When is the best time to plan for your business?
I'm sure you've heard that failing to plan is planning to fail.
Also, you would have heard that if you don't where you are, you won't know where to go.
There are business people who a curious about the right time to plan. Unfortunately, there are so many who just go through the motions of their business without a plan. They tend to rely on hope, but John C. Maxwell had warned that, "Hope is not a strategy."
No business person can afford to run a business without a plan.
So back to the question of when is the best time to plan, the answer is that it depends.
If you're a big corporation, you should start early. Most Fortune 500 companies begin the process 6 months before the new year. When I was in the corporate world, we used to start in June and end the whole process in December or even at times early January.
This is because there are so many iterations in the 6 or 9 month period.
For a smaller business, beginning in the 4th Quarter is fine.
If you begin later in the year, then you should set aside some time and make the planning intensive, i.e. over a 7 day period, so that you are focused. And it should be a written plan and not something that's floating in your brain.
How should you conduct planning?
I get this question quite often from business owners.
Basically the business owner is asking me, what the process should be and what he or she should evaluate.
Usually, I'll sit down with them and spend an hour to provide them an outline.
Recently, I discovered a free sales & marketing planning webinar that is being held over 4 days. Why 4 days? During the webinar you'll be given assignments to develop your plan, so you need time to prepare it.
This webinar is not a theory session, but one where you will actually create your plan.
Ever since I discovered this webinar, I now tell those who ask me for the process, to just sign up for that webinar.
If if you need clarity on your business prospects in 2016 and want to increase the chances of success, then visit this site - 2016 Sales & Marketing Plan.
By the way, here's a disclaimer. Don't misread the article title and assume that with a plan you won't fail. You can fail, but with a written, well thought out plan, you reduce chances of failure and with contingency measures, you can mitigate the effects of failure.
If you want to know who Eric Lofholm is, watch the video below...
I wish you a very successful 2016.