I realize that there is one thing in common when we meet businesses that succeed and thrive, and the ones that fail fast.
Some CEOs and owners have this bad habit of not wanting their business plans documented, for many fears.
But this causes more damage than benefit for them.
When I interview these business owners and CEOs, they have a few simple common traits, and this explains why they work the hardest with their blood and sweat in the business.
Common Trait #1 – They always tell me this, “I don’t need to write down my plan, because it’s all in my head.” So when a business plan is all up in your head, the problem is that all Results and Outcome of the business are real information with the owner himself/herself.
No one else knows WHERE the business is going and what to do. No one else would know the outcome of the business except you for that quarter, for that month, or for that week.
Common Trait #2 – It just takes too much work. Many don’t have their business plans documented because CEOs and business owners need to plan what to do and a lot of business owners develop their business as situations arise and they have to react to the situation.
This makes them REACTIVE to their environment and not proactive at setting the building blocks they need.
So what does it take to have a good business plan that works for you long term? Here are some tips…
Tip #1: Always ensure that your plan has a long term view to your goals, both business and personal goals.
I found out that many people do not know what they want from their lives and this keeps them working harder and harder in the business without knowing clearly how the business should help them increase a better quality of life.
Drive your business goals by having a better life will mean that there is more SUSTAINABILITY in business instead of a whole load of busy-ness, no time, no happiness, and poor health.
Tip #2: In building a plan for your business to grow, also have a plan for yourself to grow.
There are always gaps between where we are and where we want to go. This is because the GAPS in our results are really the gaps in our Abilities, Skills, and Knowledge to make more money and get better results.
Sowhen we build a business plan to grow further, we must also have a plan for our knowledge to grow.
Tip #3: Most people build business plans and after some time they realized that their goals and plans are rarely achieved.
Why does this happen? I have seen many business plans that start off with a great big picture, but almost always lack the specificity needed for implementation so that the business can move forward.
The business plan must be detailed enough so the plan can be delegated clearly to your managers along with clear expectations.
They would then be able to build the plans at the department level and measure their performance based on the plan.
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Maresa Ng is the CEO of Spark Activators Sdn Bhd. She is also an entrepreneur, author, investor, professional speaker and business growth specialist based in Kuala Lumpur. Find out more about how she helps her clients grow their businesses at www.maresang.com