Planning for Success
As business owners, we often do a good job of planning for possible negative outcomes or circumstances. We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc. This type of planning is important and crucial to the long term success of your company, and if you are not doing those things you should be.
Planning for success, however, is a little different. Have you constructed a one, three, five or 10 year strategic plan for your business? Do you have goals and a plan to accomplish them? Have you determined the BEST way to grow income and staff: how many people you will need, what your pricing needs to look like to succeed, what is the most profitable way to grow, and how you are going to get those new customers? There are many questions that need to be answered as part of a strong, strategic plan for growing your business. We have often heard the saying “Those who fail to plan, plan to fail.” We have seen this play out many times over the years. In fact, the lack of a good plan will often destroy a successful business with strong growth and great numbers, simply because management was not prepared for how to grow efficiently and effectively. You have poured your time, resources and passion into your company. Make sure you have a plan to succeed.