|
|
| Strategic Planning Information |
|
Is Plan B Ready?
Business owners and entrepreneurs are, by nature, risk takers and adventurers. If we didn't have that "optimism gene" floating around, not much of any progress would ever get done. But every so often the adventurous get in trouble. They plan a new venture ? perhaps a new product, service, expansion into new geography ? whatever, and they hardly pause in their quest for the golden ring to plan a strategy that will minimize their exposure in case that great idea turns out to be an "Edsel." Unless we are talking about a "bet the company" type of venture (and I'm not!), contingency planning for most new ventures a small business undertakes can be done with the addition of four simple paragraphs to the plan written at the planning stage of the new venture (you do have a written plan, don't you?). Paragraph One: How will we measure to see if this project is producing the desired results? Paragraph Two: How many resources (time, money, effort, etc.) will we invest to make it produce the desired results? Paragraph Three: How will we close down a project that will not produce the desired results? Paragraph Four: How will we minimize losses in a project that will not produce the desired results? Just by having "Plan B" thought out and written lessens the difficult task of making decisions in the heat of a battle if things are not going well. If results are not going as planned, pull out "Plan B" and read it. Compare the current results to the projections. Realize that when "Plan B" was written, it was based upon assumptions. The data you have, once the project is underway, will be different from those assumptions you based "Plan B" so it can, and probably should, be changed based on the hard data that is now at your disposal. Hopefully all your new initiatives will be hugely successful, but just in case, minimize your losses by being prepared with "Plan B." Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, "Front Lines with Larry Galler" Sign up for his free newsletter at http://www.larrygaller.com
|
|
|
|
RELATED ARTICLES
The Top 10 Priorities That Guard Your Five-Star Reputation Making money doesn't make your reputation... your reputation makes you money. Gala Gorman Vision Getting Dim? A recent conversation started with a typical question, "How's business?" The reply was equally typical and prefaced by a sigh, "You know (another sigh), same old / same old." Nine Succession Planning Mistakes Small Businesses Should Avoid 1. Attempt Succession Planning Without Other Strategic Plans. Succession plans define a company's business heirs, but what will they inherit? They will inherit a company with no vision, no strategy to deal with the competition, and no plans for changing the way it does business, if the current owners spend too little time planning for the future. Every firm should have strategic plans to increase its market value. Microsoft Great Plains in Advertising & Publishing ? implementation highlights Microsoft Great Plains, former Great Plains Dynamics is excellent fit for service oriented business and in this small article we'll give you magazine publisher and advertiser implementation and reporting scenarios. The system we describe is not real, we are putting together industry specifics, based on our consulting practice. In the case if you do not see some unique features of your publishing business ? this just means that publishing industry is diversified and say, regional newspaper publishing is quite different from magazine with narrow specialization. Art of Succession Planning Succession planning, like any business acumen, is both an art and a science. That is to say, there are many proven strategies that can and must be followed so that successful transition can occur. 10 Ways To Make Your Business Unique 1. Largest Selection - Why Create an Annual Plan? Can you imagine going on a road trip without knowing your destination? Or, building your house without plans? The same can be said about running your business without a plan. 5 Strategies That Will Boost Your Business Productivity Today! - Part 1 Building a dynamic small business is a constantly evolving, increasingly demanding role. Rules to Setting Business Goals and Objectives: Why and How to be SMART We all know that nothing runs without a plan, and a plan cannot run without having its objectives set. Becoming Wise - Wild & Free - Writing A Successful Business Plan - Part 2 - Do It In Steps So you've decided to write your own business plan because you know the value that the experience will give you. With the books and software that are out there today you can probably sit down and complete the plan in a day or so, right? Plug in the numbers, add the notes, write the whole narrative (story), print it and get it out to the banks or investors. Business Plan Financial Projections: Stop Worrying About Being Right... Business plan financial projections seem daunting because they are so uncertain. This very uncertainty, however, is what makes preparing them easy because you can't possibly be right. You can't predict the future. None of us can. All you can be is competent in the way you prepare your business plan projections. The Tables Have Turned - Its Officially a Sellers Market Private equity firms have raised so much capital over the last 12 months that they are vigorously competing with one another for opportunities to put their money to work. Business owners, who previously would have had to go hat-in-hand to investors, instead find themselves inundated with unsolicited offers for their companies. Companies with solid balance sheets, good management and strong growth prospects are able to tailor deals to their liking, and get solid valuations. 5 Strategies That Will Boost Your Business Productivity Today! - Part 2 Growing your own small business can be one of the most exciting journeys you could ever embark upon! Menu Driven Business Planning A menu is the foundation of any restaurant; Guests will support or avoid a restaurant for its food. Starting with a preliminary menu is a simple and basic approach to restaurant development. Begin with a menu, and you are light years ahead in the restaurant development process. A menu will tell you and your Guest what you are trying to be as a business, and greatly enhance your chances for success. Elite Positioning Brings Higher Profits Imagine spending the same amount of money on marketing and performing the same amount of work to deliver your products or services, but earning more money and keeping more after your expenses. That's what happens when you institute elite positioning for your business. Turning On The Lights Fun From The Start GOT MEME? How to Attract Your Clients and Customers Attention No "meme" isn't a typo and Got Milk, the more commonly know phrase, is actually a marketing meme. If you've opened up a magazine or watched TV in the last ten years you've seen the fun and memorable Got Milk ad campaign using celebrities with a milk mustache. Chances are it got your attention and you remember the phrase, "Got Milk". Abstract Thought; Business Strategies and Biological Systems To stop a computer virus you must understand how it works, grows and what it's innate purpose is? What is its program, evolution and future vectors. The fastest way to expand a business or exploit a competitor on a sports team is to use the organizational patterns of nature like swarms, ants, and viruses. The human body is has a good defense mechanism against an organic virus, it is bigger with a strong immune system Own Your Niche by Building a Niche Community In 1997, David Steele was making the transition from a professional therapist to relationship coach. Part of his strategy was to become a center of influence and THE Relationship Coach for his community. Innovators Role at Hard Times One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory said Carly Fiorina was a marketing person put in change of engineers who cared nothing about the art and beauty of technology. She just wanted saleable stock to bring to market. He exhorts that when she walked into the HP Labs for the first time, she said that their new company slogan was "Invent." Then, she told them that the technology industry would never again be as exciting and profitable as it was in the '90s. That they'd all need to grow up now and face that fact.
|
|
|
| Home | Site Map | Salesmanship Ebook | Motivational Ebook | Job and Resume Posting| Affiliate program | |
|
| 2006 All Rights Reserved. by Mp.sg Term of use and service for the articles and information |