Why Not Having a Business Plan is Like Driving in Circles

I find it amazing that many small businesses do not or have ever had a business plan; to me this is like getting in your car but not knowing how to get where you’re going and just driving in circles.  In order to successfully grow your business, you should have a business plan; quite honestly a business should not open its doors until it has one.  Many small businesses mistakenly think that a business plan has to be elaborate with lots of charts and spreadsheets, and this is not necessarily the case.   A business plan can be a simple two or three page document that simply out lines where you are, where you are going, and how you are going to get there.  Now most businesses do know where they want to go, they just don’t have a plan on how to get there. Think of your company as a car, and think of your business plan as your GPS.  If you take the GPS out of the car, you may have an address, but no idea how to get to it. Continue reading

Take time out – What is your business?

I was watching one of those TV programmes where a business expert helps out a failing business – in this case a restaurant. In the initial introductions the business expert asked “where do you think you are?” and the two business owners replied we both think we’re nearly there. The hesitation in which they said this spoke volumes, and the confused look on their faces as the expert suggested to them that they were very far from all right really highlighted the real problem. These people were so busy in their business they had really taken no time to consider what business they were in, and where they wanted to be. Continue reading