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Business planning – a template is only half the story!

FOR BUSINESS PLANNING CALL GARY DIRECT ON 0408 756 531

Most business plans simply follow a template that ensures all the boxes are ticked and every aspect of the new venture has been addressed, e.g. structure, people, product, manufacture, marketing, etc.

However, the business planning template alone fails to match the person to the business; it fails to develop and grow the owner into the business; and it fails to show a person how to grow the business into a valuable asset.

You can have the best business plan in the world but still be at a complete loss to know how to successfully operate a business.  People who are new to business must consider more than just the words on the pages of a business plan. 

Here is what people really struggle with in business planning:

1.      Being in the right business head space

Some people have a mind for business and others don’t.  Coming from an employee background into business is a big leap because there is more to business than showing up for work each day and doing routine tasks.  It is important to approach business with an attitude of self belief and self reliance, with a willingness to do whatever it takes.  For most people, it means loneliness, difficult decisions, and being stretched a long way out of their comfort zone.

2.      Having sufficient business skills

The most common profile of the new business starter is someone who is skilled in a trade, a profession or other personal service and decides to become self employed.  The other common profile is the person who has a skill in making something.  What they all have in common is the technical skills to perform a service or make a product.  Many have no selling skills and most lack the wide range of other skills (including financial management) required to grow their business and build a valuable long term asset.

3.      How to take the first step

You only have to visit the ‘Starting a Business’ forum on Flying Solo to see the inordinate number of questions people ask about getting an ABN, registering a business name, being a sole trader, setting up a company, trademarks, registering for GST, employing a person on PAYG, and getting a website.   For many it is a struggle just to get through that part; and the real business hasn’t even begun yet.

4.      How to be action-oriented

A lot of people struggle when the theorising stops and decisive action is required.  As an owner, ‘action’ usually means contacting people, forming relationships and performing those tasks that directly relate to building sales and profit.  Initial enthusiasm can quickly turn to disheartenment after a few knock-backs or when thing don’t go as planned.  It can be a difficult challenge to keep moving forward under pressure of dwindling cash flow.

For more reading on business planning check out my Business Planning 101 Introduction at  https://garyweigh.com/business-planning-101-introduction.html

Until next time!

Gary

gary@garyweigh.com

Business planning – Think before you leap!

Gary Weigh

FOR BUSINESS PLANNING AUSTRALIA CALL GARY ON 0408 756 531

If you are business planning a great idea that you think will make you money; or if you simply want to turn your passion or vocation into a business, stop and think before you leap.

The world is a constantly changing place and there are a few boxes to tick when you are planning a new business venture.  Here are 9 business planning must-haves to think about:

ONLINE!

No business will be able to survive in the future without an interactive online presence.

WOW FACTOR!

People (not computers) are gifted with creativity and insight; be an innovator not a ‘me-too’

GLOBAL!

The world market is only a click away, and so are the related international challenges to address.

INSTANT!

Time is the consumer’s scarcest resource, making convenience always in high demand.  Consumers won’t wait for you or abide by your inflexible structure.  They want products and services now.  Baby boomers were taught to wait but even they are changing their attitudes.

FREE!

The internet business community is developing as a “cheap or free” economy.  So you will have to be innovative in the way you generate revenue.

COLLABORATION!

New concepts are evolved by combining ideas; by building upon what’s gone before.  Similarly, concepts are implemented by sharing resources (i.e. human, intellectual and technological capital).

SOCIAL!

Instant communication, online social networking, information sharing and fan-base dynamics will play an ever increasing role in making and breaking businesses.

DIFFERENCES!

Businesses survive and grow on their differences, not their sameness.  Also look past your operating difference and your bottom line to making a social difference and an environmental difference.

CONNECTIVITY!

You are not a disconnected being; you are a descendant of about 300,000 years of human life, and a couple of billion years of evolving life form before that.  You are the latest product of the environment and the universe.  So make the most of your shelf life; be open to making positive connections with everything and everyone around you.  Don’t resist and do your best not to get in the way of natural connectivity.

For more on business planning in australia, check out First Rule of Planning at https://garyweigh.com/the-first-rule-of-planning.html

Until next time!

Gary

Don’t put your family at risk.  Your business is your future; your retirement; your jewel in the crown.  Protect it!

Learn how to build a powerful presence.  Visit my Aikido Secrets blog site

Business planning – build your own financial fortress

Business planning is part of life planning.  Running a business is one choice of how you earn your income.  Employment is the other choice.  Getting a job may appear less risky in the short term but ultimately comes with less control.  So which is better?

I am not being a profit of doom here, but experience tells me that life changes and on occasions, quite dramatically.  It is not a linear experience from start to finish.  Life, including business, is an adventure with many highs and lows, interspersed with comfortable periods of coasting along in neutral.

Over time, people grow, change and want different things.  People leave and others enter.  Children are born, parents die.  Fortune and misfortune are sprinkled throughout.

Whilst you can’t control what happens around you, it is possible to take control of your own attitude and responses to the inevitability of change.  You can build a solid financial base which can become your personal (financial and emotional) fortress in tough times. 

How do you achieve this?  The first step is to take control over the generation and protection of your income!  Don’t leave it to chance. 

Look at it this way!  While ever you work for someone else you are not in control of your own income.  Your income could cease next week.  Sickness, accident, premature death, theft, fire and natural disasters are just some of the commonplace risks in life.

Whilst ever you fail to take the initiative and put protection in place to guard against life’s more obvious risks, you are leaving your future to chance.

Similarly, whilst ever you rely on a spouse or partner for your food shelter and lifestyle, you are not in control of your life and you future will be determined by someone else.  To survive in the long term in this world, you must have your own money and protective measures in place.

The deceptively warm feeling of your present comfort zone does not necessarily equate to your own solid self-built financial fortress.

To many people, business planning for a new enterprise sounds a lot more risky than the security of a good job but, in the long term, it is that self-made, steady income falling into your bank account come rain hail or shine that is the real security.

Email me at gary@garyweigh.com for your Financial Fortress Fact Sheet.

Until next time!

Gary 

For more reading about Business Planning read The Borrowing Trap