08 May The Power of the Plan: How to Beat the Competition
The Power of the Plan
If you’re like me then you have realized that you can’t obtain wealth, happiness, & freedom by relying on your 9 to 5 job. You may have also realized that as you start your own venture you are stuck living paycheck to paycheck and have become a slave to your work similar to your 9 to 5 days. So then what is the answer for a young professional with little capital and wide eyed aspirations of wealth and freedom? How is wealth derived from your hard work? How do you make the life you want to live possible?
The answer lies in planning. Proper planning to be exact.
Proper Planning Presents Poor Performance
This is the phrase that had moved mountains. This concept is how startup businesses become multibillion dollar companies. When you begin a new project or venture creating a plan sticking to it will always prove more effective than blindly following business trends or hustling for dollars. When you plan to make millions to make millions, your actions and behaviors become million dollar actions and behaviors therefore success is inevitable.
Here’s a Not so Fun Fact:
The small business association states that 50% of businesses fail within 5 years.
Here’s a Better Fun Fact:
Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, strategic planning and hard work, success would not have
followed. The same could be said of most business successes.
It is critical for all businesses to have a business Plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.
What does this tell you about the importance of planning?
To help you in your planning, we at EnE Planning are providing you with some basic elements to consider when planning for your business. The following are the elements to consider in a Proper Plan?
- Description of the business, vision, goals, and keys to success
- Work force needs
- Potential problems and solutions
- Financial: capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecast
- Analysis of competition
- Marketing, advertising and promotional activities
- Budgeting and managing company growth
Contact us at EnEPlanning@gmail.com for further explanation on any of the elements we just outlined.
Remember: “Failure to Plan is a Plan to Fail”