This, from my point of view, is what is necessary to grow and succeed in a small business. Please note, I said grow and succeed. It is possible to grow a business but unless the “entire package” is in play, business failure is still a real possibility.
The whole package components are as follows:
- A business plan: without one you don’t know where you are going.
- A marketing plan: without one you won’t know how to get there.
- A financial plan: without one you don’t know if you can afford to get there.
- A monthly profit and loss statement: without one you don’t know if you are still on the right track.
- A time management plan: without one you don’t know how avoid getting bogged down in details.
- A systematized processing plan: without one your delivery of products/services will take too long and will not be consistent.
- A customer relations management plan: without one you will lose one of your greatest assets, your current customers.
These are the principles for small business success. Don’t throw in the towel if you don’t have all of these in place; just be aware that this is the goal you are striving for.
Every small business has an immediate need that has to be addressed. In dealing with my clients, a first meeting usually uncovers the most pressing issue and we start the foundation building process with that point. Eventually, and it may take a year or more, we will have designed the seven plans that comprise the “whole package”.
Print out this blog and check off each of the components you currently have in place in your business. Work with your mentor/coach, prioritize the ones that are missing and start the planning process.
Leaders not only know where they’re going; they also know how to get there. Are you a leader in your own business?
Nick J. Petra CFP Call us to help you develop and implement the “Whole Package”.
Make it a Successful today! www.strategicduck.com