Corpcentre's Blog

April 28, 2010

Business Plan: Change As Needed

A business plan is a vital management tool. It allows you to create a road map of your business and look ahead while, at the same time, plot the necessary steps to achieve your goals. However, paraphrasing the poet Robert Burns, the best laid plans of mice and men often go askew. How true in business.

The world has learned much from the recent recession. One of the more important business lessons that the recession has taught us is that nothing is guaranteed. How many of us watched as financial giants, titans of the business world, tumbled like a house of cards? Who would have envisioned the swift changes that changed the way we live, not over a generation but over the course of a year or two?

Change is the key. The businesses that best survived the recession were those that understood the necessity of change. A business plan is not set in stone. Rather, as a useful management tool, it should not be allowed to gather dust. Just the opposite. It should be, and can be, changed. Business, like life itself, is a rollercoaster. Even if some of the ride is scary, you can’t get off in the middle. You need to be flexible and allow yourself to adapt to new situations.

If you see a new business opportunity, change your business plan to incorporate it. Allow yourself the flexibility to explore new options. Don’t be afraid to try new ideas. Sometimes, even bad situations can create new opportunities. If your plan went awry when the markets went in a different direction, turn everything around to incorporate the new reality. You may wake up one day and realize that your goals are no longer attainable. Don’t try to change the world to meet your goals. Change your goals to accommodate the world. The most successful entrepreneurs have learned that opportunities present themselves and the winners are those who seize those opportunities. Always use the situation at hand to your best advantage.

Try business plan software to help you get organized!

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April 21, 2010

Keeping a Handle on Your Business

Operating a business successfully has often been compared to a high-speed train. When it runs at peak performance, it arrives at its destination on time. However, if it sits unused in the station, or is not maintained properly, it will cease running well and ultimately break down and fail completely.

Studies have shown that more than half of large business failures result from poorly designed business strategies. Many business leaders have the drive and desire but fail to properly assess the market or their abilities. It is not uncommon for a thriving business to adopt a new idea on the assumption that their notoriety alone will make it happen. “Biting off more than one can chew” has led to the downfall of many business giants.

Another common, and sometimes fatal, error is operating without any accountability. Even the boss has to answer to the board. When decisions are accountable, it makes them open to review by others and allows other sets of eyes to detect possible flaws. The smallest of companies – even one-person operations – should consult with someone else on major decisions. After all, none of us is perfect.

Sometimes change is necessary. Companies that have dominated certain markets have to change with the times or market conditions if they want to maintain their position. Failure to adapt can be suicidal, as there is always someone waiting in the wings to pick up the slack.

Leadership is a 24/7 position. Your employees look up to you and receive their inspiration from the top. A strong leader motivates by example. Failure to convey positive attitudes and emotions can lead to the downfall of your business. Even if your business takes a downturn, you need to continue inspiring your employees to work together with you to overcome. If you appear downtrodden, you can’t expect your team to pick you up. The ship will go down with its captain.

Keep a handle on your business by charting your goals and progress. By maintaining control of a situation, rather than it’s controlling you, your train will speed forward to its next destination.

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