Whenever you decide to run your own business, you first need to make a feasible business plan. Business proposals are indispensable for the successful launch of a new company because they serve many functions. They are, in a way, a roadmap or a guide. They help you every step of the way during the initial days of your business, apart from assisting you in conducting market research on market conditions, competitors, and potential bottlenecks. They are extensive planning and analytical tools that essentially help your business take off.
Formulation aside, executing a business plan is also a disciplined process where an organization undertakes logically related activities well thought out. Focus on plan execution instead of simply putting out fires, which means having a repeatable methodology is critical. This guide will detail the three important things you need to consider before executing a business plan. We believe that the entrepreneur education offered by Genius Group for entrepreneurs, students, parents, teachers & more can help you realize all your entrepreneurial goals via a set of comprehensive entrepreneurship education curriculum.
1. Setting Clear Priorities
Standing out in a crowd is seldom easy, and no magic formula can help generate instant results. That is where knowing your business’s purpose and goals comes into play. You must start by recognizing your organization’s strengths, weaknesses, and purpose and then take it forward. Setting too many unplanned priorities is a recipe for disaster. Try to establish one priority at a time and support it with appropriate initiatives.
For instance, if you want to enter new territory, you can start by leasing a new office, hiring the right number of people, and initiating a marketing strategy. Having too many priorities at a time is akin to having multiple balls in the air. It might be a huge problem if only one gets focused on out of all those priorities. All the balls will fall right on the ground if this happens. Hence, it is very important to make a clear plan with one priority at a time.
2. Testing the Waters
Testing the business proposal is important before diving straight into it. It might get tempting to jump the gun after reading successful stories of budding entrepreneurs, and it is not a good idea. Always remember to test the waters before taking the giant leap. The attractive data you may find on the internet is mesmerizing at first but can often be misleading. Talk to people, be it your prospective audience, suppliers, vendors, etc., that are a part of your industry. Then comes market research, something that is crucial to building a robust business plan.
Thorough research pushes companies to find out what they can make based on the industry trends at that time. Ask yourself and others how big and attractive the market is, how quickly it grows and whether any particular trends will pick up the pace soon. Important areas that demand your attention are also known as critical success factors or CSF. Try basing your research on these.
3. Keeping Meetings Organised
Systematic meetings at regular intervals are essential to keep employees in touch with the entrepreneur’s vision and goals. It is easy to get off track and veer off course for both the employer and the employees alike. This can lead to bad decisions and poor results, which can turn disastrous for a company’s future. To ensure that the staff is in sync with the business owner’s strategic plan, they must gather periodically to provide updates and share progress. Daily huddles are a good idea to start the day on a positive note.
These ideally should not last more than 15 minutes and should ensure that every employee is on the same page and knows all about the recent developments in the company. These can include performance updates, new products or services, price changes, media reports, etc. Every team or group must have a tailored huddle that corresponds to the goals of that department. In smaller firms, the owner can directly oversee the huddles, whereas, in more prominent organizers, managers, and team leaders are the job.