“I’m too busy getting things done to make a plan.” Many a startup businessman sat down to make a plan only when they had to, and paid dearly for it later on.
But more than just protection against an entrepreneurial nightmare, let’s take a look at how a carefully-drawn plan can benefit your business.
Vision
Vision is the single most important thing a business plan should convey, twofold: First, everyone in the company ought to know what the company stands for, or aspires to stand for. Second, everyone the company communicates with on the outside – partners, stakeholders, investors, clients – also ought to have a clear idea of what the business is about.
A company may evolve and change its strategies and processes over the course of time, but its vision remains constant, mooring its personality and public image.
Intention
Here’s where targets and results come into play. A good plan gives you specific and measurable goals to strive toward and ways to measure your progress quantitatively and qualitatively. Intention separates activity from productivity – it saves you from doing too many unnecessary things that won’t really benefit your business.
Direction
Do you know where you want to be in five, ten years? A plan will tell you where you ought to be at a specific point in time and how you’ll get there. It maps out the milestones and action points to be carried out in order to reach those goals. It appoints people responsible for those actions, and sets how much you ought to expend.
Anticipation
There are few things more unpleasant than being punched full in the face without warning or foresight. What really keeps fighters upright and going in the ring – aside from the long hours of endurance training – is the attitude of vigilance.
Having a business plan gives you two advantages over surprises. One, you can predict what possible scenarios the company might go through in the future, and two, you can prepare in advance actions to ensure that they do not threaten your business.
Let’s go back to the problem of the “busy businessman”. The fact is, the busier you are, the more you have to make a plan. A business plan now can save a lot of stress and tedious patch-ups later.
Quick questions: In a nutshell, what is your business’s purpose? Is it clear to your employees and your clients? At this stage, where are you on the road to reaching your objectives? What unexpected problems have you encountered? How are you preparing for future challenges?