5 Business Size and Growth a.Personal Issues 1)Am I growing to become rich? 2)Am I compromising? 3)Am I driven by pride? 4)Am I in balance? 5)Am I content?
6 Business Size and Growth b.Business Issues 1)Do you have adequate capital to expand? Yes or No 2)Do you have the time and capacity to expand? Yes or No 3)Do you have enough capable and trustworthy staff to expand? Yes or No
7 Business Size and Growth b.Business Issues 4)Do you have adequate systems and processes to control growth? Yes or No 5)Do you and your spouse agree on growing the business? Yes or No
8 Planning Business Plan Retirement Plan Accounting Business Size and Growth
9 Retirement Plan a.Retirement is a biblical principle. T or F b.Is retirement necessary? Yes or No c.Is retirement acceptable? Yes or No
10 Retirement Plan d.Is retirement being funded at the expense of your other goals? Needs of employees Needs of family Survivability of business Giving
11 Planning Business Plan Retirement Plan Succession Plan Accounting Business Size and Growth
12 Succession Plan a.Heirs should be trained “Train up a child in the way he should go, even when he is old he will not depart from it” (Proverbs 22:6) According to this verse it is important to train your heirs properly. T or F
13 Succession Plan b.Heirs should be participants “When there is a man who has labored with wisdom, knowledge and skill, then he gives his legacy to one who has not labored with them. This too is vanity and a great evil” (Ecclesiastes 2:21) According to this verse an heir should be an active participant in your business. T or F
14 Succession Plan c.Death is a certainty “He sees that even wise men die; the stupid and the senseless alike perish and leave their wealth to others. Their inner thought is that their houses are forever and their dwelling places to all generations; they have called their lands after their own names” (Psalm 49:10-11)
15 Succession Plan d.Your spouse is your counselor and heir “For this reason a man shall leave his father and mother and shall be joined to his wife, and the two shall become one flesh.” (Ephesians 5:31)
16 Planning Business Plan Retirement Plan Succession Plan Accounting Business Size and Growth
17 Suggestions for Planning a.Set a specific date to start the process. b.Select a site. Away from the office Enjoyable place Eliminate distractions (phones, pagers, etc)
18 Suggestions for Planning c.Select a structure for your planning session. Involve God Make an agenda Accumulate your facts and materials
19 Suggestions for Planning d.Schedule future planning times. Periodic evaluations Make adjustments Add new items as needed Delete non-value added items
20 Planning Principle Planning is essential to making wise business decisions.