Succession and balance – work-life balance that is – are often put aside and don’t receive much attention. But in this episode John Peterson will plead with you to make them part of your strategic objectives.
Succession and Balance
In the last episode we covered five strategic objectives: # 1 Revenue, # 2 Profit, # 3 Cash Buffers, # 4 Marketing and # 5 Leadership. So this episode covers the remaining two. Succession and work-life balance.
# 6 Succession
Succession planning gives you a lot more than just a smooth succession. It will allow you to fine-tune your processes and actually grow your business.
Remain flexible and open-minded as you draft your plan.
Addressing the following three points will help you to grow your practice and eventually make it succession-ready.
You Live By your MVV
It really helps to keep your vision and mission top of mind throughout your business journey.
Your Team Does 80% of All Work
Developing your team to get 80% of the work done without your involvement 100% of the time is the key factor that will enable you to grow your business. You will have time to work on Quad B and find new business.
Invest in ‘QUAD B’
Creating systems and training employees takes time and is “important but not urgent”. You need to spend at least 2 hours a week in Quad B.
# 7 Work-Life Balance
Succession planning and work-life balance go hand in hand. Both require you to build processes and train staff that take you out of the grinder position, allowing you a better work-life balance and as a result a much easier succession.
Build the business so it relies on you less and less with time. Plan ‘me’ time – for example 35 hours/week or one day off every month – to recharge and refocus without burning out.
All this is just our brief take on the issue, but please listen to the episode above. John Peterson explains all this in a much better way than we ever could.
Disclaimer: Tax Talks does not provide financial or tax advice. This applies to these show notes as well as the actual podcast interview. All information on Tax Talks is provided for entertainment purposes only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.
Last Updated on 22 May 2019