“It is a bad plan that admits of no modifications.” – Publilius Syrus (~100 B.C.)
In this fifth of five columns on the value of strategic planning, four additional questions are posed. These 20 questions comprise a robust outline for a baseline business plan. While it will enable your business to survive and thrive, make no mistake, there is no such thing as a ‘final’ business plan. As the quote above from Publilius Syrus’ Maxims suggests, the most fundamental thing about planning is its on-going nature.
Today, the focus is on four core business needs. Managing: Do you have the management team in place to achieve your immediate, intermediate, and long-term goals? Financing: How do you plan to finance your venture? Marketing: How do you plan to promote your business? and Having a Back-up Plan: What are your contingency plans?
Managing is a team sport…
While the individual entrepreneur is rightly celebrated as the creative force, innovator, leader, and communicator of the core business idea, they are generally the first to credit their success to their team. Having the right management team in place is critical on two fronts: the need for multiple levels of expertise and to fuel funding and growth. When a new venture is just getting off the ground, one person, usually the founder, will wear many hats simultaneously. It saves expenses and while relatively small, one person can usually get his or her arms around multiple tasks fairly easily. On the other hand, if a new venture is founded on the need for specific or challenging technology or experiences the need for product and/or service development and more rapid growth, it will quickly exceed one person’s capacity.