Key to a Successful Business Planning
“I have an idea.”
“I don’t have money.”
“I can’t find the right person to help with funding to run realize my idea, and the banks won’t help either”
“I don’t think I can do it anymore.”
How many times have the above happened to you? What do you think makes a successful business plan and how exactly do the big names and brands get to the position and status they are today? What if you were told that for a business to succeed, money is secondary. What! Yes a good business plan makes a successful business.
Everything is based on a simple rule: Quality is the best business plan, period.
What is the Key to Planning a Successful Business?
There are no shortages of companies that started without a clear concept in mind but ended up as one of the most successful conglomerates of the 21st century. Some had the same problems and issue that startups experience from today; lack of funds, partnering, and the proper foundation and marketing circle. However, they have pulled through the stormy waters to become envious brands throughout the world. The key to a successful business is no doubt an effective business plan and management. Yes with these two factors, you can make it. No matter how good your business plan is, without management that sees and recognizes your viewpoint and where you are aiming at, failure is imminent.
With that said, the keys to a successful business plan over the years by some successful brands are:
Planning is not a small change or an extensive imposition but a metamorphosis that takes place as the business continues and grows. All it takes is to think it through and run with it.
Improve or Invent:
This should be developed or re-invent and basically, means that before introducing any brand into the make; you should ask what you are improving and how are you reinventing the current situation. Are you making it better and how the service it provides affects the customers? Your brand should answer to the pressing needs and doubt of the customers by simplifying the life of an average normal citizen, then you will be racking in profits and sales will increase accordingly. An example of a brand that is improving and reinventing the way we do things is Google.
When two college friends started Google or backrub as it was known in 1995, little did they know that it will become the biggest search engine on the planet and worth millions of dollars too? When Google started, they were ignorant about HTML and the new tech gadget and software applications that Google is known for today, but with consistency and determination, they are a success story worth telling. The licensing of their technology failed several times, but the more rejection they encountered, the more the drive to continue to reinvent, and improve their brand to become the hottest search engine of the 21st century.
Secondly, determine and define your market: an idea is as good as the market and the demography that the product and services will cater to. Before putting your life proceeds into an idea, invest time and money into knowing more about your market and how to define your place in the existing market.
For this part, we will be taking the story of African entertainment power couple and founder of the growing TV station across the continent, the owners of ROK TV, the Njokus. When actress and TV personality Mary met entrepreneur Jason Njoku, their dream was to build a TV station that will cater to the needs and scope of African personalities and help promote the talents and careers of black stars throughout the continents and across the oceans. Have they succeeded? Well, yes and doing even better at propagating African to the world by showcasing our culture, mannerism, food, and interaction through our movies.
The Management Team:
A good business plan that will succeed must have a good team that understands the strategy of the business. Most companies fail because their team is not aware of the plans or how to execute it for the success of the company. A good team builds the communication, strengthen business ties and see to it that the goal of the business is attainable. In today’s business world, individuals rarely get the help from venture capitalist due to lack of a management team to boost the idea from all the perspective like marketing, sale, advertisement, and most importantly accounting. One brand that strategy change and the right management team have propelled in the business world is Facebook.
Facebook never had a business plan for what it is today, but after successfully catering to the students of their school, they realized it was time to take their dream to the next level, and with the proper management team and decades down the line; Facebook has the most extensive social network circle on the planet uniting family and friends just like their college days but on a larger scale.
Another example is YouTube, after running the brand for years without profit; a remodeled marketing team shifted the social network from the non-profitable organization to the multimillion-dollar brand raking in profits daily from users visiting the site and using the platform to communicate to the world.
Set Realist Goals:
Most entrepreneurs start a business as a solution to their immediate problem and don’t have enough money to see it through. However, in the event of big sales and with money in their bank accounts, they start to think they can continue without the proper plan and goals to buster their success. For any business to be very successful, you have to commit to the plan and the benefits in the long run. As an entrepreneur, goals are a way to reach your target and to achieve this; we will employ innovation, research, and asking the necessary questions and being bold. To achieve a set goal, one must;
Know Your Aim:
It is wise to set practical and realist goals in your business plan and to do this effectively, start by defining your initial and end results. To achieve this success rate; some attitude to imbibe are having focus and following it through, being flexible and accommodating, be specific and push success through regardless of the barriers and limitations.
An example of a business or person that shows having a goal will get you to your top is a renowned chef and the first female chef to head a restaurant with three Michelin stars owned by Gordon Ramsey, Clare Smyth. Until the 1970s, the cooking industry was a man’s world where females were not allowed as their place was in the home; after women proved themselves not only worthy of cooking good food but also their ability to remain calm and work great under pressure, the cooking scene has taken a drastic turn. Clare Smyth is a typical example that with a good attitude of perseverance and passion you can succeed in any environment regardless of the dominance by another gender. Other chefs and brands are the founder of the French Chefs restaurant by Julia Child, and Cristeta Comerford, the first American-Pilipino and Asian chef in the white house.
Be an inspiration:
You might be wondering how inspiring others help your vision and help you attain success but to succeed any business, people are the soul and heart of it. For it to really be a success, you have to be part of the brand and participate in the selling and making the product a success. With that said, we will be looking at two brands that have stood the test of time and have become an inspiration to their employees, board members and the customers that make use of their products and service.
If you are inspired to start your own business and hope to get it to the top, their stories will inspire you. Recently, CNN ran a documentary on famous businesses that are still standing after 100 years. We will start with the family-owned business that has been running since 1868 and adding spice to American dishes. The Tabasco sauce was started by Edmund McIlhenny after he moved to Louisiana in the 1840 and is still a tasty spice till date. The Tabasco brand still maintains the same bottle, packaging, and the taste has remained ageless and they shell out a whopping 750,000 bottles daily which is equivalent to what the founder produced in an entire years.
Our second story is that of Sir Richard Branson, the founder, and owner of Virgin Airlines. He never wanted anything to do with the airline business at least not four decades ago but fast-forward to almost four decades later, the virgin airline is the most competitive airlines providing services that Richard Branson felt was lacking with other airlines. Their story is about dreams, determination, participation in your business while pursuing the goals and practicality of your strategy.
Why is Their Story Inspiring?
Even though Richard Branson’s Virgin Airlines is not a hundred years yet, his hands-on approach has set his airline services apart in the aviation industry. By providing comfortable and better customer services to people with their airplane and the same goes for Tony Simmons when he tastes from the different barrels of pepper sauce before the final packaging is done.
After reading through these success stories, let try to understand what makes a successful business plan is?
The above brands and people all had a business strategy that they pursued to become who and what they are today. A good business plan is aimed at carving a way for your idea to come be a reality and give your plan synergy to be successful by creating cohesion among all the individual units that make up the business. Furthermore, it spells out the mission, goal, practicality, and objective of your business and company to your partners, team, employees, and future associates.
Aside from the reasons listed above, other purposes why a business plan is needed for success are
Evaluate the business venture: business plans are more than words written on paper, but they are information and thoughts expressed about the new venture. Furthermore, a business plan is the foundation of your business and the most important step to starting a new business.
The plan allows you to choose qualified people to hire, vendors to associate with and maps out a plan on how to sell your idea to your potential clients.
Search for right Vendors and Customers: a solid plan should always contain the clients or customers you want to service, who your product is for and how they will get it. It should also contain suppliers that will be part of the business.
Set a Target:
A business plan allow you to set a milestone work toward achieving it. It also mentally prepares you to push further to achieving your dreams
Know the Finance:
A good plan should give you an insight about your finances, how much you have to spend, how much you need to borrow and much your partners will be investing in the business.
Know Your Market:
the best part of drafting a business plan is the awareness of the opportunity and competition in your intending market space. Every business that fails to look into the competition or identify how deep the opportunity is destined to fail except you has a change along the way.
If you feel your idea and plan are okay, let the public know and the sky will be the starting point.
Every day plenty of startups and entrepreneur aims to make their mark in the market but fail due to improper planning or due to goals that are not attainable or practical. But through many failed vision, some companies and brands have emerged on the top of the success ladder for having key plans that they have stuck by with few changes over the years. There are hundreds of companies and brands that are changing the way we do business and proving that with a plan you can be successful and distinguished yourself and brand in the already crowded market.
Finally, when all is said and done, a business plan is the reference point as you grow because challenges will arise during the cause of the business but with the right plan, management team, a few trusted friends and family, determination, you will be a success story to be told in the future.
“Let’s conclude with the quote of the founder of Wayfair, ”if you can’t creatively turn a dollar to ten dollars, why do you expect to be able to turn a million dollars into ten million dollars?”