Like many aspects of our lives, we can either leave things to chance and hope that they magically fall
into place; or we can make a plan in order to identify, prioritise and execute the various activities
required to achieve an outcome. There is also the concept of too much planning, which can cause
“paralysis by analysis”. So creating a business plan is not about any plan, but the right plan.

Bstar released a SME Research Report for 2017/18 in April 2018. The report, based on a survey of small
businesses, identified business planning as the number one Business Concern, unchanged from the
previous year. Encouragingly, 98% of business owners believe that there are opportunities to grow their
business, and most have ideas to do so. What they lack is a plan – only 20% had prepared a business
plan. Whilst this is sobering, the good news is that it is never too late to create a business plan. And it
has been proven in numerous studies that companies with a well-conceived plan achieve on average
three times the profitability of their industry peers.

One of the key outcomes from the right plan is prioritisation. This involves making the choices necessary
to create a world-class business. Having too many options creates confusion and stress for the owner.
Confidence is required to make the effort to change. As the Bstar report notes, business owners need to
believe in their goals and trust in the plan to achieve them.

Finally, accountability is key to successful implementation of the business plan. Every person in the
organisation needs an accountability partner, most importantly the owner. Do you have one?

Want to hear more about how PAIR Planning and other members of The Consultants’ Community can help your business? Contact us today to set up a meeting.

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