Maximize the use of your business plan
In this series of 19 short articles, StratPad’s founder discusses the fundamentals of starting and running a small business.
Today he talks about using your business plan to its fullest extent:
Q: How do I maximize the use of my business plan to increase the likelihood of success?
A: Well, the first thing is that you can’t just write a business plan and stick it in a drawer. Your business plan has to directly connect with the execution, with making it happen. It should provide you not only with focus and direction, but it also should provide you with a game plan. What are the steps that you’re going to follow over the next month, and three months, and six months?
That’s the first thing you need to do: link your overall goal of your plan with the steps that are going to make it happen. The second thing you should be doing is you should be looking at your plan often. It’s an iterative process. Take your planner from the drawer every three months, and go through the whole process again. Do the whole process again every six months, because your landscape has changed.
It’s the things that are changing, the things that you’re not doing well, the things that you need to correct. The competition has just arrived in the scene that you need to adjust to. Those are the things that weren’t in your initial plan. You now know you need to adjust the plan, recalibrate, and keep going.