July 2019 - 46

Management
Are You Planning
for the Future?
By Mark Richardson
Do you have a plan for your future? Have you taken the time to develop a plan and figure out
what's next for you and your business?
O
ne thing that makes us unique as humans is
we think about the future - our personal
future. We dream. We fantasize. And we plan
(or we should).
While this next-step thinking may be pretty logical
and natural when it comes to our kids getting older or
a vehicle getting high in mileage, thinking about next
steps for us or our business can be, and usually is, a lot
more challenging.
Do You Have a Crystal Ball?
How Accurate Is It?
None of us have a crystal ball nor can we effectively
predict market crashes. Most of us don't know exactly
how many customers will continue to show up in the
next couple of years. While we try to keep key talent,
that is certainly less of a given today compared to years
past. It's difficult to predict the future.
What we do know, however, is planning for the future
is a good thing. What most of us believe is that we want
to grow and do more fulfilling things in the future. While
you may be on an OK financial path, staying where you
are today generally is not very positive or inspiring.
Most people today realize there needs to be a next
step, but the idea of sitting on the beach clipping
coupons or playing golf five times a week does not
sound very appealing or healthy.
Retire or Rewire or Both?
A friend of mine shared a story of one of his key team
members writing him a letter many years ago. She
shared that she wanted to " rewire not retire. "
So, thinking about rewiring not retiring makes
sense. Rewiring is about something new while being
46 | LAWN & GARDEN RETAILER | JULY 2019
respectful of the old. Rewiring is about staying
relevant. Rewiring has a positive connotation and is not
something to fear.
However, rewiring requires thought, planning and
preparation. Having personally gone through this
process positively here are a few lessons learned that I
can share.
1) Start early - The earlier the better. Ideally have a
direction 10 years before, a rough plan five years and
some real actions/moves one to three years prior.
2) Think transition - There are many transitions
that will take place (your role/financial/
communication). If you see it as a blend shift (i.e.,
100% to 80/20 to 50/50 to 20/80), it is likely to be
more successful. However, this is not always true
(especially if you are a rip-off-the-bandage type
person).
3) Look for someone to " fire " you - I know this
concept is a little scary but if you think about why
transitions fail, it is generally not because of the
first leader, it is the second. You need to spend a real
chunk of your time focusing on developing (at all
levels) the future you.
4) Position for transition - There are different
leadership styles and skills. The next leader probably
will not have the same risk tolerance that you have
(nor do you want that). While it will take time, try
to have a stable and healthy business during the
transition. This is critical to success. If the ship is
stable, it can better handle and weather changes.
This includes financial stability, team members in
place, and less risky products and offerings.
5) Know what you want - Do you want to continue
to own the business? Do you want to share the
ownership with others? Do you want a steady
income or just a payout? Do you want to bring
in a partner to share the burden and liabilities?
How much (and what) involvement do you want
in the future?
6) Communicate - While making announcements
too early is not wise, having a communication plan
is important. You might want your leaders to know
your feelings on the direction a couple of years
before, then have a concrete transition plan six to 12
months in advance of bigger changes. Be extremely
sensitive to how this will be processed by your team.
Some will embrace it and others might have some
real challenges and might even leave. If done well, it
is very exciting and positive.
7) Get help - Developing a transitional strategy
can be challenging. Try to make time to have
conversations with those that have done it
successfully. You might even want to have some
early discussions with an advisor. This can be a
simple process but that does not mean it is easy.
The more mistakes you avoid, the better.
So, in closing, whether you choose to design your
next steps or not is up to you. You and your business
deserve it.
What is inevitable, however, is that there will be next
steps. Try to control them.
Mark Richardson has written several books on business
management including " How Fit Is Your Business? " and " Fit
to Grow. " He is an author, speaker, columnist and business
growth strategist. His latest book is " Control Your Day Before
It Controls You: The 7 Steps to Mastering Your Time. " All of his
books are available on amazon.com.

http://www.amazon.com

July 2019

Table of Contents for the Digital Edition of July 2019