Insufficient cash flow. Having no clear marketing strategy. Cutting prices. Lack of general business knowledge. Weak leadership.
All of these can be classified as top mistakes made by business owners.
And that’s understandable — business leaders have to do it all! At the very least, they have to make sure there’s a plan in place so that it all gets done, and gets done well and on time.
Business ownership can feel like a landmine sometimes. But the #1 top mistake made by business leaders is not having a business plan by which to operate.
If you Google “top mistakes made by business owners,” you’ll see that most of the lists include something about the lack of an overall operating plan. For example, an article on CNBC.com describes it as “trying to do it all.” Another article on Renaissance Executive Forums says that business owners can go astray when they don’t recognize when their personal goals diverge from their business goals.
There is much written on the subject, and the consensus is clear: having a written business plan is the one single practice that can boost a business’ profits and revenue.
Your operating plan can be a living document all on 1 page
The good news is that this operating plan doesn’t have to be a complicated, multi-page document like the one you might give to the bank in order to secure a loan. Or the one you pay a consultant thousands of dollars to help you create and that sits in a binder on your shelf. The kind of business plan I’m talking about is a living document that can be contained on one page.
Here are a few reasons to take the time to create a plan for your company.
- Setting Clear Goals Creates Momentum. It’s amazing how much energy you and your employees get from knowing exactly what you’re supposed to be working on each day. It’s equally amazing how apathy and lethargy can set in when goals are unclear.
- Be Inspired and Inspire Your Team. Ideas and creativity are high and sparks fly when everyone’s working from the same clear plan.
- Achieve More in the Next 90 Days Than Many Businesses Do In a Whole Year.
You can create an operating plan that gives you a clear picture of where you want to be in 10-30 years and spells out a 3-5 year plan, a 90-day plan, and weekly goals. And you can get it all on one page so you can see all the components at once. That way, you maintain a focus on your long-term goals while also seeing what you have to do today.
I believe it’s so important for every business owner to have an operating plan that for the last 6 years, I’ve run a quarterly workshop in central Indiana, pricing it only to cover my cost. Business owners from every industry come together and help each other complete their 1-Page Strategic Plans.
Growth Plan Workshop
I invite you to join us. The day includes short educational periods, work on your plan, and a nice hot lunch together.
- When: Thur., June 30, 2016, 9 – 4 pm
- Where: Hilton Garden Inn Indianapolis Airport, 8910 Hatfield Dr., Indianapolis 46231
Register for this quarter’s Growth Plan Business Planning Workshop now and get over 50% off the pay-at-the-door price.
Register here » http://growthplanworkshopjun302016.eventbrite.com
You’ll walk away with:
- A clear picture of where you want your business to be in 10-30 years, a 3-5 year plan, a 90-day plan, & a ready-to-implement action plan to get you there
- Your 12-month goals broken into bite-size quarterly goals, monthly milestones, & weekly actions
- Strategies to build your profits right away
- A network of like-minded business owners
Cost is $497 at the door, $347 in advance, and FREE for business coaching clients. Enroll by June 27 and take advantage of the Early Bird Special for $197.
Avoid the top business mistake made by business owners. You can even start to work on yours now and I’ll help you complete it at the session. Download the 1-Page Strategic Plan form and instructions here.