Mike Simpson

The copyright act of 1978 (as amended) prohibits the reproduction of this copy IN ANY FORMAT, (See Clause 4 Terms and Conditions) without prior permission of the original publisher. Publication ENTREPRENEUR Page Date AVE (ZAR) 62 Sat 01 Dec 2018 - requires a detailed risk analysis, the move is towards shorter and simpler documents of no more than a page. The reasons for this change are many. A lengthy documentis unread - particularly generation likely to be by younger- employees with short attention spans. Even if it is read, it's unlikely to be remembered in detail because of its complexity. So, opt for a one-page business plan that's easily digestible and lists only the important things like mission, vision, etc. Cut the i USINESS. PLAN fluff and keep the essence. If you've spent time preparing a longer plan, that's okay. Turn the key elements that will keep you + %'.When things get rocky, what * focused on your goals and the bigger picture into short bullet points that will become your go-to _will keep you on point and on business plan for regular use. mission?Whatcanyou refer What should be in your one- to, ensuring you aren't straying pager? South Africa-based digital marketing and content strategist, fromyouroriginalvision?The right business plan can go a long __ way. BYPIETERSCHOLTZ Casandra Visser, suggests: Vision. What are you building. Mission Statement. What you do, what your product/ser vice is and who your customers are. Objectives. Your business goals business plan is a flexible, for the next week, month or year. Strategies. How you plan to achieve your objectives. Action Plan. Steps you will take to action your strategies, including dates/deadlines. are more than a one-person growing and dynamic tool that can help you think creatively and your plan is a living, breathing out with a formal plan is no operation, come up with new solutions for document predictor enables company teams to align some of your toughest business challenges," she says. meaningful in a constantly changing business environment. PLANS are a lot every time you hit an obstacle. like maps and GPSes. If the A plan also helps to prioritise BUSINESS organisational journe y is your daily activities. Without it, proceeding everything smoothly , you may the resulting chaos will destroy your work/life balance and leave you feeling overwhelmed. If you believe you don't need one. Indeed, there's a school of thought - backed by certain research - that says starting becomes urgent and of success and it's a business plan better to get out there and test their activities your concept in a real-world vision and to work congruently environment. These to achieve the same goals. naysayers argue that most business plans are theoretical, and unrealistic go out the window the an plan can help with new ideas, different approaches and fresh perspectives. "An effective plan into quar terly plans that take However, the thinking around the required depth and complexity of changes in your specific operating Clemson University in the US, a business plan has changed. A environment. believes decade or two ago, management gurus advocated elaborate - and your business plan will be William B. Gartner, an professor at business plans are essential. After analysing data from a survey of more than 800 40-page plans with detailed people starting sections covering objectives, But the pro-business lobby argues that, when market he found that writing a plan greatly increased the chances mission, organisational structure, target market, conditions unexpectedly change and you're thrown into disarray, it's impor tant to refer to the of actually going into business. customer behaviour, "You're advantage, more likely to get into business," sales forecasts and financial original vision and belief system he observes. "That's powerful." projections. that you started out with. These that needs to be So, break up your annual Refer to the original vision plan Finally, remember that Keep the plan simple entrepreneurship first time the entrepreneur encounters unforeseen hurdle. to the overall York Times, says the process of putting together a business businesses, two-and-a-half Alyssa Gregory, times an will help to keep you grounded entrepreneur and writer for the and avoid going off at tangents likes of Forbes and the New marketing into account Keep it relevant, keep it simple an invaluable asset in navigating your business journey. EM PIETER SCHOLTZ is a leading business and competitive strategy, These days, unless you're seeking outside investors or looking for a bank loan that micro and macro executive coach and South African Master Licensee for global franchise company, ActionCOACH @BusCoachSA www.actioncoach.co.za