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The President's Message Do You Know Where You're Going? ust after I wrote my previous article succession planning is only one part of for News and Views (on using tech- achieving your long-term goals. Once you know what your goals are, nological tools to improve our businesses),I was driving to an appointment you will need to create a strategic plan. and thinking about planning. When I Done right, this document will help you speak with many of our members, it determine if you have a sound plan to often seems like they're running their achieve your goals. It also communibusinesses—but without a plan. Instead, cates those goals and your action plan to they're caught in an endless cycle of the rest of the business team, and serves as your personal making monthly numbers and not looking beyond The culture you want to reminder by reiterating what is really important this month, quarter or year. build, values you (key business drivers This strikes me as driving a and how to achieve car without a map. Sure, uphold and strategies them)—opposed to the car will drive and you follow (i.e., what is urgent (the might even be very comreinvesting in the issue that needs to be fortable for a period of solved today). time—but without know- business) could all Another critical docing where you are going, change depending on ument that is often how will you ever get to your long-term overlooked is a disaster your destination? plan. Does your team So let's assume that plan. know what to do if we've found a way to set access to your building aside time to work on the business. What does that mean? To go is suddenly unavailable? What if your back to our analogy of driving a car computer system suddenly shuts down? without knowing where you're going, it How would you respond to the news really means that you need to decide that your business will be without where you want to go and then deter- power or phones for a week or more? I mine the best route to get there. Most of recently read a statistic that 50 percent our companies are family-owned busi- of businesses that suffer a fire close their nesses so the first question should be doors within one year of the fire. While what is your long-term goal? Are you what you are faced with may never be building the business to accumulate as serious as a fire, the important thing wealth and have a nest egg for your is that your team has some idea how to retirement? Do you want to pass the respond to many different scenarios to business along to a future generation? Is get you back in business as soon as posit a combination of those or is it some- sible. One finally note on succession planthing else entirely? You may be young enough to not need to know the answer ning. I've been asked many times how yet, but at some point you will need to our company has handled the process, know this and start planning based on and while always happy to discuss it, continued on page 44 your answer. The culture you want to build, values you uphold and strategies you follow (i.e., reinvesting in the business) could all change depending on your long-term plan. You might think this is about succession planning but J Brad Wasserstrom, President The Wasserstrom Co. BradW@wasserstrom.com 4 FEDA News & Views