Category - Business Planning

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The Practice of Planning
Write Your Business Plan In A Day
Ready To Write Your Own Business Plan?
Small Business In COVID-19: Business Planning Now More Than Ever
Small Business in COVID-19: How To Get Your Planning Done During COVID-19

The Practice of Planning

I have identified six things that businesses must do if they are to be successful businesses.

Not all businesses manage to be good at all six things, but all successful businesses – no matter how small – are good at all six things.

These Six Business Success Factors are providing Leadership, good Planning, effective Marketing, Customer Fulfillment, management of Operational Efficiency, and the mastery of its Finance.

This week I’ll discuss the Practice of Planning and how it helps any size business to succeed.

I’ll then set you a challenge that you can undertake over the next 5 days.

It will be fun and more importantly, it will help your business become focused on success.

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Write Your Business Plan In A Day

For “old” readers of this blog, you know that I truly believe that every small business must have a business plan.

The statistics prove it – 80% of small businesses fail within 5 years of starting and of those, less than 10% had prepared a business plan. Businesses don’t plan to fail – they just fail to plan.

Without a business plan, no matter how expert you are in what you do, you will find that you work hard every day without getting any closer to where you want to go.

This is because, without a plan, you have no strategic direction and you have no priorities. Every decision you have to make becomes a time-suck because you have to think about what’s right and what’s wrong every time.

If you had a business plan, you would have your long-term goals established as your strategic direction, you would know what you had to achieve over time, you would know what you had to do next.

Every decision then becomes easy to make as you measure it against your strategic direction – “would this get me closer to my ultimate goal faster or not?”

With the goalposts clearly defined by the business plan and the plan’s detailed roadmap, you will know what is important to work at on a day-to-day basis, what to do, when to do it, and in what order.

No more “what do I do next?”

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Ready To Write Your Own Business Plan?

If you are thinking of writing your business plan using my simple step-by-step process (which is explained below), there are a number of things you need to do to get ready.

The key to a successful – and actionable – business plan is the preparation.

Before you start doing the work, you need to make a few decisions so that when you do the work, you are focused and you don’t have to take side-steps to decide on what to do or what to leave in and leave out.

This is step 1 of my step-by-step business planning process – “Get Ready!”

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Small Business In COVID-19: Business Planning Now More Than Ever

I’ve been talking to some of my clients and some members of my online programs, and it’s hard to see their confusion about what to do in their business today.

Some of them had just started a business, following my program called How To Start Your Own Business before the pandemic stopped them in their tracks.

Others were growing along their business journeys at a good pace, and then COVID-19 caused a big pothole in their journey.

Most of them were still determined to grow successful businesses – the fight hadn’t gone out of them yet!

The one thing they were mostly confused about was their need to plan their way out of the situation.

But if you’re in the same boat, you probably have similar questions about the future so I thought this week I would answer some FAQ’s I’ve been getting from them.

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Small Business in COVID-19: How To Get Your Planning Done During COVID-19

Let me start by saying that all small businesses must prepare business plans every year.

A business that does not plan surely plans to fail – the statistics spell it out.

A business plan gives every business a clear direction that can be used as a measure to make major decisions. A business plan establishes a series of goals – from short-term to long-term – that build on each other toward building the business you want to end up proud of owning.

A business plan removes everyday stress of not knowing what’s the right thing to do next and creates a series of action plans that prioritise what you have to do.

Running a business without a business plan is like going out for a drive without knowing where you are going. Depending on the circumstances it might be enjoyable just to get out for some fresh air, but ultimately pointless.

If you don’t want to run a pointless business, you need a plan.

However, here we are in June, the traditional time to write next year’s plan, and the COVID-19 situation is creating issues for planners.

How do you get your planning done in the middle of this?

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