Bite-sized Business Planning

I introduced Key Success Factors (KSFs) as a tool for managing a small business here a few weeks ago, and followed up with several postings that focused on techniques for growing revenue. The response to this series was gratifying, so were the suggestions of other topics that could be boiled down into KFS.

One of the most popular is the subject of business planning, so here are the Key Success Factors of Business Planning for small business.

If you’re like most small companies, your definition of long range planning is “What’s for lunch?” Most owners have a vision of what they want their business to be, but surprisingly few take the time to create a plan to make it happen. While almost every business owner accepts the benefits to be gained from the business planning process, relatively few turn the thought into a reality, usually citing a lack of time.

True enough; planning takes time – but it also makes sure that you’re using your time to achieve your goals. A solution that’s worked for thousands of companies is the “bite-sized” business plan. Don’t worry about producing a long report (that no one else will read anyway), do this instead:

The next time you stop for coffee, on a single piece of paper, write down

1. Your top three goals for the next 30 days.
2. What activities are required to achieve those goals?
3. What measurement(s) will chart your progress?

That’s it! You’ve just created your first bite-sized business plan! Remember, it’s not a goal if it’s not in writing, and you can’t expect to realize your vision if you don’t track your progress.