Tweet

Strategic Thinking For Business Owners For Successful Retirement, According To Your Strategic Thinking Business Coach

Written by: Glenn Ebersole

Article Overview: Small business owners know that running a small business requires constant attention. They tend to work “in their business” rather than work “on their business.” So, it should be no surprise that too many entrepreneurs and small business owners put their own financial planning squarely at the bottom of their “TO DO” lists. A survey conducted by Harris Interactive for ShareBuilder indicated that 47% of small business owners are not confident that they are prepared for retirement. The survey also shows that 60% of the business owners surveyed have NO PLANS to sell their business to help fund their retirement – but for other owners, such a sale can be a crucial part of a successful retirement plan. Here a list of actions to consider when developing your strategic retirement plan as a business owner.

Strategic Thinking For Business Owners For Successful Retirement, According To Your Strategic Thinking Business Coach

Small business owners know that running a small business requires constant attention. And small business owners, especially entrepreneurs, tend to work “in their business” rather than work “on their business.” And that is one reason why it should be no surprise that too many entrepreneurs and small business owners put their own financial planning squarely at the bottom of their “TO DO” lists. In fact, a survey conducted by Harris Interactive for ShareBuilder indicated that 47% of small business owners are not confident that they are prepared for retirement.

Using a strategic thinking approach to the subject of financial planning and retirement, there is a recognition and confirmation that small business owners and entrepreneurs have tremendous opportunities to remedy the lack of preparation for retirement, which incorporates the role of an exit strategy and succession plan. The small business owner has the opportunity to use strategic thinking in developing a well thought out retirement plan that includes strategies related to a company employee retirement plan; investments beyond re-investing in the business; diversified investments; an exit strategy and a succession plan.
There are far too many business owners that are not considering the future of his or her business. Another fact from the survey by ShareBuilder shows that 60% of the business owners surveyed have NO PLANS to sell their business to help fund their retirement – but for other owners, such a sale can be a crucial part of a successful retirement plan.

Business owners need to develop a strategic plan for their retirement, especially when they make the commitment to count on selling their business to help fund their retirement. This means preparing a well-thought out exit strategy and succession plan. An article entitled, “Strategic Actions For A Strategically Structured Succession Planning For Company Leadership” can be found at
http://www.evancarmichael.com/Business-Coach/223/Strategically-Structured-Succession-Planning-For-Company-Leadership-According-To-Your-Strategic-Thinking-Business-Coach.html

Your Strategic Thinking Business Coach has developed a list of actions to consider when developing your strategic retirement plan as a business owner.

1. Commit to making your retirement planning for you and your business a priority with a specific timeline.

2. Develop and define a clear and focused vision for you and your business in your retirement.

3. Develop a list of retirement goals that fit into your defined retirement vision.
4. Gather the necessary financial information for your business and any existing retirement plan information for your business.
5. Recruit and engage the professional services of a certified, experienced, respected and trusted financial adviser and planner.
6. Seek advice from other key advisers as part of your team for the development of your plan. This would include legal counsel, accounting and business coaching.

7. Develop the specifics of the retirement plan(s) for the company employees and for yourself. Review the draft plans with your team of advisers. Adopt the plans when you are satisfied they will meet your vision and goals and then present the plan(s) as appropriate (excluding the personal and confidential parts for yourself) to the company employees.

8. Implement the plan(s).

9. Monitor the plan(s) and make adjustments as required.

10. Continue working “on your business” and building more value.
Small business owners and entrepreneurs have some extraordinary opportunities to plan their retirement. And I would suggest that those great attributes of creativity, strategic thinking and planning and discipline that helped the owner build their business will help them create a strategic retirement plan that will get them to their vision.

Your Strategic Thinking Business Coach encourages you to fully realize the benefits of business coaching to strategically and effectively grown and mange your business. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com

Related Articles
  Business Coaching As A Valuable Asset For You and Your Business
  “Strategic Benefits of Business Coaching, According To Your Strategic Thinking Business Coach ”
  Strategic Business Greeting Tips From Your Strategic Thinking Business Coach
  Ten Tips For Writing Successful Business Proposals From Your Strategic Thinking Business Coach
  12 Strategic Questions To Ask Before Starting New Marketing Activity, From Your Strategic Thinking Business Coach

Article Tags: business coaching, business owner, business owners, entrepreneurs, entrepreneurs, financial planning, Harris Interactive, retirement, retirement plan, small business, small business owner, small business owners, Small business owners, strategic thinking, successful retirement, succession plan



Related Forum Posts
Re: Essential Leadership skills - Vision Values Mission Strategic Thinking Decision Making Communication Team Bonding People Development Coaching / Mentoring / Guiding / Grooming Presentation Thanks Robert
Business Innovation - Hi Simon If you can finish off the Business Plan and think about your strategic direction or how you are going to use your product to convince people it's a great idea, it will set the foundation for your programming project. You see, when you are looking for funding you will need a Business Plan and Strategic Plan that will convince companies to invest into your new idea. Has anyone achieved this idea before using another industry besides health and fitness that you know of? You should also design some mockups as a "preview" for your programming project. This will also help reduce your programming costs as everyone will know exactly what you want if you have detailed mockups already completed including any functionality you require. Starting mockups for websites and software applications on paper is the best way if you're not a guru in graphic editing software.
Re: Business Coaching Resources - You're fortunate when you can find a Business Coach who has experience beyond where you've been and even where you are going. When your budget is slim and even after, it's good to have a mentor. Several of various backgrounds are very useful. They can be teachers, professors, pastors, business people, family members, bosses and former bosses. You have to be clear on what you want and what you desire to achieve, be able to convey it as simply as possible. Stop and listen and don't over tax their time. You should always expect results whether from a Business Coach or Mentors. If you're not gtting results, you're either not focused or you need to upgrade the quality of your mentors/coaches. Always surround yourself by people smarter than you.
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Different Hats - CEO Sales & Marketing & Leadership Development Company Strategic Vision 10 Alliances & Growth Strategies 10 Hiring & Managing People 8 Mentoring 8-9 Strategic Planning for Clients 10 Execution of Marketing Campaigns 9-10 (i have great people who do the nitty gritty) Financial Management 9 Bookkeeping 3 (outsourced as I really hate the fine details like GST0 Administrative Follow Up 6-7 (again have great staff) Writing & Publishing 9 (getting better all the time!) Speaking 10 (so I have been told) Self Promotion 9-10 Web development & Promotion 6-7 (learning more and have brought on players who are 10+) Babysitting Employees (1 - wont do it, that's why I work so hard to hire and motivate the people I have) Great topic Kevin!! Jude


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Top 5 Qualities in an Outsourcing Company

Designing Employee-Enhancing Training Programs

Work at home Opportunities for the Disabled

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.