In working with start-up companies I always advise them to follow a 7 step methodology that includes:

1. Strategic Planning
2. Business Goal Setting
3. Market Planning
4. Contingency Planning
5. Plan Implementation
6. Program Analysis
7. Retesting

I’m devoting the next series of blogs to short discussions about each step.

Strategic Planning

Recently I had an opportunity to speak with two different entrepreneurs looking to start-up new businesses. Both were experts in their fields and had extensive experience. Both had the passionate drive to commit to the task of growing a business. The biggest difference between them was that one had spent the time to do market research, looking at potential competition, and evaluating strengths, weaknesses and risks of the opportunity. Satisfied that there was real potential this entrepreneur was taking the next steps to further define the business by writing a plan including financial estimates for multiple years.

The other entrepreneur was talking to real estate agents and hadn’t really thought through any of the basic business concepts. When I pointed this out the response was “it’s ok I don’t need to get any financing.” Good news but not the point of planning for success.

I can’t say this too often, “success is driven by focus and focus is driven by planning.” Planning and working the plan keeps your eye on the prize and helps adjust to the long list of unexpected things that will happen as you grow a business.

Whether you decide you need an abbreviated business plan or one to support your need to get investors don’t miss the point that it’s the “plan” stupid.

David Frey (http://www.MarketingBestPractices.com ) another marketing expert, agrees and stated this in a recent email to me:

“* Factoid * Research studies have shown that small businesses with
a marketing plan experience a 24 to 30 percent improvement in
sales over those without.”

“You don’t have to kill a tree to create an effective marketing
plan. In fact, you can create a successful plan for your small
business in just one day. To begin, don’t worry about writing
style or making your plan fancy. “

Successful entrepreneurship begins with planning so to paraphrase David, “Just go get a pencil and paper and get started.”

Susan Frederick

www.twitter.com/sueafrederick