Do You Have a 2011 Business Plan? Part I

Over the holiday, I spent some quiet time thinking through and recording my goals and priorities for 2011, both in terms of my personal commitments and my professional coaching. At the start of this new year, I believe this is the time for all of us to ask if we have a business plan for 2011, just in case we do not.

Large companies certainly have created their plans already, likely as part of their budgeting process. However, my experience is that many smaller and even mid-size companies and organizations, particularly those that are privately owned or are not-for-profit, do not take the time to do a business plan each and every year. Perhaps we are very busy and intend to update our plans but don’t get around to it, or maybe we have a sense that we know what we have to do and will automatically do the very best we can.

Let me just say that I do not believe in overly time-consuming planning! There are many who spend way too much time planning and some even become paralyzed by the process – at the expense of doing what they should be doing in order for their business to have a successful year.

Yet I earnestly believe there is great benefit in taking some time to sit back and review our business, clients, service, people, target markets, expenses, systems, marketing, sales, communications, learning, other categories and our wish list.

A business plan review can be done quickly by a team or by oneself (in the case of an individual business). If by a team, it is most efficient to first decide on the pertinent questions to address, then give them to each team member and ask them to prepare their ideas and recommendations, and finally come together in a week or 10 days for a round table discussion to craft the actual business plan. Let the team members know that it is ok to be creative, to think outside of our normal way of doing business.

Here are some areas that could, and maybe should, be addressed:

• How do we describe our company?
• What is our mission/purpose?
• What are our services?
• What is our client base?
• What are our target markets?
• Who are our competitors?
• What are our competitive advantages?
• What do we do that our clients value?
• What else could we do/provide that our clients would value?
• How do we know that our clients are happy with us?
• What could we do better in running our business?
• What do we need?
• How are we continuing to learn and grow as professionals?
• What will success look like for us by the end of 2011?
• How will we know we are on track by June 30?
• What ideas have we not thought of?
• What is our wish list?

These are simply sample questions I pose to trigger windows of thinking. There are more that would be equally beneficial.

One particular benefit of this process is a shared commitment to doing all that must be done – that every team member shares a sense of responsibility for the team's commitments and results.

Of course, this does not address the areas of marketing and sales, which are critically important areas to success, especially in today’s business world of rapidly changing social media dynamics. How do we deliver our message; how we can help? How do we invite and attract prospective clients to us? How do we gain visibility, interest and trust?

By the way, not only do I believe in the importance of businesses taking some amount of time to think about what they should do to be the best they can in 2011, I also believe individuals, be they single practitioners, solo-preneurs, or employees within a company, could and should take the time to think about how they may do their very best this year.

Sometimes it is advantageous to have an outsider help, to facilitate the discussion.

This is important. A plan will absolutely increase the likelihood of a business doing what it should be doing, especially if there is accountability to someone!

I hope this is helpful. I believe very strongly in the benefit of a business and a marketing plan for 2011. I'd be happy and privileged to help.