Abandon Your Business Plan......If You Want to Take Your Business to the Next Level
Abandon Your Business Plan......If You Want to Take Your Business to the Next Level
So what went wrong?
Here's the Problem:
Business plans look good on paper but, in the jungle of everyday business, they simply aren’t very practical. At least not in the format that is common for submission to financial institutions to secure capital funding.
Ask yourself—how does your business plan help you to figure out how to attract and hire the best people to be on your team? How does it help you develop and document the appropriate systems that will ultimately help you produce greater profits and more free time and energy to enjoy them?
The format of a traditional business plan typically includes some of the following:
*Executive Summary
*Company Description
*Industry Analysis and Trends
*Target Market
*Strategic Position and Risk Assessment
*Research about the Competition
*Descriptions of plans for technology, management, and company organization
*Cursory tip of the hat to vision and growth strategy
*A fabricated jumble of financial projections and associated fantasy
Traditional business plans have little, if any, relationship to reality and practicality. Multi-million dollar businesses have been built on paper. But unfortunately, the paper isn't green. It's crumpled up in the recycle bin.
In too many instances, the polished business plan is nothing more than a highly thought out collection of concepts and ideals, tied together by wishful thinking. None of which will result in customers and dollars flying through your doors.
The Solution:
You need the appropriate blend of focus, strategy, and tactics. The essence of focus is all about knowing where you want your business to go and, more importantly, why you want to take it there. Strategy is a systemic plan of action. Tactics are the processes and procedures—the specific actions—that you take to achieve your main objectives.
Instead of a business plan, you and your business would be better served with a Strategic Action Plan.
A Strategic Action Plan (SAP) is a game plan for your business growth that clearly defines the underlying reason for your business’ existence (the mission), establishes specifics about where you are headed (intended outcomes), and defines how you'll know you are fulfilling on your mission, (specific measures of success). The SAP also lays out specific ACTIONS toward your end goals (the action plan).
Here's how a strategic action plan might be structured:
*Mission of the Company
*Vision
*Specific Goals and Objectives (Intended Outcomes and Targets)
*Specific Measures of Success (for each of the above)
*Strategies in each of the following "success engines:" a) Leadership, Management, and Team; b) *Operational Logistics; c) Marketing; and d) Deliverables (products and services).
*Business Structure required to a) successfully support the growth and b) operate efficiently and effectively in order to give you more free time and energy
*Documented Systems needed to achieve the desired objectives.
*Required Support, Skills and Resources needed to act and follow-through effectively
*Action Plan (including expected dates of completion)
*What is your structure and system of Accountability that ensures that you follow-through with your plan of strategy and action?
Pick up any traditional business plan and you'll immediately notice the difference.
An effective SAP does not require that you have all the pieces of the puzzle worked out. It's far better to act when you're 80% ready rather than wait until you think you're 100% ready. Because the fact is, you'll never be 100% ready.
This is what I call the Fire! Ready, Aim approach. The key to being successful with this approach is to recognize when you are 80% ready and to know the right time to pull the cord and let your business strategies loose!
The Strategic Action Plan and the Fire! Ready, Aim approach are both highly effective tools that I use with all of my clients. These same tools helped one client generate more revenue in four months of 2006 than in all of 2005. Another client doubled revenue from his moving average in only one month. Yet another client created an annualized, six-figure recurring revenue stream in 70 days.
Does this commitment to your business require an investment of time and energy? You bet. But the degree of increased focus and confidence for you and your team is well worth it.
This highly-leveraged investment in your business can produce a greater ROI than any stock in your current portfolio. It's all about developing your greatest asset (aside from your health) — your business. So, get cracking on your Strategic Action Plan.
Abandon Your Business PlanIf You Want to Take Your Business to the Next Level - To learn more about this author, visit George C. Huang's Website.
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Have you ever gotten so fired up about growing your business ("I'm really gonna nail it this time!") that you dove right in—spending hours and hours pouring your mind, heart, and soul into to writing up a business plan? Or, maybe you didn't have any plan at all. But either way, written plan or not, it just didn't work out.
So what went wrong?
Here's the Problem:
Business plans look good on paper but, in the jungle of everyday business, they simply aren’t very practical. At least not in the format that is common for submission to financial institutions to secure capital funding.
Ask yourself—how does your business plan help you to figure out how to attract and hire the best people to be on your team? How does it help you develop and document the appropriate systems that will ultimately help you produce greater profits and more free time and energy to enjoy them?
The format of a traditional business plan typically includes some of the following:
*Executive Summary
*Company Description
*Industry Analysis and Trends
*Target Market
*Strategic Position and Risk Assessment
*Research about the Competition
*Descriptions of plans for technology, management, and company organization
*Cursory tip of the hat to vision and growth strategy
*A fabricated jumble of financial projections and associated fantasy
Traditional business plans have little, if any, relationship to reality and practicality. Multi-million dollar businesses have been built on paper. But unfortunately, the paper isn't green. It's crumpled up in the recycle bin.
In too many instances, the polished business plan is nothing more than a highly thought out collection of concepts and ideals, tied together by wishful thinking. None of which will result in customers and dollars flying through your doors.
The Solution:
You need the appropriate blend of focus, strategy, and tactics. The essence of focus is all about knowing where you want your business to go and, more importantly, why you want to take it there. Strategy is a systemic plan of action. Tactics are the processes and procedures—the specific actions—that you take to achieve your main objectives.
Instead of a business plan, you and your business would be better served with a Strategic Action Plan.
A Strategic Action Plan (SAP) is a game plan for your business growth that clearly defines the underlying reason for your business’ existence (the mission), establishes specifics about where you are headed (intended outcomes), and defines how you'll know you are fulfilling on your mission, (specific measures of success). The SAP also lays out specific ACTIONS toward your end goals (the action plan).
Here's how a strategic action plan might be structured:
*Mission of the Company
*Vision
*Specific Goals and Objectives (Intended Outcomes and Targets)
*Specific Measures of Success (for each of the above)
*Strategies in each of the following "success engines:" a) Leadership, Management, and Team; b) *Operational Logistics; c) Marketing; and d) Deliverables (products and services).
*Business Structure required to a) successfully support the growth and b) operate efficiently and effectively in order to give you more free time and energy
*Documented Systems needed to achieve the desired objectives.
*Required Support, Skills and Resources needed to act and follow-through effectively
*Action Plan (including expected dates of completion)
*What is your structure and system of Accountability that ensures that you follow-through with your plan of strategy and action?
Pick up any traditional business plan and you'll immediately notice the difference.
An effective SAP does not require that you have all the pieces of the puzzle worked out. It's far better to act when you're 80% ready rather than wait until you think you're 100% ready. Because the fact is, you'll never be 100% ready.
This is what I call the Fire! Ready, Aim approach. The key to being successful with this approach is to recognize when you are 80% ready and to know the right time to pull the cord and let your business strategies loose!
The Strategic Action Plan and the Fire! Ready, Aim approach are both highly effective tools that I use with all of my clients. These same tools helped one client generate more revenue in four months of 2006 than in all of 2005. Another client doubled revenue from his moving average in only one month. Yet another client created an annualized, six-figure recurring revenue stream in 70 days.
Does this commitment to your business require an investment of time and energy? You bet. But the degree of increased focus and confidence for you and your team is well worth it.
This highly-leveraged investment in your business can produce a greater ROI than any stock in your current portfolio. It's all about developing your greatest asset (aside from your health) — your business. So, get cracking on your Strategic Action Plan.
Abandon Your Business PlanIf You Want to Take Your Business to the Next Level - To learn more about this author, visit George C. Huang's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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