Why entrepreneurs sometimes do a business plan then hope for the best
When you want for your business plan to be implemented, it requires continual engagement. But reality sinks in and if you are an entrepreneur who is continually working on the business and also is a little stretched with other interests, it is easy to slip into your old ways.
Visual, forwarding thinking, KPI's
I developed a business plan for Marketing Eye a few months back, that was distributed throughout the company. It was visual, forward thinking, and had set KPI's. I also have realised just how hard it is for young people today to get ahead in life financially, so with our business plan the discretionary bonuses will be significant if we achieve the goals.
In some ways, the goals in sales for instance, is very achievable because on a monthly basis we have previously achieved more than double what is required in a particular month. The reason I went low in numbers is so that people are able to achieve the company goals, while not being faced with unnecessary pressure of the unrealistic. How many times have you heard a sales person say that their new sales budget is unachievable? I have heard it so many times, but in our company, our Inside Sales people believe that it is possible and that they are fully focused on achieving the key outcomes.
I would love to share our business plan with everyone, but my staff tell me that I shouldn't. They don't want competitors doing what we do, and knowing our 'secrets'. I don't really care. I always think it takes much longer to catch up to a innovative company who is forward thinking, then to just follow. But we have a 'whole-in' approach, so I take their feedback on-board, and basically do as I am told. I know you must laugh at that, but we have a flat organisational structure, which requires a collaborative team approach to everything.
In the past three months I have been overseas a lot and it has taken up too much of my time. I also dedicate much of my time to a not-for-profit organisation, and we have an upcoming conference in which I need to work on.
Somehow, I have left the team to their own devices - and on one hand, that is a good business, but on the other, I realise to continually achieve goals and to deliver upon our business plan, it requires complete engagement from all of the team and reminders.
I dropped the ball
We set up a handful of people who are responsible for the delivery of the business plan for the first 6 months, and then another group for the last half. But we haven't gotten together yet and that is completely, and utterly, my fault. I dropped the ball.
Apparently, I am not alone in doing this.
According to an article by National Retailers Association: "Without implementation plans in place, the many hours spent innovating may not see the expected ROI."
Entrepreneurs are reknown for having common traits, especially the most successful one's. Richard Branson is the first to talk about having dyslexia but the common thread isn't so much that, but the Attention-deficit/Hyperactivity disorder (ADHD), which means that the innovative and creative process of developing a business plan is exciting for an entrerpeneur, but after it has been written, and the creative stuff done, it's important that entrepreneurs who possess these traits automate processes and systems to achieve the goals and outsource functionality like business operations and management so that the business plan can be delivered upon.
I find that these things are imperative to success and continually reaching new heights. Marketing Eye still has a long way to go, but being aware is the first step forward. Just like anything else really.