A thriller called Business Plan

I like reading all kinds of books - history, business, economics (yes, I am a bit of a nerd) - but when I want to relax and pass some time without thinking about anything I read a thriller.

Ask me a week later what it was about, and I wouldn't remember even if my life depended on it. It was fun while it lasted but very little, if anything stays with me.

Business plans are similar. I have written quiet a few and read even more. They are all optimistic, saying how promising the market is, how great the leadership team, how unique the product is, and how rosy the financial results will be, but they have no long-lasting impact.

There are multiple reasons for this, and you have probably spotted one in the previous paragraph - everything is going to be great. Nothing about risks or threats, how the existing competition will react, what happens if things don't go well - nada. Most ridiculously, they include detailed financial reports for the next 3-5 years. Really? Who can create those for the next year accurately enough in such a volatile world, let alone 5 years?

Another reason is lack of an implementation plan. It's all about What but nothing about How, Who, and When.

And when there are no deadlines, no accountabilities, and no detailed tasks nothing happens.

For some reason a business plan is a must if you are seeking finance. No one will give you any money without one (which I find funny because obviously all the smart people who have money to give know all the above) so one must be written if you want any loan, investment, or grant but it is not going to help you one iota to get the business to where you want it to be.

For a plan to work it needs to be:

• Ambitious

• Realistic

• Measurable

• Detailed – have tasks, deadlines, and accountabilities

But most importantly it needs to be:

1. Agile: the world is dynamic and what was true when the plan was created may not be so 3 months later.

2. Monitored: all the tasks should be scrutinised on a weekly basis to make sure everything is on track.

3. Integrated: tasks that are related to long term strategic goals should be part of the daily routine.

4. Spread thin: even though the entire plan is ambitious, only a handful of tasks should be handled every week. Putting too much on the plate will end up in frustration when daily pressures pile up. The first things to be put aside are the non-urgent, strategic tasks and soon the entire plan is derailed.

Want to learn more? Read GROWTH – a no-nonsense short guide on how to create and implement an agile strategic growth plan.

 It's not a thriller...