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When you start out in business, you often do a lot of planning. You may even have a formal Business Plan. But now that you have been in business a while, do you still use it?
Business plans are like roadmaps, you can travel without one, but it increases the odds of getting lost along the way. If you don’t have a business plan, you can miss out on opportunity for growth because you spend so much time focusing on things that are not moving you towards your vision.
Everything starts to move so quickly and it is easy to get lost in the detail. You can also find yourself deciding to go in a new direction, making your original business plan obsolete.
This is why a business plan should be a living document, that changes and moves with the direction of the business. Business Plans need to be reviewed, revised and frequently read. It should grow and change over the lifespan of your business, identifying business goals and how to achieve them. It’s effectiveness depends on you referring back to it and reminding yourself of your objectives. Updating your business plan keeps it relevant to current market trends and technology, as well as any new direction for the business.
Business owners often think they are too busy to plan. You get so busy working in the business that you don’t take the time to plan what needs to be done to grow the business and become really successful.
It feels like taking time away from the business to plan will be counter-productive, however, a business that does not plan will not achieve steady growth. Planning allows you and your business to be proactive and anticipate change.
If you can easily find information on your business goals and objectives, you are able to jump into action as soon as there are any changes that need your attention. The last few years in business have taught us all that things can change in an instant on a global scale. The truly successful business owners that were able to roll with the changes were those that had a healthy and productive planning process.
Business planning should become an organic part of your business. That is why, here at ActionCOACH, we run GrowthCLUB every 90 days.
“It’s part of our comprehensive business coaching system. GrowthCLUB is a unique approach to make planning regular and consistent”, says Brad Sugars, founder and CEO of ActionCOACH.
GrowthCLUB is a quarterly workshop that helps business owners create actionable and relevant plans and prepare for the next 90 days in their business. Together, we assess the progress of the business in the last 90 days and look at what worked (and didn’t). Then we work on the next 90 days and develop future plans. GrowthCLUB provides business owners a way to share ideas with other business owners in a safe and non-competitive environment.
To learn more about our upcoming GrowthCLUB quarterly planning event, head down to REGISTER HERE.
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