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To Be Successful - Make A Plan
Posted by B2B on: 2006-03-27 09:37:54
To Be Successful - Make A Plan
Donald N. Lombardi
Copyright В© Donald N. Lombardi
In 1954, Ray Kroc had a dream of a fast food restaurant business. Years later, when asked about the secret to McDonald"s success, Mr. Kroc's simple answer was, "Make a Plan and then work the Plan!"
"Make a Plan." It is the best advise given to a person entering or already in business today. Why develop a business plan? If you have ever been unhappy with the past performance of your business or if you believe that your business could grow faster, make more profit, or be more competitive, you have reason to plan. If you need to raise more money - you need a plan.
You cannot do anything about the past, and you have very little impact on the present. But you can control the future. Whatever your business, a well thought out plan will put you ahead of the competition and interest others in your venture.
There is no such thing as a perfect business plan. However, a good business plan serves an an excellent "roadmap" for your business journey. It provides confidence to whomever you invite to travel with you on your trip. A plan allows you to anticipate crises and provides a clear procedure on how to handle problems as they come up by tying the action taken to the long range goal.
Planning is the systematic development of actions aimed at reaching business objectives. It involves analyzing, evaluating and selecting opportunities. A business plan is a detailed written statement that tells why, how, where and when a company will achieve specific objectives.
After preparing the plan, you should adopt a business strategy for action. Key personnel, prospective investors, and other interested parties should know precisely how you will use the money and resources at your disposal. Your primary responsibility, as owner, is to secure the business future. This should be accomplished through orderly planning. It should not be left to chance. And the plan should be a living document (and not put into the bottom left drawer of your desk) that you refer to adjust on a regular basis.
If you are starting a business, a business plan will help define your concept, evaluate the competition, determine your risks, and estimate your costs. A shortened version of a business plan sometimes called a private offering, is often prepared to summarize the business for inital investors. Prospective investors from whom commitments can be developed should be given a copy of the complete business plan.
The length and sequence of a business plan will vary with the complexity of the business. However, to get the MOST out of your plan, it should provide detailed statements explaining your:
*Mission - WHY you are in business; *Objectives - WHAT you
want to accomplish; *Strategies - HOW you will get there;
*Tactics - WHO will do HOW MUCH, WHEN, and WHERE
To insure a plan's success, these five "P's" should be carefully examined during the development of the plan:
*Physical location or position is it visible, accessible and
functional; *Product represents quality, value, and service;
*Promotions command attention, develop interest, and create
desire; *Profits are based on increased sales, controlled
costs, and reduced expenses; *People are working efficiently,
productively, and maximizing profits.
What goes into a plan, may sound simple - getting it done and followed is the tough part.
Remember: "If you do not know where you are going, chances are you will not get there!"
So, MAKE A PLAN!!!
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About the author:
In 1984, Don Lombardi, formed LOMBARDI ASSOCIATES, a unique management consulting firm specializing in strategic planning and business management. His clients ranged from $1 to $30 million in annual sales and represented a variety of different industries. Prior to starting his practice he spent over 25 years in private industry as a senior executive with several international corporations. He now consults primarily with Internet companies.
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