Home > Becoming an Entrepreneur > Being a Successful Entrepreneur STEP 2: Business Planning

Being a Successful Entrepreneur STEP 2: Business Planning

This week was a smorgasbord of holidays and business here in Israel.  Work and meetings – the bread of the sandwich.  Family & friends gathering, fireworks, barbeques & conversations – in between.  With learning, studies, development and new ideas – the garnish.  Connecting. Sharing. Exchanging ideas. Learning. Transitions. I spoke to old friends about my new business ideas.  Gaining new perspectives and insights.  Learning about new angles and approaches.  Brainstorming….  What’s next?  To focus the list.  Choose what’s the priorities.  In other words – evaluating & developing a plan…  It’s our topic this week – Business Planning.  Once you get into the routine of it & make the time to do it, it’s really fun!  It’s not just a process that you undertake at the start of your business.  But rather a continuous strategic thinking that becomes part of your business way and thinking…  Enjoy! 

Planning is the stage where you’re setting up the ingredients for success and required growth to achieve it.  It’s the 2nd stage of the BUSINESS START-UP ROADMAP after Choosing the RIGHT Business (last week’s article) & an integral part of your ONGOING BUSINESS ROADMAP, providing strategic insights and a view on your business’s activities from the outside – a perspective of a HELICOPTOR OR BIRD’S EYE VIEW…  Covering the following 5 points: Where you are going, Why/For what purpose, What you have to achieve & do, How you’ll go about it & When you’ll get there?  Which we zoom into below…  

The 5 components of your streamlined Business Plan are:    

I. VISION: Where are you going?

What’s the picture you see for your business success?  What is your area of focus in the next 3-5 years?  With specifics for your BIG, HAIRY GOAL!  What will you BE?  For who?  How much revenue will you bring in?  This is a long-term vision.  That may have several ways to achieve it.  But it places a BIG yardstick before your eyes and the eyes of your partners and employees.  It is compelling – pulling people towards it…  With fun & excitement…  A great picture that you believe can be achieved….

II. MISSION: Why/For what purpose?

What’s the company’s essence and purpose?  Based on your passions & values…  It’s your reason for being.  Why you started this whole business.  What is it that makes it tick?  Pulls the type of people that you want to deal with and employee.  Your passion together with what you will be the results of your achievements.  It exists for VERY long-term – looking at the next 20-30 years.  It is the compelling core that becomes a credo and mantra for who and what you are and deliver.  Your essence…  From your value and mission, you are GROUNDED.  You can then go on to the DOING…  It’s who you ARE and WANT to BE…

III. OBJECTIVES: What you have to achieve? 

What must you set out to achieve the vision?  By when?  Here’s where you look at where you are and where you want to go in the next year…  And set specific, resonating goals for your target.  They lead to your vision. For a strong foundation & operating platform.  Revenue, Profit, Number in Client base, Number Products Manufactured/Sold, Key Success Ingredients, Number Employees, etc.  It’s a way to lock in your vision in a concrete, measurable way with accountability.  Enabling review, feedback and coordination with all parties!

IV. STRATEGY: How you’ll go about it? 

What methods and resources will you use to reach your objectives?  How will you make your objectives happen?  Define what’s required to get the job done:  Marketing, Partnerships, Competitive issues, Approach to product or services, Offering Strategy, Who are key, Incentives, Budgeting, etc.  

V. PLANS: When you have to do it specifically? 

What are targets for your work plan?  By when?  High-level actions for implementing the strategy & objectives.  What is the overview of the business?  Get a feel for the type of work that you see being done?  Weaving together the what with the how…  Ensuring that you will have the right people in place… 

This is a simple, one-page overview to your business planning for your reference.  I am convinced that if you summarize and review these points for yourself and your business, you’ll be in a GREAT place.  Give it a try!!!  To develop your business choice, planning, marketing and ongoing operations, you can consider joining my affordable, supportive circle for entrepreneurs and solo or small business owners from many areas including hi-tech, coaching, graphic artists, writers, boutique businesses, wellness practitioners, etc., etc.  Call or write for details… 

Next steps are Market Research & Planning & Managing Operations!  Details to come in the next weeks…

* To register for Gloria’s NEW PROGRAM with Eldad Shary for Transitioning into your OWN Business or your Next Business Growth, opening 22 May 2009: http://www.u-solve.co.il/flyer-success-and-growth-circle-01may09.pdf

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