In business it is critical that you formulate and write down your plans. The old adage “businesses do not plan to fail, they fail to plan” is so true! Throughout the world the statistics is quite consistent – between 70% and 80% of startup businesses fail within the first three years, and when asked, most of these business owners say that they operated without a plan.
What? So why the heck am I spending this much time (and probably money) planning and documenting my plan?
Because you need to have an idea of what you are up against, what opportunities you can take advantage of, and how you will go about it. With a plan, as some of your assumptions change or circumstances change them, you will know the strategic direction you are heading, the steps you intended to take and how you can adjust them to suit the changed circumstances. Without a plan all you can do is react, follow events, rather than create them.
So how do you deal with changing circumstances? In this video I talk about expecting surprises to pop up. Cultivate the ability to look for surprises and the flexibility to take them on board as opportunities! Read More