One of the steps that the majority of inexperienced entrepreneurs have trouble with is drafting a successful business plan. Nonetheless, what they usually fail to grasp, distracted by all these early tasks, is the fact that the complexity of planning is nothing compared to the actual execution. While this usually isn’t that hard either, it usually takes skills and knowledge that it takes years of experience to acquire. Fortunately, experiences of others can partially prepare you for this journey. Here are some tips and examples that could perhaps help you make executing a successful business plan easier to make.
Drafting a plan
How hard it is to put a plan into action often depends on the plan itself. Therefore, while drafting, you need to think about the execution. While having an executive summary and a list of responsibilities is a must-have in every business plan, when it comes to the actual execution, mission, objectives and corporate values often tend to be predominant. Why? Well, because you’ll, beyond doubt, be forced to alter your plan at one point in the future, due to the ever-changing circumstances. In this particular scenario, knowing these three things will help you know how to tweak your plans. In other words, if you know the end game, it’s much easier to predict steps that can lead you to it. This is also why it’s smart to include keys to success in your business plan.
The hazard of patience
The majority of guides and manuals would suggest that you should be patient in order to see the results, however, being too patient can sometimes be a bad thing. For instance, let’s imagine a scenario where you have an objective that takes three months to be fulfilled. Giving up after a month because you still haven’t reached this objective would be absurd but the same thing goes for waiting for six months.
Both of these practices are catastrophic for the execution, which is why you need to plan and anticipate every move that you make. In order for a goal or objective to be measurable, it needs to be SMART. Seeing as how the T in smart stands for time-based, you should never forget that the time is actually a finite resource that you just can’t afford to take for granted.
Recognize temporary solutions
Sometimes, a method or a technique that you’re using is not there to stay. In this particular scenario, you need to avoid overinvesting in it. For instance, if you’re hiring a tiny office where you intend to stay for several months until you move to a different location, investing in the infrastructure of the place would be a bad business practice. One of the simplest ways to avoid this is to use a shared office space instead.
On the other hand, in the era of freelancers and telecommuters, these shared office spaces are so popular that there are some companies who use them as permanent headquarter solution. The way in which this works is simple, the nucleus of the company stays in the office while everyone else works from home.
The next great example of temporary vs. permanent can be seen on the popular trend of home-based businesses. For some, this is merely a short-term solution until they can adopt a more traditional business model. For others, however, this is indeed the end-game, due to the fact that they merely aimed to create a passive stream of side-income for their household. Warehouse solutions are another such option and they’re potentially scalable.
Knowing the difference from day one can prevent you from making a mistake of overinvesting in a dead-end aspect of your business.
Not letting your ego get in the way
Even some of the greatest business people in the history had scenarios in which they had to pivot or make compromises that they weren’t completely satisfied with. While it is true that there are some scenarios in which your ego can drive you forward, more often than not, it can have disastrous effects on your company. Although this may be easier said than done, one of the first things you need to learn if you’re to stand any chance in the business world is to start making data-driven decisions.
Outsourcing makes your job easier
There are some aspects of your business that you do not fully understand, even if you do know their significance for the success of your company. In these scenarios, you need to understand that outsourcing can make your life so much easier. First of all, it gives you a chance to focus all your skills, attention and most of your resources to handle the task that you’re the most familiar with. Second, it entrusts other, more specialized, tasks to people seasoned in their industries. To make things even better, outsourcing is a scalable option, which means that it qualifies as both short- and long-term solution (something we’ve already discussed).
At the very end, success is also a matter of perspective. Sure, having to close your business is obviously not a success, yet, the degree to which your company manages to grow, its expansion rate and ability to meet some of these objectives are sometimes hard to measure. There’s nothing easier than getting disappointed if you’ve already set your expectations too high. Remember, you’re a first-time entrepreneur so don’t be too hard on yourself.