Plan Your Business Success
The object of your business is to love what you do and to make plenty of money doing it. Being busy doesn’t necessarily equal productivity in your work. Maybe you strive for customers only to be disappointed in little to no interest. To always move forward and be productive, motivated and engaged requires staying on purpose, being clear about the successful direction of your business, and taking the right actions to accomplish this.
When was the last time you took the time to outline a plan that is meaningful, concise and simple? Do you create a plan and then the plan gets shuffled to the bottom of your desk drawer because it holds no real significance to you? Outlining a meaningful, concise and simple plan for your business is essential for your success. A powerful plan excites you and keeps you on track; you can’t wait to start implementing it and gauge your progress. A meaningful, concise and simple plan will remind you of why you do what you do, will be clear and concise, and will have bite size action steps so you are not too overwhelmed to complete.
A good plan is comprised of you looking at where you want your business to be and determining what you need to do to get you there. It helps you as an entrepreneur to shake things up a little. It’s a way to revitalize that drive that originally compelled you to start your business in the first place. You started out with a dream but maybe along the way you became distracted by daily challenges and lost sight of your dream, settling for less than your true potential.
Planning can help businesses grow 30% faster
A study in 2010 by Brinckmann, J., Grichnik, D., & Kapsa, D. published in Journal of Business Venturing aggregated research on the business growth of 11,046 small businesses and found that planning improved business performance. Interestingly, this same study found that planning benefited existing companies even more than it benefited startups.
Another study by Burke, A., Fraser, S., & Greene, F. J. (2010) “The multiple effects of business planning on new venture performance” published in Journal of Management Studies, 47(3), 391-415 found that companies that plan grow 30% faster than those that don’t plan. This study found that plenty of businesses can find success without planning, but that businesses with a plan grew faster and were more successful than those that didn’t plan.
To reinforce the connection between planning and fast growth, yet another study by Upton, N., Teal, E. J., & Felan, J. T. (2001) “Strategic and business planning practices of fast growth family firms” published in Journal of Small Business Management,39(1), 60-72 found that 71% of fast-growing companies have plans. They create budgets, set sales goals, and document their marketing and sales strategies. This study also found that companies that did a good job defining their value proposition or how they differentiate in the marketplace do even better than companies who have a hard time defining their customers’ needs.
And last, another study of 223 companies found that having a plan reduced the likelihood that a business would fail. Having a plan didn’t guarantee success, unfortunately. But, those companies with a plan had better chances of success than those that skipped the planning process.
Having a plan and updating it regularly means that you are tracking your performance and making adjustments as you go along. If things aren’t working, you will know it. And, if things are going well, you know what to do more of.
Register today for Plan Your Business Success Workshop being held at Lincoln-Way East High School in Frankfort, Illinois. Your plan will consist of you identifying how you differentiate from everyone else in the marketplace, developing your business’s top priorities and then creating an action plan to accomplish your priorities.
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