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Formula For Building Business Success

In these critical economic times, the business that muddles through with little forethought or planning will struggle to survive. The efficient and well focused business will thrive. The time to plan is now.

Here is Pat’s Recipe for Business Success

Ingredients

Answers to five (5) sets of provocative questions
Time and space to find the answers
System to categorize and record the answers
Method to measure internal consistency
Process to hold you accountable

Combine the answers to these questions in a large saucepan.

1. What am I building? How big do I want to grow?
2. Why am I building it? What do I do for my customers?
3. What results will I measure? What is important to me?
4. How will I build this business over time? What strategies will I use?
5. What actions will I take this year to make this happen?

Take the time and space to formulate the answers

1. Add insight and energy. With each new insight comes new energy. Make sure the energy is taking you in the desired direction. At this point it is very easy to become distracted.
2. Consult with respected peers. Getting feedback from individuals whose opinions you value is a well used method for keeping yourself focused and on track.
3. Simmer on low, stirring as needed. Take the time you need to assimilate all the information. Do not be afraid to reorganize it a bit, as needed.

Separate the mixture into 5 pans:

1. Vision – What am I building?
2. Mission – Why am I building it?
3. Objectives – What results will I measure?
4. Strategies – How will I build it over time?
5. Actions – What actions will I take to make this happen?

Next, check for internal consistency by answering these questions

1. Does your Mission support your Vision?
2. Will your objectives get you closer to your Vision?
3. Do your Strategies support your Objectives and your Action Plans; are they consistent with your Mission?
4. Do your Action Plans identify activities that will help you meet your objectives?
5. Are your Action Plans consistent with your Strategies and your Mission?

Create internal and external accountability

*Seek feedback from trusted associates. It never hurts to have several people “taste” your plan and give you feedback.

*Adjust, as needed, and season to taste. Remember, however, this is YOUR BUSINESS and YOUR PLAN.

*Bake until done. Take your time here; no need to rush. There is no premium on finishing first.

*Best served warm-don’t let your plan grow cold; examine it at least once a week and refer to it before every major business decision.

*Report back to your mentor/coach/peer group-if you do not have a mentor or coach, create a peer support group. Just because you are a solopreneur does not mean you have to be alone.

Provides valuable business guidance for at least one year

Revise as needed.

Time required: a few hours to several weeks, depending upon the complexity of the plan

Assistance available

Remember, your plan is a “living document” and it will change as your business changes. As your business evolves and you adjust to the needs of your customers, you will fine tune the answers to some of these questions. Take the time to formulate the new answers carefully. Make alterations to your plan only after thoughtful consideration of how all the pieces of the puzzle will fit together.

The time and energy you spend planning in the beginning will pay off big time in the end.

Tags: accountability, Business Success, economic, strategies

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