Some recent articles have included some extraordinary – yet not surprising – statistics: companies with just the strategic section of a business plan have 50% more profits and revenue than non-planning businesses. Another survey found business planning companies have 63% higher revenue growth and 100% more profit.
If that isn’t enough reason, here are a few more:
- To anticipate and prevent problems before they occur
- To successfully attract the funding you need to run your business
- To reduce anxiety from not being in control of your business
- To have an impact on your success rather than leaving it to chance
Check out this white paper if you want a place to begin. CLICK HERE
written by Nancy Chorpenning
\\ tags: business planning, Focus, Management
Why You Need a Business Plan – WSJ.com
What a great article on Planning for Business in the Wall Street Journal! And no, I didn’t commission it.
Planning – note the active voice – is at the heart of my practice and my life. Is it because my dad had me sitting at the kitchen table writing my goals for the week every Saturday starting at age 5? Perhaps, but it sure has served me well.
Planning – not just “plans” – is critical to the success of any organization. Smaller or newer businesses have a more acute need, as they have less ballast to weather such economic events as we have just been going through the past year.
Next month, I’m presenting a webinar called “Plan” is NOT a 4-Letter Word. In it, I suggest that the Top 5 Reasons for Business Planning include:
- Forestalling problems – if you can anticipate and avoid a problem, isn’t that better than having to solve a problem or crisis?
- Securing funding – whether you’re seeking venture capital or a loan from your community bank, a clear plan will help convince your investor or lender that you have anticipated eventualities, and that their investment is a good one.
- Management – planning can be your best friend for managing products and services as well as employees. It can be the road map for all to follow in concert.
- Profitability – recent research about small businesses found those that plan actively have profits 50-100% higher than those that don’t Nuf sed.
- Reduce anxiety – stress and overwhelm are common conditions of business owners. Why waste energy with worry when a plan can help you FOCUS and improve productivity.
If you’re interested in attending this webinar, send me an email and I’ll get you invited.
written by Nancy Chorpenning
\\ tags: business planning, business plans, small business, strategic planning
Nearly everyone would agree that accountability is important to successful business management. How many have identified it as a critical component to growth? Virtually every one of our small business owner clients encounters it as a common symptom while they are trying to go from a micro business to a small business, or from small to medium.
Read a solid article from Tim Berry, President of Palo Alto Software (makers of Business Plan Pro) about accountability. A recent client is struggling with accountability as they grow from a 30-something person firm. So Tim’s graphic, “The Accountability Dip” is helpful to show them they’re right on track to be running into the logjams they’re finding.
We’re working currently with a client to build a business plan (which they haven’t had during their 50-year history…not uncommon) and in so doing, introduce accountability – by the way, it was the #1 word their top level managers used to identify the main thing preventing them from growth! It can be the elephant in the room, and it needs to be addressed.
written by Nancy Chorpenning
\\ tags: Accountability, business planning, goals, objectives
It is well established that concentrated attention and focused thought are more productive than the start-and-stop too many of our days are like. That working in dribs and drabs is also a common symptom of business owners who work IN their business more than they work ON their business, then wonder why they never make progress.
Try setting aside time regularly as you plan each day – or each week, minimally – when you Continue reading »
written by Nancy Chorpenning
\\ tags: business planning, Focus, Time Management
Tool Kit – How to Avoid Becoming a Failure Statistic – NYTimes.com:
The link above takes you to the New York Times, and one in a growing number of cautionary articles online and offline directed to Entrepreneurs and Small Business Owners – just like Small Business Central!
Another similarity among that ballooning number of commentaries is one particular piece of advice: as Karyn Greenstreet (a self-employment expert and small-business coach) is quoted here as saying, “Test every new idea against your business plan and mission statement Continue reading »
written by Nancy Chorpenning
\\ tags: business planning, mission statement, strategic business plan
Have you heard the quote by our 34th President, Dwight Eisenhower while he was Supreme Allied Commander? Good advice for soldiers as well as business owners.
“The plan is useless, but planning is essential.”
And there couldn’t be a better time than right now. During a recession, pragmatic business planning is vital. Strategic plans are important but tactical operating plans might be your most valuable management tool during this recession. Here’s the perfect opportunity to focus in on Continue reading »
written by Nancy Chorpenning
\\ tags: business planning, recession
Economic Crises Call for Better Marketing Plans – Marketing Plans – Entrepreneur.com: ”
“PLAN” is NOT a four-letter word!
At this time more than any other, having a clear, current and actionable plan for your business is of critical importance. This article is written by the head of Palo Alto Software, makers of the leading business planning software “Business Plan Pro.” They produce in-depth plans suitable for soliciting loans. Although he has an obvious bias, he is correct that challenging financial times are precisely the time to re-evaluate (or evaluate — or build) your plans, starting with Sales Plans and Marketing Plans.
A plan that functions effectively doesn’t have to be voluminous. But it does have to exist!
written by Nancy Chorpenning
\\ tags: business planning, Marketing
