Contentment - reaping the rewards
Overseeing management team
After steering your business through the start up, consolidation and scale up phases you should be at the point of being able to be much less “hands on”. The business will ideally now be in the hands of your capable management team which you oversee through regular review forums and development discussions.
Steering strategic direction
In conjunction with your management team, you will be the “ship’s captain”, steering the business on its strategic course, and ensuring that everyone is clear about, and working towards, the strategic goals of the business.
Working with your Advisory Board for long term planning
The focus of your Advisory Board will now be much more on looking forward, rather than being review and operations focused. Your own role in the business and the performance of your management or executive team will be very relevant. You may well be thinking about life outside or after the business.
Using profits/dividends to build wealth outside the business
The business should be well and truly “standing on it’s own two feet” as regards financing. There should be ample free cash flow to allow you to establish a strong drawings/dividend flow and these funds should be used to establish wealth outside the business. Funds should be used for investment and lifestyle assets which will build long term wealth.
Building superannuation assets
An important part of the long term financial base should be contributing to, and maximising the benefits of, superannuation. Building wealth in this tax advantaged environment is a sound long term strategy.
Business and personal debt levels should be well under control. A sensible level of business and personal gearing will still be relevant but debt built up during the heavy start up and growth phases, should be progressively paid down.
Selecting and grooming future leaders
Identifying, growing, training and mentoring future leaders of the business is important at this time. Ensuring that capable future leaders are now in key positions in the business gives you lots of options for your future.
Ensuring technical and organisational renewal
As your business grows and changes over time, it’s important to ensure that everything remains relevant in this fast changing world. This means that technical advances and organisational change must be continuous within the business.