Business Planning for Non-MBAs
Business Planning for Non-MBAs
It's been said that only five out of every 100 businesses have even basic plans. Yet, even the most basic plans make these businesses more successful than all the others that operate by the seat of their pants.
I've also witnessed planning excesses. Companies who spent so much time, effort and money on their detailed plans, that they had too little left to carry out their plans. I've even seen where companies have failed by adhering too rigidly to their plans and missing market shifts, traps and opportunities.
So, what kind of planning should you be doing? The answer begins with reflecting on your business as it currently exists:
What do you like and dislike about your business as it stands?
To answer that question, assess every element of your business, from how you market, to how you work with clients, to how letters get created and sent, down to the smallest detail.
Your focus should be on honest inspection—running all of your business activities through your personal filter. Your likes and dislikes reveal how well your business sits with your values.
Then, ask yourself: How can I build on, or do more of, the aspects of my business I like? How can I get rid of—or strictly limit—the parts of my business I don't like or I don't like doing personally?
This is the "vision thing". It's the most creative and the most critical part of the effort.
Examine issues like:
• Why you started your business and whether it (and you) are living up to your initial dreams.
• Are your efforts generating the emotional rewards, revenue and lifestyle you want?
• Are the rewards you're receiving worth the time, energy and money you're investing?
• Any other questions of this sort that come to mind.
Examining your general likes and dislikes, and delving more deeply into some of the specifics will find you ready to adjust your overall business mix.
For example, you may realise that it's time for you to hire part-time, clerical help to handle those chores you don't like doing, and to free you up to do more of what you like to do.
You may decide you need to eliminate certain kinds of business from your target market. Perhaps because they aren't as profitable—or as much fun—as others.
You may uncover a new opportunity by focusing on some activity that previously had a lower priority.
Or, you may discover something entirely unexpected. The point is to begin the process and see what it uncovers.
Also ask yourself hard questions about your marketing efforts. What worked and what didn't? What do you like doing and what don't you like doing?
There is no end to the questions you can ask, but at some point, you have to move on. Now you build your plan.
As you begin, it helps to have a few tools: a spreadsheet program, plenty of note paper and a calendar. The spreadsheet allows you to easily crunch any numbers involved in your "what if" scenarios. The note paper is where you argue out the pros and cons of your ideas, and the calendar is where you record what you are going to do and when.
You should be as precise as you can. If you want to begin a marketing campaign, you must begin to develop your materials far enough in advance to meet your launch time. In some cases, you may simply be creating general goals. For example, to give a speech once a quarter. At this point, you cannot know to whom you will speak.
You should be able to visualize where you could become too busy or not busy enough.
You will see where considerable preparation needs to be done, and where this sort of work is already complete.
The result is a blueprint that you can use to guide your activities until it's time to do it all over again.
Business Planning for NonMBAs - To learn more about this author, visit Keith Thirgood's Website.
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Have you taken the time to do some reflecting and planning around your business? Planning is one of the key variables separating financially successful businesses from those who just scrape by.
It's been said that only five out of every 100 businesses have even basic plans. Yet, even the most basic plans make these businesses more successful than all the others that operate by the seat of their pants.
I've also witnessed planning excesses. Companies who spent so much time, effort and money on their detailed plans, that they had too little left to carry out their plans. I've even seen where companies have failed by adhering too rigidly to their plans and missing market shifts, traps and opportunities.
So, what kind of planning should you be doing? The answer begins with reflecting on your business as it currently exists:
What do you like and dislike about your business as it stands?
To answer that question, assess every element of your business, from how you market, to how you work with clients, to how letters get created and sent, down to the smallest detail.
Your focus should be on honest inspection—running all of your business activities through your personal filter. Your likes and dislikes reveal how well your business sits with your values.
Then, ask yourself: How can I build on, or do more of, the aspects of my business I like? How can I get rid of—or strictly limit—the parts of my business I don't like or I don't like doing personally?
This is the "vision thing". It's the most creative and the most critical part of the effort.
Examine issues like:
• Why you started your business and whether it (and you) are living up to your initial dreams.
• Are your efforts generating the emotional rewards, revenue and lifestyle you want?
• Are the rewards you're receiving worth the time, energy and money you're investing?
• Any other questions of this sort that come to mind.
Examining your general likes and dislikes, and delving more deeply into some of the specifics will find you ready to adjust your overall business mix.
For example, you may realise that it's time for you to hire part-time, clerical help to handle those chores you don't like doing, and to free you up to do more of what you like to do.
You may decide you need to eliminate certain kinds of business from your target market. Perhaps because they aren't as profitable—or as much fun—as others.
You may uncover a new opportunity by focusing on some activity that previously had a lower priority.
Or, you may discover something entirely unexpected. The point is to begin the process and see what it uncovers.
Also ask yourself hard questions about your marketing efforts. What worked and what didn't? What do you like doing and what don't you like doing?
There is no end to the questions you can ask, but at some point, you have to move on. Now you build your plan.
As you begin, it helps to have a few tools: a spreadsheet program, plenty of note paper and a calendar. The spreadsheet allows you to easily crunch any numbers involved in your "what if" scenarios. The note paper is where you argue out the pros and cons of your ideas, and the calendar is where you record what you are going to do and when.
You should be as precise as you can. If you want to begin a marketing campaign, you must begin to develop your materials far enough in advance to meet your launch time. In some cases, you may simply be creating general goals. For example, to give a speech once a quarter. At this point, you cannot know to whom you will speak.
You should be able to visualize where you could become too busy or not busy enough.
You will see where considerable preparation needs to be done, and where this sort of work is already complete.
The result is a blueprint that you can use to guide your activities until it's time to do it all over again.
Business Planning for NonMBAs - To learn more about this author, visit Keith Thirgood'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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