It is thrilling to make your business successful by working according to a plan.
Almost everyone has heard the expressions, “prepare for war in the time of peace” and “if you fail to plan, you plan to fail.” Both these expressions, are perfect ways to describe how you should work for the success of your business. No matter what the business type, from a small mom blog to a Fortune 500 company, in order to be successful, a business has to operate according to a plan. Even an entrepreneur who is planning for a less sophisticated business, one woman, part-time operation should prepare a business plan.
The difference is the more sophisticated the business enterprise, the more in-depth the answers will be. However, even if you are a sole proprietor with a business you work on the side, part-time, you should still go through all the business plan steps and questions and provide at least short answers to all the questions. Many people who read these words will disagree. Those people are wrong. In addition, there will be all kinds of excuses, reasons why one should not do a business plan. The reasons will be things like:
- I have been in business for years already, I don’t need a plan
- I am running a small business, I don’t need a plan
- I have been working fine for years, I don’t need a plan
- I am happy figuring things out as I go, I don’t need a plan
All those business owners listed above, are wrong, they do need a plan. No matter how well the business is going when it is run haphazardly, it will run even better with a plan. While every entrepreneur can hire a company to do a business plan for them, and believe me, companies like mine love doing the work, it is important for a business owner to go over all the questions and think about the answers herself. There is nothing like having knowledge for yourself. As my mother-in-law used to say, “get all you can and can all you get.” Additionally, the consultant who prepares the plan for you will do a better job if you know the information that will be needed and can explain the answers specific to your business and your operations.
If you have never drafted a plan for your business check out our blog series on business planning for guidance:
- Part One: Introductory Matters: purpose statement, executive summary, and business information
- Part Two: Personnel Matters: who will work with you, and where will they work
- Part Three: Marketing Matters: who are your clients, who is your competition, how will you get more clients
- Part Four: Financial Matters: current finances, sources of income and explanation of expenses
- Part Five: Financial Projections: what will happen with the money moving forward
In conclusion, it is thrilling to make your business successful by working according to a plan. So, the question for you this thrilling day is, what do you have planned for your business?