As a small business owner, you probably would love to be able to predict the future. However, because we can’t, you will need to explore other approaches to setting your business and yourself up for success in the coming years.
For instance, what do you want to happen to your business in the next decade? Are you hoping to grow to the international market, or are you more likely to retire?
What’s on the line?
When planning for your business’s future, there can be more on the line than you might realize. According to a 2023 report, about 75 percent of small- and medium-sized business owners in Canada are planning to exit their companies in the next decade.
Considering the fact that these companies employ about 80 percent of all workers in the country and there could be about $2 trillion at stake, there is a lot on the line when it comes to what these business owners do with their companies.
In terms of your individual business, the fate of your company can have a tremendous impact on your employees, partners, shareholders and clients. Minimizing disruption and financial losses for yourself and these parties over the next decade can be an essential priority.
Steps you can take
While we cannot know with certainty what is down the line, business owners can anticipate challenges and plan for them. Setting up mechanisms to sell your business, close its doors or transfer ownership when the time comes to do so can give you confidence and direction for the road ahead.
There are myriad options to consider regarding the fate of your business upon your exit or retirement. While you may think you have all the time in the world to plan ahead, the fact is that you never know what will happen in the coming months and years. Taking the time now to put the necessary tools and protections in place can give you and all those affected by your business peace of mind.