Business planning isn’t the be all and end all
Key Lessons
- Business planning is important but not the be all and end all
- Reviewing what is working and what isn’t is essential
- Be brave, take action and make changes
When I as a start-up sole trader 10 years ago I spent a silly amount of time creating a business plan because I was told by someone it would be a good idea and it was good practice. And that’s what many of the business books tell us too. As I filled it in I felt like it was a paperwork exercise. I was filling in spaces on a form. To a degree this is often similar in many larger organisations too. As a coach I hear how much business plans are laborious lengthy documents often stored away gathering dust in drawers. Leaders spend a lot of time creating business plans spanning years.
The trouble is that business plans may be impractical for a start-up.
When I first created my first business plan as a sole trader I did stick to the process as close as I could. I was offering several key services. One of the key services I was certain would be a strong service and thought it would be a strong offering.
At the 3 month mark I realised that this part of my business plan wasn’t working. I stuck with it another 3 months before driven by the need to pay my mortgage I reluctantly decided to scrap this part of the business plan and try a different approach. Hurray then came success. Had I stuck to the initial business plan I would have gone out of business within the first year.
This “failure” taught me some valuable lessons. Your ideas don’t always work out even when you believe in them. Sometimes you have to face the truth of the results and accept them. Then be brave and make changes.
Key Takeaways
- Business planning is important but not the be all and end all
- Reviewing what is working and what isn’t is essential
- Be brave, take action and make changes
Have you ever gone against the grain in business? What advice have you ignored?
If you want to explore how you can do business in your own way please message me.
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Print article | This entry was posted by Denise on September 22, 2018 at 2:18 pm, and is filed under Personal Development. Follow any responses to this post through RSS 2.0. Both comments and pings are currently closed. |
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