There is just too much focus on having a plan. Now weâll have no more arguments in support of having a formal business plan. It is time to take the conversation forward with those who have paid heed to the idea of having a formal plan.
It has been seen that a plan is the road map for your initial years. Taking a realistic look at things, besides business, how many things in life go as planned? The percentage is quite low. Following the same percentage, how many businesses go as planned? Not many. Does that mean there is no benefit of having a plan? Definitely not, plans are important.
Always Have a Plan B
If you are new to business, this is might sound confusing, but there is no confusion if you work using common sense. A well written plan should be able to foresee the risks. It should be flexible in its approach to all problems. Any suggested solution to a problem can fail at any time. Ensure that your plan takes care of such situations. Besides the primary plan, plan A, always have a back-up plan, plan B, ready.
Quick Thinking Helps the Best
In todayâs work scenario, the market is very dynamic. Unexpected issues and problems will surely appear. It is naive to expect that your plan will be able to include solutions to everything. Itâs not a day to day activity list. It is a broad framework that will give direction to your business. Expecting that it is a magic box is stupid. Since you are a smart businessperson, think logically when a problem arises. Put your learning, skills, and experience together to deal with any problems that arise suddenly.
Whenever there is a problem, work as a team to find solutions. Quick thinking, brainstorming, and being calm help in dealing with any problems effectively.
Revisiting the Plan
Visit your plan often. Whenever you feel stuck, there is a chance you havenât gone back to your plan of late. Share your plan with your top level management. Visit, revisit, review, and update it regularly. This is what makes plans work.
It is important for established as well as new businesses to understand that there is nothing like a strict Business Plan Structure. All plans are flexible if they are revised from time to time. Even while writing the plan, have more than one solution to seen and unseen problems. Alternative solutions in your plan, regular revision of your plan according to changing market scenario, and trusting your management team are some of the important things that will help you handle emergencies well. Manipulate your plans according to situations, but to succeed, make sure your vision remains the same. Stay focused on your goals and be flexible in your approach.