is that plan? You might want to sell eventually, but when? And for what multiplier? And with what terms? Would you want to stay on in some capacity or move to the beach and open a tiki hut?
The difference between goals and plans is that the former is an idea while the latter is an action. Goals are great, but they need to be anchored in reality and supported with facts, contingencies, and concrete action steps.
Sometimes you’re too embroiled in the day-to-day operations of your business to nail down a five-year plan for the company—let alone for you. But if you don’t have a clear roadmap, you’re going to have to keep stopping to find out where you are and where you should turn next. That’s a waste of time and resources, and the potential for a wrong turn is just too high.
A good CFO can help you establish goals and tie those goals to actionable plans. Do it now, before you find yourself at a dead end. We can help.
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