Tipping Point Business Owners are likely to have a documented business plan.
A study by Palo Alto Software found that owners who completed business plans were nearly twice as likely to successfully grow their businesses as those who didn’t write a plan. In fact, writing a business plan correlated with increased success in every one of the business goals included in the study.
Here at HerBusiness we are big fans of a written plan, and offer training and support to help Members develop annual plans, and to work on quarterly mini-plans (along with goals and accountability). And the results are truly remarkable.
Even if things don’t always go to plan, having a plan is MUCH better than no plan. And, having an idea of a plan in your head is not what we mean here – we are talking about a documented plan. It can be just a single page – the main thing is that is a blueprint for the actions you’re going to take to reach your business goals.
A documented plan is one of the 7 Characteristics of a Tipping Point Business (all 7 are outlined in the Do I Have a Tipping Point Business handbook).
Rating: How would you rate your business planning documentation (1 low / 5 high)?
Rating Summary:
If you rated yourself a 5, congratulations Develop a rhythm to your planning, scheduling regular reviews to your plans,. Install a planning culture within the organisation, including your team in your vision for your business and getting their support in executing the plan.
And if you rated yourself 1 to 4, there are some tips below that will help you as you work on getting a more documented business plan:
Documented Plan Tips
If you need to make more progress with your business planning:
- Set aside a full day out of your business to work ON your plan
- Start with documenting a simple ‘overview plan’ for the next 12 months and then focus on what you can do in the next 90 days in more detail
- Create the habit of reviewing your plan every 90 days
- Implement a planning culture into your business by establishing a schedule for planning
- Develop a support network of other business owners
- Get that schedule into your calendar for the next 12 months now
Case Study: Documented Business Plan
Sue Hollis, TravelEdge
Prior to starting her corporate travel management company, Sue Hollis was a senior executive with Qantas and British Airways.
Choosing to leave the security of the corporate world, along with her business partner, Grant Wilson, her vision was to create a company that made a difference.
And Business Planning was an important part of the company’s success, which has now grown from a startup to employ 120 people and include four separate companies under the Traveledge brand, all with an impressive list of clients, from blue chip companies to rising entrepreneurs.
Sue’s tips for success when it comes to business planning:
- Be crystal clear of the core values of your business from Day 1.
- As your business changes and expands, continue to make sure that everything you do is completely in alignment with your values
- Scale up to, rather than in to, your business
- Although it might be challenging financially, put in the people, the structure and the framework you need to enable your business to grow before you actually need it – rather than put it in when you can afford it
