As a Business Coach, I have seen the results in business of failing to plan. What I can tell you is that often, the result is not a pretty sight. We know that a business plan is a key strategic tool for entrepreneurs who run great businesses that perform consistently, above market average. The fact is that a good, well-crafted business plan has two goals. Firstly, it assists business owners and entrepreneurs by providing focus on the specific key actions that are required to ensure that their business ideas succeed, and secondly it provides clarity helping them to achieve their short-term and long-term goals. Business planning in a family business has a further complication in that it must also accommodate the family needs. Business families who equalize family and business systems create a positive environment where the family thrives, and their business performs. This type of approach is of particular importance as family businesses grows.
Balanced business and family systems creates a high level of trust, ensures commitment, drives business effectiveness and fosters family harmony. These four elements are critical for the survival of the business in the long run and are the foundation for healthy family relationships and for the creation of a family business legacy.
In last year's blog I have highlighted the 8 Key elements of an Annual Business Plan and you can find that blog here.
Yes I believe It's time to do Your Annual Business Plan!
With the Financial year end upon us, doing an annual business plan is one of the most important things a business owner must do, now!How else will you get to prioritise all the things you have to do, and how else would you get to know and focus on the critical and most important strategies that will move you towards to your end goal as quickly as possible?
Our GrowthCLUB 90-day business planning sessions are aimed at assisting you in getting a clear focus and understanding of the urgency and importance of actions that need your attention now, this week, this month and this quarter.
I have seen and experienced, from working with more than 100 business owners over the last 7 years, the importance of getting clarity on your quarterly goals. This will ensure that you and your team know what is expected of everyone and what they need to deliver! Accountability is key!
Yes, there is a lot to consider but taking a day out of the office will save you a lot of time in the future. However the investment of time is perhaps the most important thing you can do this time of the year.
The reason why we believe in a proper business plan at ActionCOACH Inspire is that it helps to clarify and achieve the company's objectives, as it ensures we are focused on the key priorities.
Planning helps an organization to achieve these goals as it focuses the energy and saves employee's in an organization from doing some random (done by chance) activities.
Lastly, we should use planning as a team building process. It's the ideal process to get everybody's input and to create a sense of commitment to the expected outcomes.
Remember failing to plan is planning to fail!- Allan Laiken