Seventy percent of the business plans cannot be wrong. If a business plan is developed with proper research and an understanding of the ultimate goal, chances are good that the goal will be reached if the plan is implemented. Then why is the business failure rate so high? I remember reading that less than 30% of strategic focus plans are fully executed.
Granted, many new business ventures do not have any kind of a written business plan; the only plan is one that is semi-formed in the mind of the owner. I want to focus both on ideas as well as business plans. In my years of working with businesses, I find that the biggest reason for not achieving success is a lack of execution.
The planning process receives a lot of publicity; everyone is “selling” the need for a business plan. There are countless individuals and companies, each offering a better version of a business plan. In schools, seminars, books , etc. we train people how to plan. I have found very little training on the process of execution, how to stick to a plan and implement it to a successful conclusion.
Is the lack of execution a national problem? As a society are we looking for instant gratification? Has this “fault” manifested itself not only in the business world but in our students, teachers and to some degree, in the “American way of Life?”
I believe that execution, like any other discipline can be learned. Consistent execution has to be part of everything we do, not just in our business life. How many times have you started an exercise problem and given up? How many New Year’s resolutions never see the light of day?
This blog is not long enough to present a comprehensive solution on how to “stick “to a project, but a few thoughts on the subject may help and inspire you to learn more:
- Knowing what you need to do: the pathway to success has to be clearly defined. That requires a detailed, step by step process to the final destination.
- Ability to complete the task: that includes having the proper tools and skills sets. The goal has to be one that you have the skills, knowledge, resources, and tools to reach.
- A true desire: there has to be a burning desire to achieve this goal. Without an internal passion, the first two steps won’t work.
The last addition is a support coach or mentor to help you stay on track and help you stay accountable to your mission.
The way to get started is to quit talking and begin doing. Walt Disney
Nick J. Petra CFP subscribe today to www.onebizcentral.com