5 Pillars of Every Successful Business
Business growth ideas
Effective business growth ideas seek to identify high payoff activities and put them into action.
“Failing to plan, is planning to fail”.
Many of us understand that in order to survive, let alone thrive, in business it is important to plan. The view that a business plan is not necessary to succeed is also commonly held. Scientific studies have proven that a business that has a properly documented plan is twice as likely to succeed.
Twice as likely to succeed at growing their business.
Twice as likely raising capital needed for business growth.
Twice as likely to get a business loan from a bank.
You may read all about these findings here: The value of business planning
The compelling evidence that those with a business plan are more likely to succeed, leads us to the question, “Why don’t more business have well thought out documented plans.”
Here are 3 reasons why, despite the evidence that it works, people decide not to plan in business.
- Not believing that planning is important
- Lack of knowledge and expertise in business planning
- The high cost of preparing a meaningful plan
Despite the evidence to the contrary, many business people do not believe that having a plan is important. Alternatively, they may think that despite the evidence supporting the value of having a plan we lack the knowledge and tools, cannot afford the price and don’t have the time to plan. One thing we do know about human nature is that even if we say we believe in the importance of planning, our actions reveal what we truly believe. If we don’t have a plan, we simply do not believe in the value of a plan, and as a in so-doing we compromise our opportunities for success by 50%.
We justify our lack of business planning in several different ways, citing our lack of knowledge and expertise in the area of business planning. It is true that business growth planning requires specific skills and knowledge. There are five steps in the business value cycle, all of which are common to every successful business since the beginning of time. You can view a clear diagram of these elements on the bottom of our GPS website: Business Value Cycle The elements are creating, marketing, selling, delivering and monetising value. No-one can be excellent in all five areas, but all must be well developed in the business model in order to succeed. The same may be said of planning. To put it in very simple terms, if you don’t know how to plan, find someone who does and get to work. Double your chances of success in one masterful stroke!
Business growth planning can be expensive when it comes to hiring a consultant but it doesn’t need to cost an arm or a leg. Some rule out the possibility of planning purely on the basis of cost, but they fail to consider the cost of not having a plan. Actively choosing not to plan is an active decision to heavily stack the odds against success in favour of failure.
The third justification for failing to plan may be summed up as “time-poor”. The truth is that the vast majority of business owners are driven by what has been termed the “Tyranny of the Urgent”. Stephen Covey maintains the necessity of reacting to urgent matters overwhelms us, to the point where they dominate our daily lives. Charles Hummel has this to say on the subject. “Your greatest danger is letting the urgent things crowd out the important.”
So being driven by “busyness” becomes a highly addictive habit, that keeps us perpetually in chains to our business. We become a “victim of our own success” whereby we are continually managing the “status quo” (roughly translated as “the mess we are in”) and in the words of a popular song by Tom Petty and the Hearbreakers “Hey, baby, there ain’t no easy way out” but I won’t back down
It takes discipline, commitment and tenacity to overcome barriers to growth and succeed in business. Without a plan, your chances of success are halved!
The truth is you are “Too busy NOT to plan”.
Business pilot is perfect for time poor business owners who believe a plan will help them to prosper and succeed. We have had more than 3 decades in business experience to draw upon. We will help you to develop a coached business growth plan and mentor you through the process of implementing your strategies. We make it possible for you to develop a plan through online coaching using state of the art cloud-based software. The process allows you to stay focused on running your business while working on high payoff activities that get results. This is how you overcome the barriers to change, break the addiction to busyness and get your life back. The best part is it does not cost a lot of money compared to using conventional consultants.
We are more than happy to provide a complimentary chat over the phone, skype or face to face if you are fortunate enough to live on the Sunny Coast.
If you would like to discover your unique talents and gain advanced insights into emotional intelligence that will help you nurture and develop those talents, call Christopher on +61 0421 713 140 or you can reach me on email by filling out the contact form below.