WoW - Fail To Plan? Plan To Fail!
Planning is a part of everyday life. We do it without really thinking about what we're doing whether it's figuring out the best way to get from point A to point B, or cooking a holiday meal, or deciding who will sit next to whom for an upcoming wedding. We call it mapping a route, setting a menu, or making a seating chart, but what it all boils down to is - planning. There is very little we do in this world without planning - first. I don't care if it's just deciding what to wear to work that day. So it amazes me when a business owner admits that they "don't have a plan." And it amazes me more still when that same business owner is wondering why they aren't bringing in the type of revenue they know they could be bringing in.
Your business is at least as important as what kind of car you drive, what kind of clothes you wear, what you want to eat for breakfast, lunch, and dinner - and yet, sometimes, very little active planning goes into making sure that it will have the tools it needs to support itself, its employees - and you, its creator! There is no shame in not knowing something, but what you don't know can hurt your business, your sales, your ability to generate money. What you don't know can cause you to waste thousands of dollars a year, increase your taxes, and cost you more money in the long run. And the simple answer is to stop NOT knowing.
If you're not actively planning to make your business a success - you're actively planning to make it a failure. That's the truth - hard. plain.simple. We have to get to a point, as black owners/operators/leaders, where we set aside the excuses that have helped us limp along this far. It's time to get in the game - or get out. You can't do the things you've been doing and expect different results. Running a business and being your own boss and creating a livelihood for other people is an incredibly hard job and it's an incredible blessing. If you're a small business owner - I applaud you! I thank you! And I'm here to help make sure that you stay a business owner. Success involves planning as we learned from the previous post. And planning doesn't have to be tedious, expensive, or draining. 99% of successful businesses have a Business Plan.
Below are 6 Simple questions you can begin asking yourself to start the planning process:
- What is your business about? What is it you do, hope to do? What industry does it fall in?
- Who is your client? Who would be the person most likely to pay for your services/products now? Is this the group you had in mind? If not, what client/customer do you want to reach?
- Who are your closest competitors? Who in your area does the same or similar work that you do? Who is most likely to start doing what you do? What sets your product/service apart from potential competitors?
- How much money does it take to run your business successfully? What are your expenses? How are they covered? What are your prices and do they cover your overhead? How much do you want to make annually and what would it take to get you there?
- How do you incorporate technology in your business? What technology will maximize your money, time, staff, and overall operations?
- What is your brand? Logo? Company mission/vision? Can you sum up who you are and what you do in 5 sentences or less? How do you plan to market? What kind of marketing best fits your needs? When do you plan to roll out your marketing and branding? Are there community organizations you can partner with to help market your company? If so, how (i.e. neighborhood festivals, event sponsorships, donations, volunteering, etc)?