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Business Plan Helps Insure Sweet Success

Quick.

By Tim Fulton Category: 0

Submit your Articles Here!

Quick. Name a product or service that you or your business will gain more satisfaction from while it?s being developed or produced than when it?s finished.

Your answer?

?My tax return???Wrong answer?.?Chocolate chip cookies???You?re getting much closer?.?I give up.?

Your strategic business plan?.?I never would have said that.?

Well, don?t feel embarrassed. Most business owners and managers do not consider developing a Strategic Business Plan for their organization. In fact, less than 20% of all small businesses have any type of plan in place including operating plans, marketing plans, succession plans, etc.

They deny themselves such pleasure for a number of reasons:
·?It?s far too difficult to do.?
·It?s far too costly to do.?
·?I don?t have the time.?

Imagine that you have hired a builder to construct your dream home. You have this rather vague picture of this house in your mind and you communicate this image to the builder.

Now imagine that your builder plunges into the construction of your home without any architectural plans. No drawings.

In a panic, you stop construction and ask the builder why he isn?t using any plans or drawings?

He responds, ?It?s far too difficult to do.? Or ?It?s far too costly to have done?. Or ?I don?t have the time.?

It would be crazy to build a home without plans. How long would that ?dream house? of your last if it was not built to any type of specifications? How long do you think your business will last without any direction or strategy?

Now back to my original question.

What is fascinating about developing a business plan is that the greatest satisfaction is derived from the development of the plan itself. Just like baking chocolate chip cookies. I get more enjoyment from eating the delicious cookie dough while I?m baking than I do from the baked goods upon completion. Sometimes I get halfway done baking and stop completely. On rare occasion, the dough never makes it to the oven.

The business plan development process includes the following three steps:
1.Analyze the business as it exists at this moment in time
2.Determine your 3-5 year vision for the business
3.Decide what you need to do to move towards that vision

As you go through this process you will be forced to examine your business, as you have probably never done before. You will uncover your strengths and weaknesses. You will identify market opportunities and threats. You will set goals and objectives and than establish an action plan geared to achieving them.

You will take that image of your ?dream house? out of your head and onto paper where it belongs.

When you finish, you will feel exhilarated and motivated like never before. You will find new confidence in your business. If this is not the case, it?s time to bail out. Sell the farm.

Once your business plan is completed, it than becomes your road map for leading your business. You will use it to make sure that the ?construction? of your business is just as you have planned for. You may even want to share it with others such as your employees, your banker, or even your family.

Just like chocolate chip cookies.

About the Author

Tim Fulton is a nationally recognized small business consultant and
management trainer. He is also a very popular public speaker. Tim can be reached at timfulton@hotmail.com.

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