Reviewing and Goal Setting are Crucial to Your Business Plan

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Most of us probably spend too much time immersed in the day-to-day minutiae of our business. And, while understandable, it may also be true that if you do not have time to step back and take stock, instead of creating a business, what you have created is just possibly a lousy job that keeps you too busy (and one with a bad boss to boot!).

Yet, while most small business owners like the idea of business planning, I would venture to say that most still don’t take the time to do it. But that’s really a mistake. Simple business planning can be done in a few short hours; it need not be difficult or time-consuming.

Even better, after you’re done, I bet you will find that both you and your business will be more focused and better able to capitalize of opportunities, both seen and unseen.

So with the lazy days of summer firmly in the rearview mirror and the kids headed back to school, this is a perfect time to do some business evaluation. Here’s how you do it:

1. Set aside time: Your business planning can be done in a pairof two-to-three hour sessions. It’s simply a matter of making this a priority and setting aside the time. Do it!

The first session will be a meeting of, say, four people or so: You, your partners, top employees, and so on. If yours is a solo business, it is a good idea to pull in some trusted associates / advisors / friends for the first session. Feedback is valuable.

2. Review your business purpose: You begin this meeting by looking at the big picture. If you have a vision or mission statement, review it and see whether it is still applicable. Amend it if necessary. Your vision statement should reflect your highest, best hopes and dreams for your (ad)venture.

3. Take a look back: Have the group look at where your business is today and answer the following sorts of questions:

• What are your biggest strengths?
• What are your biggest strengths?
• What can you do to improve?

4. Think big: The review is a prelude to the preview. That is, the look back simply sets the context for a look forward. Have the group answer questions such as:

• What does the group think is the sweet spot for your business growth?
• If you could focus efforts on anything, what should that be?
• What should be your top three business priorities?

5. Set goals: Based upon your past, and looking to the future, what specific goals do you need to set to accomplish your vision? It could be anything really, depending upon your situation:

• Update your website
• Go into e-commerce
• Earmark bigger clients
• Get a business loan

6. Create an action plan: This is where the group work ends. Your team can help you think big and set some goals, but the nitty-gritty work is all yours my friend. Your meeting should have taken no more than three hours or so.

The best way to think of this process is like a funnel: The wide part at the top is where you look at the big ideas and visions. Then you start to narrow your focus until you get to this spot, here near the end, where your ideas and goals have to be translated into specific actions.

So now, create a plan of action for each goal, and each action should also include dates for completion. Creating a plan of action should take another few hours.

7. Review: Keep your plan nearby and review it on a fairly regular basis to make sure you stay on task.

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