What's Your Plan?

In the old days, which in our entrepreneurial world is not too long ago, business owners were advised to have five-year plans. Today, that concept seems almost quaint. To succeed through good and bad economic times, you should add business planning to your monthly--if not weekly—to-do list.

It’s not just the economy that’s riding a rollercoaster. Depending on what industry you’re in, what market you target and even where that market lives, the plans you made a year ago aren’t worth much today.


This is not just about business plans, though far too many business owners think once they’ve started, they never need to refer to their business plan again. I’m of the school that a business plan is a “living and breathing” document that you must revisit regularly. So if you haven’t looked at yours in a while, check it over. If you never had one (a situation more common than you’d think), write one now. If you need help, get some good software, check out SCORE’s business plan templates or head to your local SCORE office.

The truth is you need many mini-plans. All business owners need a marketing plan, which should be updated often. But some of you also need a technology plan, a financing plan or a staffing plan. How about a plan for expansion, be it across town or around the world? Do you eventually want to franchise your company? You need to start laying the groundwork now—and you need to a plan to help you get there.

You’ll also need a disaster plan, a succession plan (no matter your age) and... well, you get the picture.

And then there’s the most important plan of all—Plan B. Come up with some what-if scenarios and possible solutions in case they occur.

Don’t let any of this discourage or overwhelm you. It’s not as bad as it sounds. Some of these mini-plans don’t require constant upkeep, and some can be delegated to other people in your business.

The most important thing to remember when doing any type of business planning is to focus not just on where the opportunity is, but where it’s heading—and remember to plan for both.

This blog was written by BizSuccessTips Editor Rieva Lesonsky who is CEO of GrowBiz Media, a content and consulting company. A nationally recognized small-business expert, Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs. Read more of her insights at SmallBizDaily.com.