An Introduction to Transition Thinking

The process of retiring takes a lot of planning and forethought. To successfully transition from work to retirement it is important that you first grasp the concept of transition thinking.

Transition thinking for your business

Transition thinking is different from the type of thinking you would normally use in the day-to-day running of your business.

Transition thinking means taking a long-term view of the future of your business.

The day-to-day running of your business usually includes thinking about short-term operations of the business. We use limited, narrow-focused style of thinking to solve immediate problems and meet established goals. This sort of thinking is also externally oriented and competitive.

In contrast to this, the style of thought employed for ‘transition thinking’ involves thinking about the long-term vision for the success of your business. You should take broader,long-range issues into consideration in thinking about the future direction of the business.

Here are four questions to consider as you think about the long-term future of your business:

1. What goals do I have for my business for 3 to 5 years from now?

2. What special strengths does my business have?

3. What weaknesses does my business have?

4. What do I need to do with my business so I can sell or transfer it successfully?

Thinking about these things in advance, and taking any action as necessary, will ensure your transition to retirement as a business owner, is smooth and successful.

Transition Thinking for yourself

Transition thinking for yourself is about thinking long term and with an expanded view of yourself. It requires you to be introspective and think of yourself, not in competition with anyone else. You need to be able to ask yourself who you are, and what makes your life fulfilling and meaningful.

Keep in mind that only you can answer these deeper questions about identity. Only you can say what you want your new life to be like.

Why is it important?

Most high powered business owners and executives have not spent much time thinking about what they want to do with their lives after leaving work. Most of their time, energy and intelligence is often focused on their work, and so they have a limited perspective on what their options are for a new life in retirement.

The purpose of transition thinking is to expand your thinking and help you go deeper internally, allowing you to develop a plan that will allow you to move into a meaningful and fulfilling new life.

What does transition thinking involve?

At Transition Planning Australia we offer you the opportunity to take part in a workshop or program with a Transition Planning Consultant. In the program, the consultant will ask you questions and guide you through activities to help stimulate broader thinking and deeper reflection about your future.

While regular day-to-day activities usually include the application of a narrow, limited approach to thinking, Transition thinking involves a completely different approach. In these workshop and programs you will learn a number of skills and ways in which you can transform your thinking in order to prepare for retirement:

• Expanding your approach to thinking by considering a range of options or possibilities;

• Adopting a broader ‘both/and’ approach as opposed to an either/or approach – this is not a competition;

• Considering a range of possibilities – looking at things from a different perspective;

• Considering both the Positive and Negative sides (upsides and downsides) of every option;

• Going deeper – looking inward – to make a final decision (and in the LIVE with Purpose Workshop we do this through visualisation techniques); and

• Taking the time to do this properly – not just rushing from one decision to the next.

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