#2 - NOT HAVING THE PROPER ‘PACKAGE OF PLANS’
Most people think that you only need one if you’re seeking financial backing, but a well thought out and researched business plan, including mission statement, executive bios, competition and market analysis, marketing plan, and financial projections is an essential stepping stone to success. Just going through the process will clarify your strengths and weaknesses, as well as define your goals and identify the resources you’ll need to accomplish those goals. That journey is an integral part of building your brand, as you embrace your true strengths and learn to compensate for your weaknesses.
Your business plan is also the ‘road map’ that anyone doing business needs. Imagine for a moment, that you’re taking a new trip, from one part of the country to another … without the benefit of GPS. Would you climb into your car, and ‘hope’ you get to your destination, or would you review a map … before and during your trip? Your business plan not only plots your course, but it also allows you a tool for accountability. Have you reached the goals you set for this month? If not, you’ll have to overachieve this month, or your five-year goals are in jeopardy. You can’t build a great brand, without a successful business.
The other plan you need is an operating/partnership agreement. This document identifies all the key personnel and assigns all the tasks needed to accomplish the business plan. How often have you heard one partner or employee complain that they are contributing far more than their contemporaries? A clearly defined operating agreement, makes that type of argument a thing of the past.
Personally, I like these two documents for a different reason. I’ve found that the vast majority of people, after going through these two processes, have a firm grasp on what IS, but they missed the ‘what isn’t’ in the picture. I love that part, as that’s often where market opportunity lies, as well as the true discernible difference between you and your competitors.