Business plans are overrated.
Wait–before I lose you let me tell you why! The world is changing FAST and we have to be agile. If you take a look at the companies that aren’t surviving, for some, it is because they are not willing to adapt to changes. In business there is a constant need to look at industry standards and customers needs with a willingness to shift to accommodate. Now–back to business plans–they can be quite costly (if you have one professionally drafted) and it is based on what is projected to happen in the short and long term. Though it can be helpful to try and predict the future there is no way to really know what will happen in a year, five years, ten years time. It is an especially fruitless effort for start up companies who have no basis of data to draw upon. I am not advocating for not having goals at all–but for business plans specifically so much is arbitrary. So if you are a business owner and have been told you need to draft up a business plan to be successful, then pause, because that is a dated piece of advice. Paving the way for a successful business can be and is simpler than all of that–which is what I am going to share with you in this blog post.
A lot of business owners out there today believe that you shouldn’t have to sacrifice your life to be successful in business but many aren’t successfully accomplishing this goal. So business owners understand that it IS possible to have both freedom and growth but they don’t know what tools they need to accomplish it. At The Centr we have cracked the code for business owners. We are telling businesses to throw out the business plan and really take some time to understand who you are, where you came from and what guides you. You do this by defining your business’s purpose, values and vision. I will unpack a bit of what those are below to get you started!
This is your origin story. What got you started in business or what inspired you to take over a business? Remember and reflect on this. It will keep you resolute when struggles come your way and it helps keep the spark alive.
You need a moral compass in business. It is the foundation of your business and it bonds your employees together. It’s also okay to leave some ambiguity so that it forces your employees to think through the decisions they make–but they shouldn’t be so obscure that they aren’t actionable.
What is your infinite gain? What is the thing that you will never be able to accomplish but even just striving for it will make an impact in the world? Make that your vision.
When you have these mapped out you no longer are just concerned about what will make you the most money or benefit you in the short term. You have a better grasp of the big picture. If a decision doesn’t align with your purpose, values and vision then it is easier to dismiss or walk away from it without fear or regret. You can also determine what next step or one thing will help move the needle the most in my business and focus your efforts on that. There are so many benefits that you, your business and your employees will have when you can clearly define your purpose, values and vision.
If you are interested in reading more about these three principles you can check out my book, Purposeful Focus in Business HERE.