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Is A 20-Year Business Plan Too Audacious? This Entrepreneur Banks Her Venture On It

Business

20 years ago I was a one-woman shop, juggling face-time with clients, managing finances and boosting publicity. My brand centered on myself, yet I didn’t see it that way. Even in the infancy of my company, I was a global business owner. I never viewed myself as a sole proprietor, even though I was one, because I was so focused on building an international brand. In order to create a global company that was innovative and groundbreaking, I knew I needed to think big and plan ahead even if it required adapting in the future. As an entrepreneur I decided to create a twenty-year plan for my company in order to strategize and map my steps towards success. Planning so far in the future was audacious, but it also empowered and inspired me to take risks in order to meet these goals.


While creating an ambitious long-term plan enabled me to develop my brand, it is the ability to refine it that has powered IvyWise’s success. Every entrepreneur needs large-scale goals that they can chase and aspire to. But the most successful business owners are the ones who are able to balance these long-term dreams with immediate realities. Running a brand means being able to shift seamlessly from thinking big picture to planning for the next week, from envisioning the day you have clients on every continent to troubleshooting for the five people you are currently working with.

I wanted to create a one-stop shop where students could not only receive college admissions advice from a team of former deans and directors of admissions at elite universities, but also work with tutors who are experts at what they teach - Dr. Kat Cohen

Reaching long-term aspirations requires insight, creativity and adaptability. There’s no simple set of steps to take or script you can stick to. Instead, you have to write your company’s own path to success and start refining it almost immediately.

Learn how to adapt quickly so you can maximize efficiency and ensure that your business remains relevant, even as times and trends change.

I launched IvyWise at a time when there were few options for independent college admissions counselors. Most of my competitors named their businesses after themselves and, for the most part, their services consisted of personal consultations with a handful of clients. IvyWise began this way, but even on day one I was thinking twenty years ahead. My goal was to create a global educational consultancy that would support students and families worldwide as they pursued their academic and personal goals with the expertise of a team of counselors, tutors and researchers.

Previously, I worked in admissions at Yale University, during which time I learned a universal truth within the college admissions industry: gaining admittance into your best-fit school is a journey. I decided to use my prior admissions experience to optimize the application experience for my clients by providing them with every resource needed to navigate this process. A top–tier admissions counselor can help applicants unearth their passions and develop a strong list of best-fit colleges, but many clients need additional resources if they want to be competitive candidates at their first choice schools.

I wanted to create a one-stop shop where students could not only receive college admissions advice from a team of former deans and directors of admissions at elite universities, but also work with tutors who are experts at what they teach, and research consultants who can provide them with crucial information about every college on an application list. Immediately, IvyWise was about tackling the school admission process holistically and multi-dimensionally, which enabled my company to grow into an aspirational brand with a global reach.

Rewriting the 20-year plan you’ve created for your company can be challenging, but it’s essential if you want your business to reach the two-decade mark. Consumers seek out brands that feel fresh and relevant, so it’s important for business owners to keep tabs on generational preferences, micro and macro economic factors and changes and new developments in technology. Since it is near impossible to anticipate what the digital and economic landscape will look like twenty years down the line, entrepreneurs must stay updated on the cultural climate and adapt business plans accordingly.

I launched my company before digital communications services like Skype and Zoom existed. IvyWise preceded the trend of web-based learning and virtual payment processing developments.

But by keeping my finger on the pulse of technological advances, particularly in the digital space, I was able to use these innovations to optimize and expand my brand. While utilizing technology to facilitate virtual consultations was not originally part of my twenty-year business plan, adapting and embracing this opportunity has enabled IvyWise to reach an international audience.

Instead of waiting for web-based learning services to become mainstream, I was able to make use of this model early on because I had been monitoring digital developments. I saw virtual consultations as an opportunity to rapidly expand IvyWise’s scale and to recruit the best admissions experts worldwide because digitalization enabled us to eliminate geographical confines.

I learned a universal truth within the college admissions industry: gaining admittance into your best-fit school is a journey - Dr. Kat Cohen

Of course, I didn’t just piggyback off of the technology that was already in place; instead I worked with a team to create a customized portal system specifically designed to facilitate our services. Clients are able to create accounts and share application materials with my team and our counselors and tutors can converse with them seamlessly, from any location in the world. As a result of these innovations, IvyWise now works with students in over 40 countries who are able to access our resources on a 24-7 basis and benefit from the expertise of all of our counselors, tutors and consultants.

This year marks twenty years since I launched IvyWise. I frequently reflect upon the first set of large-scale plans I created, long before I had a team to bounce ideas off of and brainstorm with. My company has reached the international scale I envisioned, although the path to hitting this milestone was far different from what I originally anticipated. Had I adhered strictly to the processes I put in place twenty years ago, IvyWise wouldn’t have achieved the large-scale goals I knew were possible.

Most importantly, never stop creating these large-scale goals you want to reach twenty years down the line, even once you have surpassed your first set of milestones. I have a clear vision for what IvyWise will look like in 2038, and I am already adapting the processes I will need to get us there.

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Career

2020 is Around the Corner: Here's How To Design Your Next Decade

Personally, I am over the top excited that we are on the cusp of turning the page on not only a new year but also on a new 10-year window of opportunities and possibilities!

You may be thinking, whoa…I am just embracing the fall season…yikes… it is tough to think about a new decade!


Yet it is this groundwork, this forward thought that you put in place TODAY that will propel you and lead you into greatness in 2020 and beyond. Designing a new decade rests in your ability to vision, in your willingness to be curious, in your awareness of where you are now and what you most want to curate. Essentially, curating what's next is about tapping into today with confidence, conviction, and decision. Leading YOU starts now. This is your new next. It is your choice.

Sometimes to get to that 'next', you need to take a step back to reflect. Please pardon my asking you to spend time in yesterday. Those who know me personally, know that I created and continue to grow my business based on enabling the present moment as a springboard for living your legacy. So, indulge me here! True, I am asking you to peek into the past, yet it is only in order for you to bring the essence of that past forward into this moment called NOW.

One of the best ways to tap into what's next is to clarify what drives you. To design a new decade, ask yourself this question about the past ten years:

What worked? What were my successes?

Make a list of your achievements big and small. Don't type them, but rather use ink and paper and sit with and savor them. Move your thoughts and your successes from your head, to your heart, to your pen, to the paper. Remember that on the flip side of goals not attained and New Year's resolutions abandoned, there was more than likely some traction and action that moved you forward, even if the end result was not what you expected. Once you have a full list of a decade's worth of personal and professional accomplishments, think about how this makes you feel. Do you remember celebrating all of them? My guess is no. So, celebrate them now. Give them new life by validating them. Circle the successes that resonate with you most right now. Where can you lean into those accomplishments as you power into the decade ahead?

Now comes a tougher question, one that I used myself in my own mid-life reinvention and a question I adore because in a moment's time it provides you with a quick reconnect to your unique inner voice.

If it were 10 years ago and nothing were standing in your way, no fear or excuses to contend with…what would you do?

Don't overthink it. The brilliance of this question is that it refocuses purpose. Whatever first came to mind when you answered this for yourself is at its core a powerful insight into defining and redefining the FUTURE decade. Bring your answer into the light of today and what small piece of it is actionable NOW? Where is this resonating and aligning with a 2019 version of yourself?

Then, based on your success list and your answer to the above question, what is your 2020 vision for your business and for the business of YOU?

Designing a new decade begins as a collection of 3,650 opportunities. 3,650 blank slates of new days ahead in which to pivot and propel yourself forward. Every single one of those days is a window into your legacy. An invitation to be, create, explore, and chip away at this thing we call life. One 24-hour segment at a time.

While you have a decade ahead to work on design improvements, you have the ability to begin manifesting this project of YOU Version 2020 right NOW. Based on exploring the exercises in this post, begin executing your vision. Ask questions. Be present. Let go of 2019 and the past 10 years so that you can embrace the next 10. Position acceptance and self-trust at the forefront of how you lead you. One choice at a time.

Don't get bogged down in the concept of the next 10 years. Instead position clarity and intention into each new day, starting today. Then chase every one of those intentions with an in-the-moment commitment and solution toward living a legendary life!