No Plan? No Future...

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I regularly come in contact with plan 'anxiety' when meeting start-ups and SMEs for coaching sessions. It's the 'ah, well' or 'emmmm' juncture in the meeting, the sharp intake of breath or deer-caught-in-the-headlight moment, and quite often, the crux of the issue for the business's growth.

So - why should anyone really be bothered with a business plan? WELL - because it's at the core of developing your business idea, growing it and understanding how you're going to operate it. It contains milestones, targets, objectives and financial requirements - ensuring that your business has a clear trajectory and path to success.

The core strategic plans of a business in terms of finance, marketing, personnel, operating style [and much more] are all contained in a business plan. In essence, trying to start a business without one is akin to attempting a journey to an unknown destination without a map: you might get there eventually but it's going to take you a very long time, and you may end up in some very strange places along the way [and keeping fuel in the tank may prove a very costly experience].

To those of you currently experiencing a nauseous feeling, be calm. The good news is, a business plan doesn't have to be five hundred pages long, and in fact, some of the most succinct and practicable plans are short, to-the-point, clear, strategic and focused with strong measurable, deliverable objectives.

A final [and most noteworthy] point: don't let your business plan fester or gather dust, remember that it's a living document, and therefore should be kept alive by review, analysis and most importantly, by learning from what didn't work and why. Your plan should reflect where you are and where you're going... it should be stretching, whilst being realistic too.

So... how are you feeling now?

A Market in the Gap?

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I was really compelled to pen something bite-sized about this topic, having flagged it myself at the recent "Mayo Ideas Week" boot-camp, and then heard Anne Butterly of Easydry at the "SMEs Doing Business in Europe" seminar last weekend.

Any one of you who knows an entrepreneur, or has listened to one talk about their business idea, understands the drive, passion and sheer fearlessness involved in their 'project'. Their energy is extraordinary and knows no-bounds, and they verge, sometimes, on the obsessive end-of-things.

However, all-too-often, this drive, stamina and conviction can lose its momentum, as a result of one thing... lack of research.

When starting her business, Anne Butterly had all the same traits I've mentioned, as well as a large dollop of awareness - an awareness of the importance of ensuring she had a market. Not simply a possible market - but one ready, willing and open to her product.

Identifying the nuances of the market you're entering, as well as those already 'entrenched' in it, and any issues your product may encounter PRIOR to launching it is, simply, key. There are very few ways of identifying this type of information without conducting research, analysis and gleaning insight - and while the thought of it might frighten you [I don't want to find out it won't work] - ignorance is not bliss when you've invested in a product or service which simply isn't market-ready when it launches.

So I must reiterate... make sure you have a "Market in the Gap" [thanks Anne!] by doing your homework on its prospective client, competition, location, collaborators etc... don't risk throwing away a good business idea as a consequence of being ill-prepared.

There's always time for mindfulness...

Copyright: Mindful Productivity [www.mindfulproductivity.net]

On the off-chance that you missed my collaboration with Be Rowland of Mindful Productivity, here's a timely reminder!

Many of you busy-business-bees will guffaw at the notion of mindfulness in business, and the role it plays in productivity - however, laugh no-more, my dears - it really does make a difference.

Be practical with yourself: how much of your day do you spend pontificating on the what-ifs, who's-responsible, will-I, won't-Is? If you're being honest with yourself - more time than you'd care to mention. Can you see why it's unhelpful? Or do you think of it as productive?

It's easy to understand why some might consider not being mindful as a way in which to manage the stresses, impacts and pressures of the day - WRONG - constantly parsing what might happen actually ADDS to your stress levels. Being in the now, or mindful, gives you the opportunity to realise potential and expand ideas.

Of course, sometimes it's hard to prevent the default setting (hence why Be's reminders are so handy!) - however understanding the benefits of mindfulness can help rectify this. Accepting what is happening at any given time allows you to see past it and decide the next step.

If you'd like some more handy hints and tips on mindful management check out the "5 Ways to Flow with the Go of Business".

What a difference one year... two months and about ten days... makes!

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So - that's roughly the amount of time since my first blog-post as newly 'freelance' [err, for that, read 'unemployed']. Setting out, I really hadn't a clue where I was going or how I would plot my course onward.

I remember being very kindly advised by a friends' husband that I should 'enjoy' this time out and really make the most of it, I'd never get this time over again. Unfortunately, I couldn't take it on-board; for me, the notion of using the time to relax, reflect or simply dedicate time to myself, was not an option.

Thankfully - after the many glitches [most of which are documented on this blog] - tears, gnashing of teeth, etc - things started to take shape. One thing is for sure, the period I spent re-orientating myself [around a month] pointed to the absolute importance of family and a network of friends and colleagues. Not that one would ever forget it, but personal insights and objective opinions of those you value and trust in times of crisis, are incredibly valuable.

To those who listened, consoled and supported me... [and understood my moments of ire!], you know who you are - THANK YOU.

It only remains to say that - while there are 'miles to go before I sleep' [thank you, Robert Frost] - the lessons learned along the way have been invaluable. I know that there will be an abundance more to assimilate, and yet more testing times to come, but I'm hopeful that attitude and belief will continue to guide the way for me.

"You either got faith or you got unbelief, and there ain't no neutral ground"

Bob Dylan, 'Precious Angel', Slow Train Coming

Can you 'productise'?

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It may sound technical, however the notion of 'productising' your service, as an SME, is quite simple.

When businesses start out, they often commence trading on the basis of offering a portfolio of products or services, and can overlook the necessity of long-term planning and organisation of services in this context [as well as how operationally feasible it is to deliver, ongoing]. With a small client base, the wider and less generic service portfolio can be sustainable, however in long-term scenarios, it thwarts growth.

As businesses grow and develop, their 'portfolio' may become unmanageable as client bases widen and expectations remain high. This is where the idea of productising can make a huge difference.

Think of your current clients - do they all require the same product or service? Are the services you provide them bespoke to their needs? Do you offer a suite of services which are mutually beneficial to clients?

If you can clearly identify groupings and clear service / product needs per group, you can begin to productise.

Know your story!

Followers of this blog will recognise that this is not the first time a topic of this ilk has been posted! However - let's just say that IBI pays attention to the trends when it comes to our customers - and sometimes things need to be said, well, differently...

There are buzz-words, of course, when it comes to getting your business to market. Value proposition, branding, strategy, online marketing, PR, social media...

Fundamentally, what you need to know is tied into all of these areas - what is your story?

The why, what, where, when of your business - keep it simple and snappy, but make very sure you know the answers.

Why did you start this business? Why did you decide on this service or product? Why do you think it'll work? Why does it offer value? What makes you the best at this? What can you give your customers that no-one else can? Where did you get the idea from? Where do you see the business going? When will a customer see the value of your service or product? When do you expect you'll be exporting your product?

See what I mean? These are just some of the 'Ws' you'll be asked, routinely [it's not an exhaustive list!] - all impacting on various areas of your business... so, make sure you know your story!

Let go of what you don't need...

It may sound simple [or not-so simple, depending on the person] - but, I promise you, it's worthwhile.

Having just about hit the one-year mark in business, some things have taken longer to truly identify as internal stalling mechanisms. However, the clear obstacle is hanging on. Most of us do it - even a little bit - c'mon, you know what I mean...

If we're honest, we'll 'fess up straight away - it comes down to fear and an inability to recognise that, in fact, by holding on to habits, tasks or thoughts, we're inhibiting our own success.

Think about your average day in the office [or wherever else you might be] - do you bounce through the day, completing objectives, feeling like you've accomplished much? Or do you stymie your progress by over-thinking, procrastinating and imagining disasterous consequences?

So - in essence, can you see what you don't need? Great - well done, now you can let go of it...