How well is your company doing with its business planning?
This is a difficult task for many companies because most business planning templates use introductory measures. This is good for start-ups but most businesses do not remain in the starting stage for long.
Business planning must include causal analysis.
As a business leader advances his/her company stage two becomes more critical. So, what is causal analysis? The definition is how one aspect affects another and its relationship to each. This relationship is important in business. It underlines the reason for business growth. Read the rest of this entry »
In business, each new idea has the potential to be a growth driver. So, what is the motivating drive of creativity? Business leaders promote the growth of their business by using new ideas to gain a competitive advantage. Here are some business ideas for business planning with a creative incentive.
Business Skills Creativity Drivers
First capture your thoughts, randomly and expand on them with pictures. Record them audibly or in written format; however, if you hand-write them make sure they can be transcribed to the computer. Second, look at your thoughts and organize them. Could this actually be accomplished within a short-time frame or is this a long-term project? Ask if there are enough resources available to carry out these plans. Third, have someone pick over your idea; ask for reasons why it could not work. This eliminates time and money invested in ideas that are sure to fail from the start.
Business Skill requires creative thought to capture new audiences and new markets. How can your new business idea work today to improve tomorrow?
Please leave a comment and express your business idea.
Does Business Planning Require Contingency Planning?
As a business leader, you know that sometimes the business just does not go the way you hoped. The business plan was carefully structured but unforeseen distractions prevented the initial execution plans to be completed as planned. And now, you have to figure out how to get back on track.
Business Skills – business planning and contingency planning.
Often leaders think that contingency planning is good. It allows for a second approach or back-up plan to be operational. However, back up plans can be less quality, offer less service or reduce an offering which can later cause another concern as the second choice is not the preferred choice.
So, should the business leader choose the contingency plan? Or should the business leader remain true to the initial plan and solve the problem or respond to the distraction to get back on track? Read the rest of this entry »
Today’s business world is full of new opportunities. It just takes careful scoping to ensure that the one you choose fits your organizational leadership development and business plan best. Leaders must know what their target is otherwise they will chase every opportunity.
Not all business opportunities are best for your business. For example, a geologist would likely not be interested in finding an opportunity in the pharmaceducials; even though for others this could be quite lucrative. The reason that the geologist may decline the opportunity is because it does not align with his business plan, which is more likely to include geoscoping projects.
Sharpening Your Business Skills – Two questions to keep in mind for business leaders as they determine if the opportunity will be worthwhile for them:
(1) Do the resources presently available make this opportunity easy to start, implement and follow-through with?
(2) Does the new project allow me to stay on target with my other initiatives and business plans?
Choices in businesses change the path of those who have not made a solid business plan. A primary business skill is to learn what the focus of the organizational pathway is. Do you want to grow in a certain market or do you want to be more philanthropic? Neither of these two choices is identical and depending on the answer will change the direction of your business.
Solid business planning requires set parameters. If you are a shoe company then investing time and research into flowers may not fit. Therefore, if you say ‘no’ to an opportunity to expand into flowers may be the best choice.
Can a company have too many particulars in their business plans? If a company feels that they are running behind constantly this is an indicator that they have too much work and either not enough time or not enough help to complete all tasks on the table. For some companies their CEO projects many complex projects but does not have the time to complete them.
Ever wonder why business planning fails in the first five years of start-ups?
One reason is that business plans are not on target. The business plans are often estimates to get a loan from the bank to begin a business or help with business expenses; therefore the business plan is structured around the financial planning. This is only one part of an effective business plan.
Three Ways to Fix an Ineffective Business Plan
- Review your business summary for deliverables and determine which ones are redundant and not necessary
- Review your marketing plan and collate it with the business planning per quarter
- Review your business planning to see how well it aligns with your vision
There are major differences between profit and not-for-profits, for example each has its own tax rules and guidelines to abide by. These notable differences in organization structure require separate strategies. Business planning requires that the choice of organizational structure be determined in the company’s inception. The type of company structure provides a base for business planning. A CEO must develop favorable contingency planning, implementation planning, strategic planning and execution planning with solid platforms and considerations for business success on the organizational structure. As a new baby develops so does a business enterprise. The different choices in organizational structure for businesses can be overwhelming if a corporate leader does not have the necessary business skills. Understanding the differences of each is critical to the business success of new start-ups.
Business Tip: Take the time to look at both organizational structures: not-for-profit and for-profit. Sketch out a simple business plan under both organizational structures, which pathway is more in alignment with your business vision?