Business Planning Thoughts and Considerations
Those who do not learn from their mistakes are doomed to repeat them. But those who insist on plodding the same course also create no opportunities.
Through the years, I have sat through hundreds of business planning processes. I’ve heard it all, from zero-effort plans like “slap a new date on the old plan” to plans with unrealistic and unattainable goals. You could say I’ve learned a few things about what it means to make a successful business plan. I know the signs of a business that is ready to succeed based on the way they plan.
The most important thing to ask yourself is: What is your organization doing to maximize success?
Why Rehash Old Mistakes?
Businesses have a tendency to get into a rut. “If it ain’t broke, don’t fix it” is a terrible adage for the business world where everything changes and growth should be a constant. Plodding along doing things the same way you’ve always done them might avoid creating turmoil, but it also avoids fixing any existing mistakes or flaws in the system.
Your bottlenecks remain your bottlenecks. Poor management becomes a mainstay. Flaws in the system become tenured flaws. Without aiming for improvement with every new year’s business plan, your business will repeat old mistakes and begin to calcify as you fall behind the curve.
Start Strategizing to Maximize Success
Instead, every manager, business leader, and executive should have their eye on the prize. Why rehash old mistakes when you can make bold moves for a better future. Forging into new markets, improving customer and employee satisfaction, improving efficiency, strengthening your supply chain, and making an even bigger name for your brand are all worthy goals. Why not aim for them?
With every business plan, you have the opportunity to propose and pursue bold moves to achieve greater goals. Of course, you will still conduct risk analysis, assess progress,With every business plan, you have the opportunity to propose and pursue bold moves to achieve greater goals. Of course, you will still conduct risk analysis, assess progress, and discover both optimal and non-optimal strategies. That is the nature of business. But with each bold plan, you create more opportunity for growth and success than you could simply holding position with each passing year.
Questions to Ask Yourself When Building Your Business Plan
- Have you diligently researched the market opportunity?
- Will you clearly bring a significant completive advantage to the market?
- Can you clearly articulate and quantify how your solution improves business outcomes?
- Have you set realistic goals? What are your proof points?
- Do your compensation plans support your goals?
- Have you considered how to attract and retain top talent?
- Is your team ready, willing and able to execute diligently – and admit when mistakes are made and adjust accordingly?
Learn From Mistakes and Grow Stronger
The final step is to accept that mistakes happen, and that each mistake is an opportunity. There are probably mistakes in action in your business right now. Finding and changing them is an opportunity for growth. Trying a new strategy that doesn’t fulfill it’s stated goals is an opportunity to hone your future strategies with more information. Just trying new things can inspire your team to get involved, invested, and interested in the growth experiment that every business should embody.
Don’t be afraid to identify current mistakes or to make mistakes among your bold, successful moves. Instead, look for what you can learn and gain from each mistake as it comes and improve your strategy with every correction of your course.
The most important step is to document, execute, and adjust in a timely manner so that your business is never at a stand-still.
Embrace Bold Moves with Mprove Sales
If you are ready to take your business in a new direction and leave old mistakes behind, Mprove Sales is here to help. Contact us today to learn more. jim@mprovesales.com or 303-697-6416 www.mprovesales.com
