Advertising
Advertising

How to Make a Plan That Will Help Your Business Thrive

How to Make a Plan That Will Help Your Business Thrive

What is the difference between a successful company and an unsuccessful company? Why do some entrepreneurs succeed where others have failed miserably?

What makes someone successful?

Skyscraper

    Everyone is looking for the answers to these questions; everyone wants to find the keys to succeed, the shortcut that will make it all easier.

    The problem is in that word, shortcut.
    The real key, the real secret is that there is no shortcut.
    You need to work hard, endure long hours, and maintain focus if you want success.

    Advertising

    You can succeed

    Many studies have been made to why some entrepreneurs succeed while others don’t.
    In many cases, it all comes down to planning.

    There’s an old saying: every minute spent on planning saves up to 10 minutes in execution. Even though we know this, very few people spend enough time planning.

    Spending time before you start your business making plans is tiresome to many. You are essentially working without getting paid, in the short run. But when you plan you create a roadmap; you build yourself a guide that will help you on your entire journey towards success.

    Advertising

    Successful entrepreneurs plan and then do something completely different

    The hard part about planning is getting it right. When you plan you try to foresee circumstances in the future, to predict how things will play out and make plans for how you will react and what you will need, you can’t always get a 100% success rate. Since no one knows what the future brings, most plans become obsolete as soon as the entrepreneur starts his business.

    All successful entrepreneurs started off with a set of plans, but many ended up doing something completely different. (But they all had a plan).

    Unsuccessful entrepreneurs fail because of lack of planning

    Advertising

    Because studies show that many original business plans become obsolete soon after the business gets off the ground, some entrepreneurs decide to skip the whole planning process. But without an exact idea of what they are going to do, what they need, what opportunities to look for and without a frame of reference to evaluate situations by, they fail.

    Successful entrepreneurs have a plan to update

    When you have a plan, you can modify it, you can evaluate things happening around you and compare them to your plans. You will be able to see if this opportunity is in line with your goals, values and dreams. If it isn’t, you know it is a bad idea to follow. Thanks to this whole planning process, you will have a long term mindset, you will constantly be thinking about what the things you are doing today will have for affects on your future.

    This mindset is a precious commodity and one of the most important parts of being an entrepreneur. Remember, all successful entrepreneurs have made business plans, even if they didn’t always do exactly what they expected.

    Advertising

    Action Exercises

    1. Create a business plan
    Ask yourself the following questions – What do you plan on doing? Who is it you are selling to? What do you need to be successful at it? How much do you need to sell to brake even? What costs will you have? How many employees do you need? What kind of office space will you require? What can you delegate? What do you need to do yourself?

    2. Create a vision
    Try to crystallize the values you want your company to stand for in simple terms. Make sure everyone who joins the company learns about what the company stands for, and prove it to them by living by those values.
    Let the employees be a part of the creative process, come back to it once in a while, look it over, and let them give you their input.

    3. Never be afraid to update your plan
    You will need to update your plan many times, you might even change to a new industry after some time has passed. Don’t be afraid of this, but make sure that the change is in line with your goals and your vision. If the path you are on won’t lead you to your goals, change that path now to one that is more suitable.

    More by this author

    Daniel M. Wood

    Daniel is the founder of Looking To Business.com. He writes about Motivation, Success and Time Management.

    How Setting Daily Goals Makes You Achieve Big Success How to Be Stress Free at Work and End Overwhelm How to Make a Plan That Will Help Your Business Thrive

    Trending in Work

    1 13 Characteristics of Highly Successful Entrepreneurs 2 5 Types of Horrible Bosses and How to Beat Them All 3 10 Simple Habits Every Effective Manager Needs to Learn 4 10 Ways To Help Your Employees Have A Healthy Work-Life Balance 5 Top 10 Workplace Safety Tips Every Employee Should Know

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on March 29, 2021

    5 Types of Horrible Bosses and How to Beat Them All

    5 Types of Horrible Bosses and How to Beat Them All

    When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

    What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

    The Dream Type Of Manager

    My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

    I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

    My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

    Advertising

    “Okay…”

    That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

    I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

    The Complete Catalogue of Bad Managers

    The Bully

    My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

    However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

    Advertising

    The Invisible Boss

    This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

    It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

    The Micro Manager

    The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

    Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

    The Over Promoted Boss

    The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

    Advertising

    You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

    The Credit Stealer

    The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

    Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

    3 Essential Ways to Work (Cope) with Bad Managers

    Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

    1. Keep evidence

    Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

    Advertising

    Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

    Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

    2. Hold regular meetings

    Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

    3. Stand your ground, but be ready to jump…

    Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

    However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

    Good luck!

    Read Next