Source: CUSTOM HOME Magazine
Publication date: September 1, 2006
By Steve Maltzman, CPA
Michael Gerber, author of The E Myth for Contractors, characterizes entrepreneurial builders as people who wake up, go to work, and fight fires day in and day out with no end of the game in site. That rings true to me. I constantly see custom builders who are running a business without ever looking up to see the finish line. Are you one of them? I challenge you to answer the following questions.
Do you know how many more years you want to work in your custom building business until you reach financial independence?Do you know how much money you need to reach financial independence?Do you know what will happen to your custom building company when you decide to retire?Do you know what you want to do with the rest of your life?If you answered yes to all of these questions you have taken the first step in the goal-setting and planning process. If you answered no to any of these questions you may be on your way to a lifetime of putting out fires until you eventually burn out.
So before this happens take some time to look at your company's long-range goals. One of the best tools for goal setting is a strategic planning session. Staff members get together (preferably in an off-site location to eliminate phones and other interruptions) for a day or two to develop a company mission statement, identify key issues, establish objectives and strategies.
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