BUSINESS PLANNING: A Coach's Perspective on the Process
When it comes to business planning, I see a spectrum where on one side are people who love thinking about possibilities, strategizing and analyzing options, often spending hours, days, weeks dreaming about what's to come, planning -- and not implementing. On the other side are people who hate the boring, time-consuming and sometimes paper-work laden process of planning in business and so they procrastinate it indefinitely or participate half-heartedly only when mandatory.
There is a zone in the middle where business people explore possibilities, create a plan, implement the plan, achieve goals, and reap the rewards. How can you participate fully in business planning so you experience these valuable gains without wasting time? It's actually pretty simple.
GREAT EXPECTATIONS
When it comes to business planning, I see a spectrum where on one side are people who love thinking about possibilities, strategizing and analyzing options, often spending hours, days, weeks dreaming about what's to come, planning -- and not implementing. On the other side are people who hate the boring, time-consuming and sometimes paper-work laden process of planning in business and so they procrastinate it indefinitely or participate half-heartedly only when mandatory.
There is a zone in the middle where business people explore possibilities, create a plan, implement the plan, achieve goals, and reap the rewards. How can you participate fully in business planning so you experience these valuable gains without wasting time? It's actually pretty simple.
GREAT EXPECTATIONS
From my perspective, the most important facets of business planning are
the same that differentiate goal setting vs goal ACHIEVING.
the same that differentiate goal setting vs goal ACHIEVING.
One of these is exploring and defining one primary goal, clearly articulated, attainable & realistic, yet absolutely a stretch out of the comfort zone. Therefore, the first and most important step in business planning is to determine your ultimate goal (aka the purpose for the business, why does it exist, or what is the mission you are on right now). This is normally not a quick task unless you've spent focus time on it previously. For most people, expending focused thought energy is the hardest kind of work possible. My suggestion is gather the bare minimum amount of materials needed to get this done, find a comfortable place with no distractions (turn your phone OFF), and set a timer for a period of focus time to get your ultimate business goal(s) written down.
ENGAGE OTHERS
The next step for business owners and managers is to engage others on the team, gathering input, learning valuable insight, and gaining buy-in --because planning and implementing in a vacuum doesn't bode well for the success of the business. For solo-preneurs, there may not be others available to bounce ideas off of. I suggest creating a "board of directors," even if just 1-2 others you trust and respect.
BREAK IT DOWN
Once the primary business goal is determined and documented, it's time to break it down into actionable parts. Do this by working backward from the final achievement of the primary goal. Best-practices suggest setting quarterly or monthly milestones which are specific, measurable targets that, when achieved, naturally lead to the primary goal being achieved.
KEY ACTIVITIES
Brainstorm and document key activities that support hitting the targets, including tasks that achieve short- and long-term goals simultaneously. (Note: many of the problems people are dealing with in today's business environment are the direct (and indirect) results of decisions made for short-term gains.)
When considering which activities cause which results, every member of the team should question assumptions and be cautious of "diving down into the weeds" too early. Most people have a habit of auto-filtering that narrows their choices too quickly for truly good decision-making. Stifling this urge during the planning process allows full discussion and exploration of every option before selecting courses of action.
SIMPLICITY
Keep it simple! I recommend a one-page document that outlines the main elements of the business plan. Share it with everyone on the team, and follow-through, holding each other accountable so you can all enjoy the benefits of successful goal achieving.
TRACK & CELEBRATE PROGRESS
For every business, a total reevaluation and/or validation annually is a good idea, as are periodic (monthly or quarterly) check-ups to track progress and celebrate successes. Some people or departments will prefer more detailed plans down to the week or day level. Where this is truly effective, that's fine but be sure to avoid unnecessary/redundant work.
Frankly, there is no substitute for good planning in business. Many people exaggerate the amount of time and effort needed in good planning and consequently procrastinate planning for business growth, especially since it feels like "lower priority" than the day-to-day running of the business. Just a couple years down the road they will likely find themselves stuck, stagnant and frustrated. Remember that there is no such thing as maintaining; we are either growing or dying. Effective business planning ensures business growth.