Failing to plan = Planning to fail
‘Failing to plan = Planning to fail’ is the famous quote by Benjamin Franklin frequently applied in the world of business.
You’re a small business, highly efficient and skilled at what you do and already have clients. So, how important is regular planning; is it just necessary at start-up or should you review the business plan monthly/ quarterly/annually and should it be formalised on paper?
Of course, nothing is essential, unless perhaps you need to answer to a board of Directors, shareholders, bank or other funders? But, it’s a well known fact that goals set on paper, shared verbally with others, or merely scribbled on vision boards and in planning tools have almost 50% more chance of succeeding. Why? Because it focuses the mind on what needs to happen and creates an orderly process to take small steps in the direction of that goal.
Shockingly, only 3% of people have clear, written goals and plans to accomplish them which means their business plan is not goal-focused and remains a collection of intentions and wishes. The very act of business planning should empower a small business
So, consider the checklist of areas that need planning in your business, take a blank piece of paper, turn to one of the many planning apps or tools on the internet, or work with management or an external consultant, to download and organise all the ideas. You’ll be surprised how quickly it materialises into a business plan.
The internet has innumerable visuals and diagrams detailing the strategy of business planning but in its more simplistic form, business planning should involve a cycle of
Goal setting -> Planning steps -> Executing actions -> Assessing/measuring progress – > Resetting the path
The short video below produced by Business Wales succinctly covers some of the basics.
Colony will be tackling business planning from two angles in September. The hard skills of preparing a business plans and implementing actions. And, later at a workshop the soft skills of personal development, mental and physical agility and mindset and attitude. See all September Business events