It is widely accepted that your chances of success are increased by breaking down your ultimate objective into manageable, specific tasks and then writing them down.
It is also readily acknowledged that a significant factor contributing to the failure of many businesses is a tendency towards ‘short-termism’, that is, not thinking ahead.
So on the face of it, doesn’t writing a business plan covering the next 1 to 3 years seem a sensible and relatively easy decision? But longer term thinking is often very difficult when you are bogged down and fully committed to dealing with the day to day challenges of running and growing a business. Many owners will also often refer to the rapid pace of change to justify not planning ahead, ‘why should I bother trying to plan for the future when I know everything will be out of date tomorrow?’
However, the more aware and focussed you are on your aims and vision the greater your chances of achieving them and recognising when you need to take corrective action. In addition, a plan can be flexible and adapt to a changing environment, provided you have a system in pace to regularly review and update it.
Perhaps you already understand the value of a business plan and regularly think to yourself, ‘I must sit down and write a business plan?’ Perhaps you have started to write plans in the past but never seemed to have the time to finish them? Or have you spent precious time and effort preparing a lengthy and detailed document only to find that you never referred to it?
If you fall into one or more of these categories then you are in very good company. The majority of businesses, (other than those that are ‘forced’ to produce a plan to apply for bank finance), do not have the motivation, resources, time, knowledge, expertise, etc, to write a really effective plan.
I believe the problem is that writing a plan is often viewed as just simply another task on the ever growing ‘To Do’ list. Instead, planning should be approached as a vital and ongoing process – a process that can provide as much value as the final document itself.
Why not start the planning process now? Write down where you are going (your Vision) and how you intend to get there, (your Strategies). Structure this document in a way that it is easy for you, and your colleagues, to read, review and update.
More on the content of your business plan in later Blog posts.
Source: ‘The 4 Step Business Plan’ by Mark Painter available from Amazon.