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If you have only 5 minutes to solve a business problem, or an HRM related issue problem, you need at least the equivalent time to plan on how to solve the issue. Better yet, twice the amount of time solving it. There are only very few business owners who never plan -they are the exceptions rather than the rules, and they are indeed exceptional in their crafts. Gifted with business intuitions and guts, they succeed. However, if you don't belong to those exceptional business tycoons, common sense dictates that in any business endeavors, it is imperative to plan.
Business Planning is essential. It encompasses all the goals, strategies and actions that you project, to ensure your business’s success. Sounds high-sounding, isn’t it? In simpler terms, think of business planning as being broken into two concepts: profit-making side and contingency side.
Profit-making is your main agenda for the business, otherwise, you might want to consider building a charity organization instead. In this stage of the business planning, you pour out all your resources and means in creating a viable business that will ensure you profit. So, you look at your material, operational, selling and HR costs. You lay don these items in your blue print -the business plan. This plan isn’t a do-it-and-forget-it business planning exercise but a dynamic document that needs to be updated throughout the lifecycle of your business. Once the business has officially taken-off, all your other planning efforts are geared towards setting and achieving business targets and goals.
While some businesses make business planning an annual event, business planning is most effective when it’s done frequently and consistently. The business planning process of reviewing progress on business goals and targets and setting new ones should take place at least monthly. Daily business planning is an incredibly effective way for individuals to focus on achieving both their own goals and the goals of the organization.
The other major aspect of business planning is contingent planning or contingency business planning. This aspect focuses on dealing with business crises., assessing before hand the possible critical devastating scenarios even before they occur. Insuring your business is only one part of contingency planning. A business contingency plan is a comprehensive proposed implementation plan to deal with perceived emergencies, events or even new information affecting the viability of your business. Some calls this Risk Management (I will discuss this on another post later). At this stage of your planning, you will assess your business strengths, weaknesses, opportunities and threats (a full discussion on SWOT analysis will be posted later). Based on those assessments, you will lay down the implementing mechanisms that will shelter your business from any these perceived possible economic crises.
Lets discuss this in detail on my next post will ya. Post your comments or questions below.
Business Planning is essential. It encompasses all the goals, strategies and actions that you project, to ensure your business’s success. Sounds high-sounding, isn’t it? In simpler terms, think of business planning as being broken into two concepts: profit-making side and contingency side.
Profit-making is your main agenda for the business, otherwise, you might want to consider building a charity organization instead. In this stage of the business planning, you pour out all your resources and means in creating a viable business that will ensure you profit. So, you look at your material, operational, selling and HR costs. You lay don these items in your blue print -the business plan. This plan isn’t a do-it-and-forget-it business planning exercise but a dynamic document that needs to be updated throughout the lifecycle of your business. Once the business has officially taken-off, all your other planning efforts are geared towards setting and achieving business targets and goals.
While some businesses make business planning an annual event, business planning is most effective when it’s done frequently and consistently. The business planning process of reviewing progress on business goals and targets and setting new ones should take place at least monthly. Daily business planning is an incredibly effective way for individuals to focus on achieving both their own goals and the goals of the organization.
The other major aspect of business planning is contingent planning or contingency business planning. This aspect focuses on dealing with business crises., assessing before hand the possible critical devastating scenarios even before they occur. Insuring your business is only one part of contingency planning. A business contingency plan is a comprehensive proposed implementation plan to deal with perceived emergencies, events or even new information affecting the viability of your business. Some calls this Risk Management (I will discuss this on another post later). At this stage of your planning, you will assess your business strengths, weaknesses, opportunities and threats (a full discussion on SWOT analysis will be posted later). Based on those assessments, you will lay down the implementing mechanisms that will shelter your business from any these perceived possible economic crises.
Lets discuss this in detail on my next post will ya. Post your comments or questions below.
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