As we near the end of 2011 we should all be well on our way to developing a plan for success in 2012 and beyond. When starting a new business, too many entrepreneurs take a fly by the seat of your pants approach, fueled by passion and excitement over the great product or service they want to introduce. They look to the end game through rose-colored glasses without considering the beginning and the middle phases of growing a successful business. The correct way to start is to plan for success through a strategic process.
Planning is often viewed as a pretty unproductive approach when you are looking only to the future while trying to keep up at warp speed. Many don’t have the time — or won’t take the time — or have the skills necessary to put their organization on a logical, focused track that will take them to that future they envision. Besides, they are anxious to begin, and planning for success can slow them down.
If You Don’t Plan for Success
This is one important reason that 75% of small businesses fail within their first 5 years. That’s right, 75%. They lack focus, and usually they lack direction. Most have blinders on when it comes to their industry, the marketplace and competition. They have no grasp of how seemingly unrelated factors like changes in technology, the environment, political forces and society as a whole can affect their ability to function successfully in today’s global market and economy. If you plan for success – strategically – all of those unknowns can be considered as you move your company forward toward growth and success.
We have seen over the past several years even well established, solid organizations being knocked off their moorings. The great unknown was an economic downturn that few could have foreseen. Had more businesses — and governments — paid attention to those who saw the potential for this global meltdown, and prepared in advance to deal with it, we might not be facing abnormally high levels of unemployment and floundering organizations.
Granted, we are in extraordinary times. The business arena has never been like this before in our lifetimes. Hopefully, it will never be again. Business and strategic planning processes bring potential pitfalls to the forefront, allowing business owners to evaluate possible roadblocks and detours. Industry and market trends can be analyzed, evaluated, and acted upon. Planning allows leadership to recognize and seize opportunities before competitors become aware of them.
Don’t become sidetracked or completely derailed as you grow your small business. Stay focused on achieving your vision of success. Plan for success – strategically. Embrace the planning process and move your company to a strategic thinking and management mindset. Allocate the time and funds necessary to plan your way to success.
Share strategies you used to make your way through this slow economy below…
Terri L Maurer, owner of Maurer Consulting Group, brings extensive business education and experience in the interior design and furnishings industries to help small businesses get on track, strategically focused on the direction toward success.
