When you start a business, it all starts with a solution that you possess to solve a problem that plagues consumers that will open the door for profitable gain and close a service gap in the community. Half the battle is convincing yourself to do it and then after you have the confidence, you are like a “bat out of hell” because you don’t want any distraction or self-doubt to get in your way before you take action on the newfound courage. This fast-pace spontaneous start is one of the primary reasons owners become overwhelmed, get stuck, panic, quit and prematurely shut down their business.
Let me let you in on a little secret. It all starts with a plan. Yes, a plan but not just any plan – a strategic plan. Let me say that again for the people in the back or for those “add water and stir” folks who speed through everything to just “get it done” but end up wasting money and making more work for everyone around them, including themselves. Strategic planning should be the very first action step after you have zeroed in on your product or service. Planning is the secret sauce!
If you are approaching panic mode, let me share how you can turn panic into profit with four essential steps so you don’t prematurely shut down your business.
An effective strategic plan is broken down into four essential parts:
- Brainstorm – Do a “brain dump” exercise and get all of your thoughts on paper;
- Plan – Take the information from the “brain dump” exercise and prioritize it; assess it; categorize it; identify needs and team collaborators and establish a project timeline;
- Create – Develop the needed material for the idea/product; and
- Implement – Execute the plan with precision using the project timeline you created.
Each step allows you to reveal opportunities that help you remain honest with your strengths and weaknesses and identify gaps so you address them and turn the corner in your business.
All in all, having a strategic plan will turn your panic into profit so you can fulfill your purpose and be productive in your business!
If you are feeling panicked and need help so you can be productive and profitable and you know strategy (big picture thinking) is not your strength, sign up for my strategic planning whiteboard session. It’s my in-person (or virtual) signature service that is helping business owners all over the country gain clarity, confidence and coins in their business! Schedule a 15-minute discovery call today!