Too often I see entrepreneurs just “winging it” with no real business plan. Coming from a business where I would spend month putting together business plans and budgets, it shocks me that, as entrepreneurs, we tend to skip over this very important step. Now, of course, spending months may not be practical for the typical small business. I was putting together million dollar budgets that reached as high as $330 million dollars and eventually got rolled into a $1 billion dollar business plan. So, as you can imagine, there were a lot of moving parts.
So, I am not suggesting you need to spend months on your business plan, but are you just “winging it”? We just spent 3 days in business planning sessions for our Million Dollar Brand plan. It was incredible. We have a specific plan of who we are, where we are going, and how we are going to get there. Here’s a little video we shot after 4 hours of budget planning.
I do believe that many simply do not have the knowledge or know the components of a good business plan or budget. Guess what? There are are some awesome tools out there that you can use that will step you through the entire process. For our Million Dollar Brand plan, we used Liveplan. Pricing starts at just 11.66/month and you can cancel at anytime. I have created multiple business using this site and even have cancelled my account (they will pause it for you), and then came back to it years later and it was all still there!
So for this upcoming year, don’t just “wing it”, plan it!