The Top 5 Killers of Business Plan SuccessAugust 24, 2022 2022-12-20 17:28
The Top 5 Killers of Business Plan Success
The Top 5 Killers of Business Plan Success
How Strong is Your Business Plan?
Business plans are a tradie’s kryptonite. You’re a doer. Your worst nightmare is sitting at a desk and strategizing your business plan success and when to take action. I get it.
Business plans can feel stuffy. Especially when you’re told they need to be the length of War and Peace. But that’s not the case. A simple plan documenting your goals and strategies is all that is necessary to get you on your way.
The critical part is – that you stick to it! Too often, I see the plan become a formality rather than an actual plan. So here are five killers of a business plan and how to overcome them, so you can work on taking action towards your goals.
1. Your mindset is not aligned with the plan
One of the easiest ways to kill a business plan is not to be aligned with it. If your mindset is not aligned with your business plan, you’ll be more focused on what YOU want to do than what your business NEEDS to do.
When this happens, you’ll find yourself going off track pretty quickly when things start getting tough—which they will!
You have to look at your business plan from all angles. You need to make sure it’s realistic and attainable—not just something that sounds good on paper but won’t work in real life. Make sure every part of your plan has a purpose by questioning why you’ve included it.
2. Lack of clarity about what’s urgent vs what’s important
Ask yourself: “What am I not doing right now? What key actions am I taking a right now to move closer to my stated business outcomes? Are the actions I am taking ‘important’ or ‘urgent’?”
It is one of the most common reasons why the business owners I work with feel overwhelmed with their to-do lists. They’re busy but not getting anything done. It is because they’re prioritising urgent work over important work.
Sure, urgent work is necessary. It’s urgent, after all. But does this critical work HAVE to be carried out by you? I’ll bet that a good 80% can be delegated. That’s why you have a team.
Despite its urgency, you cannot let urgent work take all your focus. The important work will move you forward, and the rest is reactive to the present.
3. Inability to communicate the key business questions
Can you communicate the basics? The Who, What, Where, Why, When and How?
Answer these questions in your business plan – what do you sell, who do you sell it to, and how do you deliver your products or services? And make sure your staff know the answers to these questions.
You’re not a tradie anymore, and you’re a business owner. Many business owners get into a business where their expertise is only in creating or delivering products and services and expect the rest to fall into place. You need to know your business and how your business plans to make money.
4. No accountability partner
It’s easy to let your business plan slip. You’ll get busy, distracted, tired, and overwhelmed. And then, one day, you’ll wake up and realise that you’ve been so busy running a business that you haven’t even thought about your goals in months—and your dreams are slipping away.
The best way to avoid this is to find an accountability partner who will keep you on track, push you to drive forward, and hold you accountable for your actions. It could be a friend or family member with their own business, or you could employ a business coach dedicated to helping you reach your goals.
5. Not creating a realistic vision for the future
You’ve got a million ideas and want to get them all out there. But if you’re not careful, you’ll end up making many promises you can’t keep.
Your plan should be realistic about what you can achieve in the time frame you’ve set for yourself. Business owners often underestimate what it will take to reach their goals, so they make promises they can’t keep—and then fail to meet those expectations. Don’t fall into this trap!
A good rule is that if you never achieve your goals, your sights are set too high; if you always achieve all of them, they are set too low.
Do you need help creating and sticking to the business success plan?
It is the part most business owners find the hardest. Because as time goes on, doubt creeps in, and those unhelpful questions like “Am I doing the right thing?” start to play like a merry-go-round in your head.
A business mentor will provide support and advice to help you move forward and tick off those daily priorities. We keep you on track and talk you through these thoughts of uncertainty, so you can unblock yourself and move forward confidently.
At Business Benchmark Group, we specialise in coaching small and medium trades and construction businesses in Australia and New Zealand. Our specialist coaching programs will accelerate your growth using our tried and tested business plans that have helped thousands of other businesses like yours. Contact us today.