The other day I was talking to a client who had done pretty well in her business. She had founded her company about 12 years ago and she was earning a little under $100,000 a year in revenue. Although some would have said that she was doing alright (from the outside looking in), she wasn't satisfied. Our entire discussion was about how much better she could have done if she wasn't just winging it.
She started her company from a passion. She found something that she really liked to do and people seemed interested so she started charging for her work. After she went full time, she threw herself into growing her company and she learned along the way.
She was frustrated, however, because she had hit a ceiling and couldn't seem to grow any further. She needed help.
Her story was common. Very common.
Many of us start companies with no real game plan. We launch and tell ourselves that it's fine to learn as we go.
But that's expensive.
And nerve wrecking.
Plan for Success
It doesn't matter how long you've been in business - whether it's pre-launch or 12 years, business planning is crucial to sustained growth.
There are hundreds of reasons to write out a plan for your business but my favorites are as follows:
- Business plans give you a more strategic focus for your company.
- Business plans require you to consider how your company operates, effectively markets itself and how to evaluate it financially.
- Planning is akin to goal setting.
- It is a roadmap for all key team members to follow and understand.
- Business plans establish priorities for the company.
When I speak to any entrepreneur who's struggling in their business, I always ask if they are operating from a plan. Planning is optimal to get clarity and to drive growth which is why I facilitate workshops and speak so often on the topic.
If you're looking to learn more about how business plans can transform your business, take advantage of our next workshop.