To be competitive on the tennis court, golf course or effective working out at the gym it is an accepted practice of business owners and senior executive leaders to engage a coach or trainer to help them do better in their selected sport or activity. The first session is used to evaluate basic movements so that a "baseline" ability can be diagnosed. An action plan is then developed to create new body action, follow-up sessions scheduled to develop muscle memory along with periodic "assessments" to determine progress from the baseline toward a new level of performance.
In today's highly competitive global business climate it is imperative for organizations seeking high performance to have every business process operating at an effective level. You would think it would be common for owners and senior leaders to engage a business coach or trainer to strengthen their business performance.
However, their is a lot of resistance to engage a coach or trainer to assist in diagnosing areas of the organization that are not operating properly (i.e. golf back swing, tennis backhand, incorrect breathing when lap swimming, etc.) and developing an action plan for improvement. This is particularly true of
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This article points out the 10 questions that every business plan should have. The problem is many businesses do not have a formal business plan. Running a business can be an overwhelming responsibility before engaging in a business plan process. However, the benefits of having an effective plan exceed the extra effort to create, review and update your plan. The questions in the article are tuned for a startup or new business. i have tailored them for an existing business.
How many of the following questions are addressed by your business plan process?
- What need does your business exist to satisfy?
- How does your business satisfy the need?
- How does your company differentiate itself from the competition?
- Who are the key players in the business and do their core competencies/experience meet or exceed their responsibilities?
- How big is the market that you operate in?
- Who do you target as customers and what is the compelling argument that should cause them to select your product or service?
- What are your most effective marketing and promotional strategies?
- What are the economics of your business?
- What is your strategy to be cash flow positive and sustain cash reserves?
- What needs to happen to accomplish your business objectives in the next 12 months?
Whether you need to qualify for a loan, attract an investor or just improve your business you need a plan to do it intentionally by answering these questions.
Click here to read the complete article.
Note: Ask yourself the following questions.
- Do you use an annual business plan process to guide your business?
- Does the planning process involve key operations of the business?
- Are your management team and key employees invested in the planning process?
If you question the effectiveness of your business planning process contact Mike to learn about the Business Plan Development services available from Brice Consulting for you and your organization.
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