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Lessons Learned about Planning
Written by: Jim HoranArticle Overview: Lessons learned about planning.
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Free Download - Simple, Effective Planning By Jim Horan |
Lessons Learned about Planning
The greatest value in creating a plan is not the final document. It’s the communication, prioritization, focus, clarity and learning that make the process worthwhile.
The business plan you write to get your company funded is almost worthless for running your company. Don’t confuse your funding efforts with running your company. They are very different. Commit to having a plan for managing your company.
Have every manager and/or every team write a plan for their business unit, project or program. If it is their plan, in their words… it's much more likely to become a valuable tool.
Make the plans important all year long by reviewing the performance and progress against the plan as a part of your monthly management team meeting.
Have your managers/teams prepare a written plan first… then have them prepare their budget. Remember, budgets are just numbers. Numbers can’t describe what is being built or how it will be built or the work that needs to be done. Words can!
If you don’t get the words right, you may build the wrong business. I bet you know of several small businesses that look like mini-conglomerates.
If you don’t get the words right, you may never get the numbers right. Unfocused businesses typically waste a lot of resources. Focus your team and your assets; the bottom line will improve dramatically.
Managers speak the plan everyday. Capture these verbal plans in writing using key words and short phrases. A powerful one page document can be written in a short amount of time.
You and your managers may need some outside assistance with your planning and performance processes. Find a consultant that specializes in planning. Ask other business owners for a referral.
All too frequently the goals or objectives in a plan are too vague to be of any value. The best goals or objectives are ones that can be graphed over time, like sales, number of new customers, units produced, billable hours, manufacturing yields, and gross profit.
Federal Express’ rationale for existence can be stated in three words – overnight package delivery. Why does your company exist?
If your employees, investors and/or partners cannot accurately describe the business you believe you are building, they may be building a different business.
Remember profitability is not an accident nor is it a guarantee. It always starts with a plan! Start the year with a written plan… then put it into action. And remember… keep it to one page!
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Article Tags: amount of time, assets, best goals, bottom line, budgets, business owners, business plan, business unit, clarity, conglomerates, expre, gross profit, key words, management team, page document, performance processes, phrases, referral, small businesses, valuable tool
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About the Author: Jim Horan RSS for Jim's articles - Visit Jim's website  Click here to visit Jim's website   21st Century Leadership and The One Page Business Plan The Power of No Who Does the Best Thinking in Your Company Role of Leadership in Planning Lessons Learned about Planning |
Related Forum Posts
300 rules!
- 300 was my favorite movie of 2007 and Kevin you did a great job in highlighting the Business Lessons from the Movie.
Re: How do you make the most of your day?
- Planning, To Do lists, and deadlines all help me.
Also being self critical of my own time management helps me raise the bar.
I still check email too often though.
Re: Success
- I think it was Gary Player who said the harder I practice the luckier I become when it came to his success as a world class golfer. Planning and dedication to a task can make all the difference between success and failure.
MichelleJ
Re: Quote of the Day - "If you hesitate, some bolder hand will s
- Excellent quote, Evan. This reminds me of the saying, "The early bird catches the worm."
It's important to act on impulses, rather than hesitate and plan. Planning isn't a bad thing and is warranted in certain cases, but those who act quickly will get a step ahead of the competition.
Nice List
- Nice list, and I agree with everything you all have added!
Planning is the biggest one of all! Look at everything from every aspect possible, and then ask others to look at it as well. It's extremely important that you consider everything before jumping into things, and it goes so much smoother!
Also, some young entrepreneurs tend to have an unrealistic mindset (I can sell 4000 of this product in my first week!). Make sure you know what you're getting into, and don't expect something that won't ever happen.
~Marie
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