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Short, Clear Business Plans Are Best in a Rapidly Changing Economic Climate
Short, Clear Business Plans Are Best in a Rapidly Changing Economic Climate
Posted Aug 19, 2011 by General
In “Unplan Your Business,” Ian Sanders and David Sloly address the problem of overplanning. They advise businesses to move away from the traditional five-year and 10-year plan and establish shorter goals that allow you to adapt. Women Entrepreneur recently offered a take on this advice.
Plans are not helpful unless they are put into action, and when you add too much detail you risk “analysis paralysis,” which can lead to either losing the passion to execute the plan or losing the flexibility to respond to the market.
Instead, Sanders and Sloly recommend a business plan that focuses on how you will achieve growth and how you will manage your risks.
This should include establishing your target audience and determining why they should purchase your product or service.
When managing your own business, you must also take care to avoid collection of debt. In order to stay afloat long enough to make a profit, you should outline fixed expenses, variable expenses and startup expenses, the authors caution.
Business planning is important, but with the quick changes our economy and employment rates have been making, Sanders and Sloly suggest that plans that are succinct and inspirational will serve you better.