| Business Planning - Change | ||
| Businesses grow and change as they proceed through four stages. The length of each stage or getting stuck in a stage depends on the ability of the owner to plan, manage, adapt and implement. 1. Start Up: During this time, an owner uses innovation, experimentation, testing the tried and true and molding the business to its core vision and purpose. Emotions swing rapidly as the volatility of sales, income and expense is high. An owner's resilience and patience are tested often. 2. Ramp Up: This is a period of accelerated growth. The processes and procedures put in place during StartUp are refined to gain more efficiency. Owners recognize the need for more detailed business planning, client definition, benchmarking, reviews and time management. Sales begin to even out and some level of profitabil- Small Business Coach i is reached. Change becomes an avenue for continual improvement. 3. Maturity: Owners have well defined business plans, processes and procedures in place. Systems have been tested, markets identified and growth areas researched and acted upon. Processes are structured to be adaptive as changes in all areas of business require. Business volatility lessons. Owners leverage their time more effectively. Change is looked upon favorably as opportunities to be mined. 4. Exit: Depending on the planned exit strategy, or lack thereof, this period will reflect a positive change for the business or a time of instability. With no planning, declining interest, age or fatigue results in an anxious period and often a business in a distressed sales position. With planning, owners have a business which will continue to stay focused, maintain sales and achieve a market price when sold. The Exit stage is the period of most change, second only to the Start Up phase. Every business falls somewhere on this spectrum. Many will get stalled for a time or permanently. Yours will continue to move through all the phases with attention to management, business planning and enthusiastic implementation of your core vision. Let your initial passion continue to motivate you until it is time to pass your successful business to someone else. The January 2008 Business Planning and Coaching Webinar will be on the annual renewal of your business plan. Wishing you a Happy, Healthy and beyond-your-expectations Prosperous New Year! |
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