Reasons Why GOOD Businesses go BAD: Part 2
Reason#2. BIG Dream, little Plan
Some of the most successful businesses were founded by Dreamers. Names like Mark Zuckerberg, Steve Jobs, Bill Gates, etc., comes to mind. We celebrate their accomplishments and are inspired by their ability to turn BIG Dreams into BIG Bucks. What we often don't hear about is the years of grueling, tireless, hard work it took to make their dreams a reality.
If all it took was a Dream, all of us would be multi-billionaires, smart and slim #mydream. Likewise, a business can't survive on dream alone, at least not a successful one. At some point you must wake up and get to work. In reality, a dream without a plan is simply a Wish. Often Entrepreneurs are so excited to get started that they skip the planning phase. However, avoiding this vital step can compromise the integrity of your business. We've heard it a million times, failing to plan guarantees failure. Every successful business must have a written Plan with corresponding action steps. It is the road map or for you savvy drivers, the GPS that takes the business from where you are now to where you want to go. The Plan should include answers to four (4) basic questions:
1. What problem(s) will we solve?
This is the reason for your existence and what makes you relevant aka your Why?
2. Where are we going?
It builds on the original idea and represents the purpose or end-result.
3. How will we get there?
These are the action steps required to make the dream a reality.
4. What Resources are required?
These may include: Financial, Human, Systems & Technology, Raw Materials, etc
Putting it all together
The Plan will also include a variety of tools to assist with its implementation and execution. Use the T.R.I.B.E acronym as one of the tools to support the planning process:
African Proverb: 'Tomorrow belongs to those who prepare for it today.'
Stay tuned next week for Part 3 of the series" 'Why do GOOD Businesses go BAD'
BUSINESS $ENSE: The Idiot's guide to growing a sustainable business
By Author: Paulette Lightbourne