TRIPLE III TIME: Business Planning IS An Every Year Opportunity

Aug 9

Posted by

IMG_0182
One of the extreme actions that can often make or break an entrepreneurial endeavor is the preparation of a quality business plan. In a textbook often used by small business development specialists… one of the best quotes I recognized read like this:

“A real benefit of a business plan is the fact that in the act of preparing it, the would-be entrepreneur is forced to develop the business idea on paper and firm up his or her thinking about the launch before investing time and money in it.”

Well as I thought about this week’s TRIPLE III TIME message, I was drawn to the fact that Business Planning IS An Every Year Opportunity in every aspect of your personal and professional life. So, ponder these TOP 10 factors of consideration for YOUR annual business plan!

  1. Creativity: Every business plan needs/must contain creativity factors in order to advance and grow.
  2. Stabilization: Business plans must also consider factors to maintain a level of stability within ones overall home/business economy.
  3. Cost Analysis: Balancing profit and loss, assets versus liabilities, is a necessary part of business… of life.
  4. Customer Service: Who isn’t your customer and maintaining an effective plan in his area is critical.
  5. Personal Advancement: Effective business planning should also require you and co-workers to continually improve.
  6. Marketing: What people see and hear about you… your company/organization… is up to you through your business plan.
  7. Location: Are you geographically happy where you are personally and/or professionally? Does your yearly business plan address this?
  8. Partnering: A solid business plan should reflect who and how you strike good personal and professional partnerships with.
  9. Change adaptations: Adapting effectively to change issues should be prioritized and highlighted every business planning year.
  10. Succession Truths: Nothing lasts forever and considering personnel shifts/changes annually is just necessary on all fronts.

I bet you have not thought Business Planning IS An Every Year Opportunity very often in the past… right? Maybe the special TOP 10 points will help move this opportunity up a little higher as a regular consideration both personally and professionally.

Unknown's avatar

About Inspiring Innovations, Inc.

Marv Pichla is currently the owner and Creative Advisor for his own small business, Inspiring Innovations, Inc. Sharing his unique experience with entrepreneurship and innovation in public service, Marv consults with public and private business, education, and community organizations to develop new and different problem solving methods through real-life example-based learning. Prior to starting-up Inspiring Innovations, Inc. Marv served as Executive Director for Thumb Area Michigan Works! As Executive Director, Marv used public sector innovation as his guide for the organizations regional career development, employment service, education and strategic planning initiatives. Finally, Marv was raised on a farm in the Thumb Area of Michigan where he claims he received the education principles he values most. However, he obtained his Bachelors and Masters Degrees from Center Michigan University in Public Administration and eventually his Ph.D. from Capella University in Minnesota. Marv can be reached at: mpichla@inspiringinnovationsllc.com

Posted on August 9, 2024, in DEVELOPING YOU!. Bookmark the permalink. Leave a comment.

Leave a comment