From the Office of Virtual CFO Part 3 – Do you have a plan?

Any success-oriented entrepreneur understands that success doesn’t just happen. It requires a willingness to take risks, financial sacrifice, an incredible amount of hard work, and perhaps most importantly of all, the creation and execution of a well-devised plan to make their dreams a reality.

A plan is a road map to where you want to go; working hard without a plan will get you nowhere. In order to best utilize your time, money, and energy, you will need to decide not only what to do, but how to best go about achieving what it is that you want. Whether it’s hiring additional staff, opening a new branch, reducing your number of work hours, or expanding your offerings, you need to create a roadmap that will guide each step of the process.

Of course, it’s easier to talk about making a plan than to actually create one. One of the first issues you’ll encounter is determining how to prioritize certain tasks. One way to help you make that decision is to evaluate how much control you have over what it is that you hope to achieve. For example, you may want to add a new item onto your menu, only to find out that the market price for that item has increased by 50% over the past year.

You can’t control the market, but you can control the type and quantities of products you offer.

Understanding what things you can and can’t control is a good starting point, and from there you can divide your plan into three categories: “needs”, “wants”, and “would like tos”.

By categorizing your various priorities this way, you’ll have a better understanding of what is important, as well as the best way to approach it.

Each one of these three types of priorities have their own important role within your growth plan, and keeping them in harmony with each other is a crucial underpinning in successful businesses everywhere. If you understand how to balance these priorities when creating and executing your plans, you’ll be amazed at how much more smoothly everything runs.

 

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