Business for Veterans: Freedom

By Barbara Eldridge www.mindmasters.com

How Can Planning Enhance Your Freedom to Succeed?

It is mid-year, when was the last time you looked at your business plan? Or have you, like many other small business owners who created a business plan only to let it gather dust on a shelf? Experts believe that a business plan is a useful management tool that should be referred to on an ongoing basis. For that reason, it’s best to update it regularly.

A good business plan is much more than just a plan, according to Tim Berry, the author of Lean Business Planning and founder of Palo Alto Software. Done right, it can be an ongoing management process. The business plan is more than a tool because it creates the

freedom to direct your business, freedom to decide how much you want to earn, freedom to set your own hours, freedom to be in control.

Planning helps you run the business better so you build an asset that will generate the greatest ROI should you choose to sell your business someday and creates the order and structure that will produce your intended product or service.

Trouble is, small business owners are busy, and it’s not easy to find the time to update a business plan. That should not be a problem, according to Berry. “You don’t need a big, formal business plan like we did decades ago,” he explains. Instead focus your planning on the 4 major areas of the business, management, marketing, financial and leadership (personal/personnel). You will be able to better focus, review and update these areas at least once a month.

A monthly review makes it possible to look at the difference between what you planned for and what’s actually happening. Your business plan provides a dashboard for making changes when the unexpected happens.

“A business plan is not just a map. It’s also the GPS that shows you where you are on the map—and the real-time information about what has changed,” Berry explains. “It’s like having the map, weather and traffic.” “A business plan is not just a map. It’s also the GPS that shows you where you are on the map—and the real-time information about what has changed”

It’s mid-year. This should be a time when you review your market and the competition, and then evaluate what’s changing. Your business plan areas should include key strategies, tactics, concrete milestones and essential numbers (projected sales, spending and cash flow). Adding a lot of text isn’t necessary unless you’re pitching to the bank. Instead, think of your business plan as an internal management tool for you, the small business owner.

Finally, a strong business plan that you refer to at least monthly helps you stay on track. “It’s easy to get lost in the daily details of running a business. You’re always looking down at the next step,” Berry explained. “But sometimes you need to look up at the horizon. A good business plan can help you do that.”

Don’t ignore your business plan. Use it as a flexible tool to help you stay focused and map out your business success.

Barbara Eldridge has built a solid reputation as a Success strategies specialist, within industry and business over the past 40 years. Her unique message, since starting Mind Masters 30 years ago for entrepreneurs and small business owners, continually stresses vision, purpose and values as the key elements of business philosophy.

www.mindmasters.com