Start figuring out where you will be in three years time

This article first appeared on August 17, 2011.

Today we’re going to start a process that might take you months to finish. But it’s important to keep coming back to when you’ve got a spare moment, because it will decide how your company should be run.

The task is simple – figure out where you want your company to be in three years.

I know, I know, it sounds like something you ask people in a job interview and they always answer badly.

But having even a rough idea is extremely important. Do you want to be twice your size? Do you want to stay small and increase profitability? Do you want to see your business sold for a big price?

Once you’ve decided on the goal, you can start working backwards and filling in the gaps.

If you are intent on selling, you’d better ensure you are constantly prepared to show your wares to a buyer.

If you want to double in size, do you need to do an acquisition? If so, you’ll need to start scoping the market for potential targets.

Get your team involved in this task to make sure you are on the same page. Indeed, you may want to have a strategy day to work through the issue in detail.

Get it done – today!