"Make a New Plan Stan": What Paul Simon Got Right About Business

Although Paul Simon sang about Stan needing to "make a new plan" to successfully end a relationship in 50 Ways to Leave Your Lover in 1990, it wasn't really a new concept in life and in business. In fact, Benjamin Franklin famously said:

"When you fail to plan, you plan to fail."

I'm sure if I did a deep dive into researching the concept, I'd find examples of this concept from all the smart folks in history but let's focus on their point. What is important to take away from this article is that for you to find success as you build your practice, you need a PLAN. A business plan to be exact and unless you went to business school, you may not have any idea what creating a business plan entails so today and for the rest of the week, we will focus on the essential of creating an effective business plan.

Let's start with the critical components of your plan*:

• Executive summary: Essentially your company or practice description. Can include your Mission Statement .
• Market analysis: A summary of your industry and your expertise within it's construct.
• Organizational and management structure: Outline your team and systems .
• Services or products offered: Define your services and what problems you solve for your clients and customers.
• Competitor analysis : A clear and complete statement of what competitors and colleagues are providing and how you are similar and different.
• Future planning: This business planning stage is not one and done! Determine a schedule for review and future business planning and strategic planning.
• Marketing and sales strategies: Specifics on how you will promote your business and practice.
• Financial plans and returns on investment: A clear picture of your financial planning and needs, including your pricing structure and expenses.

*(indeed.com )

I know, that seems like quite a lot to tackle, but here is the good news, all the hyperlinks in the list of elements above are topics that we have already discussed in this newsletter! Over the next three days we will dive deeper into the remaining elements and help you pull it all together.

I'll close today's newsletter out with the words of another great philospher who opined on this topic, Yogi Berra:

Without a plan, even the most brilliant business can get lost. You need to have goals, create milestones and have a strategy in place to set yourself up for success.

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