Recommending a business plans is often a starting point for many advisors and consultants. The challenge is that there are nearly as many recommendations on how to do a plan as their are advisors and consultants.
The single biggest issue with planning is the horizon. Many suggest a 3-5 year plan. If and when that gets done, the plan sits on the shelf in most cases.
I developed The Profit System specifically for the purpose of guiding companies on how to achieve extraordinary revenue and profit growth in a short period of time. Clients are advised to think in 12 month chunks and then roll that back to what has to be done this week to achieve it.
In the process of doing this, a company must address what could derail the results. So the point of considering disasters is addressed, but you get there from a different direction.
Finally when you bring your targets, to what has to happen today, this week, this month that are required to achieve the 12 month goal and hold people accountable for achieving those interim results, amazing things happen.
This entire process is outlined in a mini course I developed that is offered at no charge. Register at www.stevepohlit.com
The follow was reported in another on-line business blog and is presented to offer the reader a balance in terms of business plan recommendations:
Business Plans
(begin article found on another blog)
Business plans are a must for any entrepreneurial venture. Every new and existing company should have one. They are the roadmap to future business success. They can also keep a business on course in the event of a change in the business fortunes.
There are many aspects to the creation of a good business plan, including finances, marketing, sales forecasts, expected expenses, and so on. By carefully assessing all of the details, a strong business plan can be formulated.
A business plan is a requirement for everyone from bankers to venture capitalists. They are also a useful exercise for you, as developing the business plan forces you to look long and hard at your ideas and projections.
Even with a good solid business plan in hand, many potentially successful business people still don’t live their dream of entrepreneurship. Held back by many factors ranging from being unable to secure financing to staffing and production problems, many companies simply don’t get off the ground.
While these difficulties are common to many businesses in general, some barriers are specific to the business person alone. One of these barricades to entrepreneurial success is fear of failure. Thoughts of marketing and sales problems, staffing issues, and changes in financial status and the economy pale in comparison to that trepidation. Fear can stop a new business before it ever gets started into the marketplace.
The business plan can go far to preventing self doubt by providing a guide to the business that is both direct, yet adaptable to changing conditions. Shortages of funds can be worked around through free media publicity, creative promotional ideas, and business blogging. Alternative financing can be used to bring need cash flow into the company. Hiring only the essential personnel and subcontracting the balance of the work to outside contractors, consultants, and virtual assistants can lower labor and wage costs.
The biggest stumbling block for most failed business owners is a lack of confidence in one’s own abilities. That lack of confidence in oneself, and the potential of the organization, can be overcome. While many techniques can be employed to get past the feelings of self doubt, we will consider one method here.
We will ask one question.
What’s the worst that can happen to the business?
Think about that question for a time. Consider what could be the very worst thing that could befall your business, and subsequently, your future. While some of the worst case possibilities are enough to drive anyone away from even attempting entrepreneurship, many if not most, are not. In fact, many potential disasters can be prevented through careful planning. Contingency plans can be put into place for implementation should the nightmares become real.
Simply looking objectively at the worst case scenario can help with the overall business plan. The worst that can happen to a business may not even be that disastrous at all. In fact, many worst case scenarios can be reduced in impact, or even negotiated into workable situations. Every business problem is not the end of the world or the company.
Once you know what is the deepest depth to which your company could sink, the issues involved don’t even look so bad. It’s much easier to work with a known factor than a completely unknown possibility. After all, the worst that can happen to your business, might not be so terrible after all. The fear of disaster is worse than the potential problem itself. Keep in mind that just because a problem could arise in theory, does not mean it will ever appear in practice.
Don’t let fear of failure stand in your way to business success. Let a strong viable business plan, that makes allowances for major problems, guide you and your company, to achieving all of your business goals.
(end article not authored by Steve Pohlit)
|
Steve Pohlit is a CPA,MBA and has been the CFO of several major domestic and international companies. Today Steve is an expert business consultant focused on helping companies improve their business performance including growing profits, revenues and customers. For a FREE 6 week mini course where you will receive 10 easy to implement action steps guaranteed to increase business revenue and profits by at least 30% in the next 90 days, please visit www.StevePohlit.com All articles published by Steve unless specifically restricted may be freely published with this resource information. |
