| |
| |
|
Strategic Planning Information |
|
|
|
Is Plan B Ready?
Business owners and entrepreneurs are, by nature, risk takers and adventurers. If we didn't have that "optimism gene" floating around, not much of any progress would ever get done. But every so often the adventurous get in trouble. They plan a new venture - perhaps a new product, service, expansion into new geography - whatever, and they hardly pause in their quest for the golden ring to plan a strategy that will minimize their exposure in case that great idea turns out to be an "Edsel." Unless we are talking about a "bet the company" type of venture (and I'm not!), contingency planning for most new ventures a small business undertakes can be done with the addition of four simple paragraphs to the plan written at the planning stage of the new venture (you do have a written plan, don't you?). Paragraph One: How will we measure to see if this project is producing the desired results? Paragraph Two: How many resources (time, money, effort, etc.) will we invest to make it produce the desired results? Paragraph Three: How will we close down a project that will not produce the desired results? Paragraph Four: How will we minimize losses in a project that will not produce the desired results? Just by having "Plan B" thought out and written lessens the difficult task of making decisions in the heat of a battle if things are not going well. If results are not going as planned, pull out "Plan B" and read it. Compare the current results to the projections. Realize that when "Plan B" was written, it was based upon assumptions. The data you have, once the project is underway, will be different from those assumptions you based "Plan B" so it can, and probably should, be changed based on the hard data that is now at your disposal. Hopefully all your new initiatives will be hugely successful, but just in case, minimize your losses by being prepared with "Plan B." Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, "Front Lines with Larry Galler" Sign up for his free newsletter at http://www.larrygaller.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
3 Undercover Ways to Make Big Profits from Your Competition You have heard that there is extra money on the table marketing products related to yours. You have also heard that your direct competitors product is off the table. Content Management: Wise Investment for Business Prosperity The time when a website was just a simple set of HTML pages has gone by. It's true, just five or seven years ago simple websites developed with HTML and JavaScript were usual. Innovators Role at Hard Times One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory said Carly Fiorina was a marketing person put in change of engineers who cared nothing about the art and beauty of technology. She just wanted saleable stock to bring to market. Mining Market Data With a heightened awareness of opportunity, ideas can often be generated by market research. The National Women's Business Center (NWBC) defines market research as "a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding. Completing the Annual Planning Process Imagine an office without a desk, or lights, a computer, or even something as simple as a chair. When the architects and designers started planning a building or office space they knew they would have to make concessions for these items during each of the building activities. Your Business: Will It Have A Happy Ending? "Begin with the end in mind," says Stephen Covey in his book Seven Habits of Successful Living. Those who have created a successful business know it does not happen without planning, hard work, and a little luck. Getting Started with Succession Planning: Part II Succession planning requires the owner of a small or medium-sized business to plan for what the company will look like and how it will operate after the transition to new owners is complete. Unless the owners have succession goals in mind, they won't achieve them. 25 Ways To Find Companies To Buy When you start your program to purchase your "ideal" company, you quickly realize that your ultimate success will depend on two primary skill sets: 1) Your ability to FIND viable companies that are for sale, and 2) Your ability to effectively qualify the potential acquisition investment once found.This article is about only step one, how to creatively find viable companies and one's that are able to be purchased. How to Write a Business Plan Market Analysis Writing a business plan is an essential part of the initial strategic planning of any company. One thing, which seems to hang up most entrepreneurs, is figuring out what kind of data and information goes into the Market Analysis section. The Power of Strategic Thinking: Creating Meaningful Success Too much goal setting and strategic planning can leave you feeling like you're working against the forces of nature; too little and you end up where you never intended to be-with a life or business that is bigger, smaller, or different than what you genuinely desire. Though getting you and your organization where you most want them to be at any given time can be hard work it can also be exhilarating. How Copying the HBO Schedule Can Boost Your Business I'm not talking about posting the HBO schedule on your website or sending a Xeroxed copy around to all your customers. When HBO came onto the scene they were innovative, fresh, and willing to do things other people were not. The Tables Have Turned - Its Officially a Sellers Market Private equity firms have raised so much capital over the last 12 months that they are vigorously competing with one another for opportunities to put their money to work. Business owners, who previously would have had to go hat-in-hand to investors, instead find themselves inundated with unsolicited offers for their companies. Break-Even Analysis A significant advantage of some business ideas is that the venture can break even at what seems to be an easily achievable volume. A technique for quantifying that volume, called break-even analysis, examines the interaction among fixed costs, variable costs, prices, and unit volume to determine that combination of elements in which revenues and total costs are equal. Writing Your Business Plan is Actually Storytelling Storytelling and writing a business plan actually go hand in hand. The same ingredients used in telling a story are also used in writing a business plan. Balanced Scorecard Strategy Map With the help of balanced scorecard strategy map, it is very easy to design the organization goals and build business strategies. Balance scorecard and strategy map are interrelated with each other. Thinking Like A Farmer One of the difficulties we face in our industrialized age is the fact we've lost our sense of seasons. Unlike the farmer whose priorities change with the seasons, we have become impervious to the natural rhythm of life. Strategy Without Tactics is Futile From time to time there seems to be a flurry of studies and surveys on effective communication in the workplace. As a communication specialist, I'm always eager to read these studies, but am often disappointed with what I see. Expanding your business in a franchise system If you are a successful franchise of a large franchise brand or chain, chances are you will wish to expand. The most important thing to do is make sure you are on the most positive terms with your franchisor. Microsoft Great Plains Implementation: Healthcare/Hospital example - overview for consultant Microsoft Great Plains fits multiple services market niche and healthcare is not exemption. In the case of Healthcare/Hospital there is usually healthcare patient history tracking system in place and backoffice or accounting application should be integrated on the ongoing basis with the above mentioned system plus often Hospital or association is non-profit organization and non-for-profit accounting specifics should be taken into consideration. Six Key Principles of Corporate Accountability The foundation of any business transaction is the promise of fair deal. In complex organizational relationships, it is all too easy to lose sight of the existence and terms of this deal.
|
| home | site map |
| © 2006 |
