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No Strategic Plan: Empowering Future Owners

What to consider in the situation

Most business owners have a plan for their business but never actually put it on paper or share it with anyone. There is no written plan, no vision statement, no communicated goal; just a mental intention to go to work each day. While having a plan and vision for the success of a company is the greatest tool any business could have, most business owners don’t spend the time developing an actionable strategic plan with their team early on. Unfortunately, this leads to it never becoming a priority and will often keep getting pushed back to a future date.

A strategic plan starts with defining the WIN. Everyone wants to be on a winning team, so communicating what that WIN is and celebrating the successes along the way, brings the team closer. “A dream without a plan is just a wish.”

The path to success requires adapting, adjusting and pivoting to the demands of the market. A strategic plan helps set the north star for the business so when things get off track, everyone can look at the star and recalibrate.

 

How ECG Supports The Situation

At Exit Consulting Group, our Exit Engineers® are trained, certified, and licensed professionals. We are teachers, speakers, coaches, and mentors to hundreds of businesses. We have seen businesses thrive and fail. Our Exit Engineering® strategic planning process helps owners, senior management and outside advisors determine what the WIN is for the company and how to get there.

The Pain Point

The founder/owner of a company wanted to pass his business to his key employees. The challenge was that he was the company, and he made all the decisions. He wanted to empower his future owners, but they did not know what direction the company was going. They all worked hard in their silos but there wasn’t a consensus on what WIN they were working towards. There was no budget, no strategy, and no vision.

The Solution

We interviewed the owner, the key employees, and key advisors, and evaluated the business. We facilitated a two-day workshop with the key stakeholders and worked through the vision, defined the WIN, then set goals and assigned people to develop the tasks to achieve the goals.

The Result

Our Exit Engineers built a plan that both the owner and the key employees understood, and what their transition would look like. We developed a timeline and measurable steps that needed to be accomplished, then assisted in the transition and implementation of the strategic plan. All stakeholders are moving forward with the plan in unison, for a unified WIN.
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