3 reasons why your business plan is not working for you and what to do about it

Guest post by: Griselda Togobo
Become an Author

Free PDF Download
3 reasons why your business plan is not working for you and what to do about it - By Griselda Togobo

Lately,I have been spending some time helping business owners plan for growth and also critiquing business plans. I have to say its become apparent that there are a lot of misconceptions about the business planning process. Alot of businesses are approaching the process the wrong way and as such are not getting much out of it. This has created the misconception that business planning and resulting business plans are ineffective and pointless.

The value in writing a business plan is not in the 30 or so pages of beautifully formatted document that you create to file away on your hard drive or keep in your bottom drawer.The value of a business plan is inherently in the process of answering the tough questions about the opportunity in the market place and how you intend to structure and operate your business to capitalise and profit from that opportunity.

If you’ve gone through this process and still feel that you have not gotten any value from it then it may be down to the 3 reasons highlighted below:

1. Incomplete or poor quality planning process:The quality of your business plan depends on the type of questions asked during the planning process. A comprehensive planning process should cover some basic questions. Some of the essential areas to cover are a review of the need or opportunity identified in the market place and how your product or service will meet that need. You should assess your suitability or skills in meeting the need and how you are going to operate your business to meet that need. Of course you should cover the financial. The how and where you will fund your business.

Some business owners start mapping out some sort of plan and then abandon it – I have been guilty of this in the past. Others manage to finish some sort of a plan but never go back to update it and make it relevant to their current situation. This is something we all struggle with due to the constraints we all have on our time. However, to get the most out of your business and time, you need to spend some time planning how you want to spend your time and the results you would like to achieve in your business.

2. Lack of implementation or operational plan: You need to also spend some time thinking about how to implement the concepts and ideas raised in your business plan. Effectively, your business plan is just theory. A wish-list, so to speak. To achieve theses wishes you need to implement. This is the key ingredient that is lacking in most planning processes and the reason why most plans never get implemented. Writing a good business plan is a good start. That is all it is – a starting point. Now go and make your plan happen.

3. Lack of accountability:Even with the best of intentions, we all need support and accountability to enable us to be persistent and motivated in pursuing our business goals. Accountability can come in all shapes and sizes, it could be a board of directors, coach, or investors. Accountability is a key ingredient to keep you continuously focused on your business goals. Are you accountable to anyone? We should all be accountable to ourselvesbut unfortunately due to human nature, this self accountability is usually not enough. Get an independent party who has the authority, business skills and experience to offer a different perspective and add value to your business planning process.

Implement these 3 tips and let me know how you get on.

Having Troubles with Your Internet Home Based Business? Read This..

Business Plan Samples

Entrepreneurs Business Falters When Time Bosses You

The 7 best reasons to write a business plan

Mistakes to Avoid When Setting Goals for Your Internet Based Business

“Dysfunctional Planning of Goals Facilitates Failure, According To Your Strategic Thinking Business Coach”

Home-based Business: Why Should You Have A Business Plan?

Who Should Review Your Business Plan?

Any Plans

How To Spend More Time With Your Family

Why small businesses fail

Reasons to Succeed

10 Most Compelling Reasons To Hire A Coach, According To Your Strategic Thinking Business Coach

“Seven More Reasons Why You Need Business Coaching - From Your Strategic Thinking Business Coach”

It’s Not If But When – Will Your Business Be Ready When Disaster Strikes?

Coaching Your Business To The Next Level Series Part 5 Work Your Plan

Having A Home Business Schedule Will Bring Success

The Plan was a Success but the Business Died

Tricky Truths

Before Starting Your Franchise Have Your Team Ready to Go

Home > Small-Business-Consulting > Griselda Togobo > 3 reasons why your business plan is not working for you and what to do about it > Google +

Free PDF Download
3 reasons why your business plan is not working for you and what to do about it - By Griselda Togobo

About the Author: Griselda Togobo

RSS for Griselda's articles - Visit Griselda's website
Griselda Kumordzie Togobo is a business growth consultant who is dedicated to helping business owners increase their profitability, cash flow and productivity. She is a chartered accountant and holds an MPhil in Industrial Systems, Manufacture and Management from Cambridge University. Griselda is the founder of AWOVI Consulting. Griselda specializes in SME strategy development and implementation, Womenâ€™s leadership and organizational development. She writes on a variety of personal development and business topics which have been published both online and offline in various magazines. She blogs regularly at http://www.awovi.com.
Click here to visit Griselda's website.

More from Griselda Togobo
3 reasons why your business plan is not working for you and what to do about it

Share this article. Fund someone's dream.

Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

3 reasons why your business plan is not working for you and what to do about it

Related Articles

Related Forum Posts

Share this article. Fund someone's dream.


Name:
Email: