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Failing to plan is planning to fail

Nicola Peacocke

What excitement to see our most successful Olympic team recently arrive home from Rio! After 4 years of careful planning for this campaign, and numerous years of hard work prior, it’s a thrill to see the success of so many.

The sporting and business worlds have many parallels. Competition, wins and losses, passion and hard work. And just like an athlete must carefully plan their road to success, a business must do the same.

A solid business plan is the first step towards creating a successful business venture. Whether you are working towards increasing your level of growth, profitability or cash flow in your business, having a plan in place will help take you towards the destination that you want to be heading.

As a small business owner it is very tempting to neglect planning altogether, especially if you are the only person in your company.  But taking time out of your day to day activities in your business will allow you time to spend on your business.  And the benefits of a good plan will far outweigh any temporary loss of earnings.

 

Setting out clear goals is a great way to keep yourself on track.  Measurable goals give you a target and challenging goals keep you interested and motivated to reach your full potential.  Keeping your goals clear, achievable, and realistic will help you move towards your goal without losing focus.

While setting goals is a great start, goals without a detailed strategy can easily become a dream.  With each goal set, include information on why you want to achieve that goal, what you hope to gain, what you could lose if it fails and a brief outline for achieving each goal.

 

You can then take that outline and start developing a more comprehensive action plan to help support the achievement of your goals.  Including bite sized milestones will allow you to monitor your progress as you go, keeping you motivated and allowing you to review your process and make any required tweaks along the way.

So, you have a plan. But what will you do with it now? So many well laid out plans fail at the execution stage, not because they are bad plans but because they not followed through and no accountability is held.  Each of those Olympic athletes that represented out country so proudly, have three things in common. A clear plan, the drive to be the best that they can be, and a coach to unlock their potential and hold them accountable.

 

Whether you are just starting out or pushing your business to the next level, Fisher Heaslip can be your coach.  We can support you in setting your goals and developing your plan, hold you accountable, and ultimately unlock your business potential.  Contact us to book your Proactive Accounting Meeting.

Remember, a venture without a plan is like a journey without a road map.  You may eventually reach your destination, but don’t be surprised if you get lost along the way!

 

Image courtesy of Reuters.

 

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