Preface: Vision without action is merely a dream…Action without vision just passes the time….Vision with action can change the world – Quote: Joel Barker.
Answer the Question — What Your Plan Is
Proper planning prevents variances in implementation. If you want to improve the performance of your business, you need a plan; and if you’re already implementing reflectively prepared plans, your business probably doesn’t have poor performance. It pays to plan; it pays to budget; it pays to accurately count the cost, and measure the reward, great or small (i.e. is the new airplane for business, or only a luxurious hobby [cost vs. benefit – do you need a depreciation expense and want to pay airplane maintenance yearly, or could you charter flights for less stress when the need arises] ).
Proper planning circulates around accurate financial measures. It’s how you track performance (e.g. is net income increasing?), budget vs. actual (e.g. are cost of goods sold similar, higher, or lower than prior year?), and financial measures are also the inputs for trends and metrics.
Tactics vs. Strategy
You can implement idea’s with little planning and achieve tactical success. But tactical success must always be woven into strategic success to truly succeed. The difference between tactical and strategic success are your entrepreneurial vision and entrepreneurial resources.
Entrepreneurial resources are a combination of talent, expertise, capital, and networks. The expertise and talent to research and develop are different than the experience and talents required to market and sell a product that is built or manufactured. Additionally, the network of supportive talent and expertise that you draw upon for idea’s, advice, and professional services are also key instruments to properly strategize solutions to entrepreneurial concerns and ceilings; and more importantly – avoid financial avalanches.
Entrepreneurial vision is what you want to achieve with your business. UPS had a vision of being “the leading package delivery company” then in 1999 they adjusted that vision to “the enablers of global e-commerce.” Google has a vision, “to provide access to the world’s information in one click.” If you ship packages to international customers, you are familiar with the name UPS; and if you need information in one click, chances are you think of Google….. If you aren’t reading this because of Google, you’re one of the few.
So also, customers and clients should think of your business in light of your entrepreneurial vision; it encourages your current and future customers and clients to know what to anticipate when buying from you. In addition, it provides a benchmark to supersede expectations.
Ask Yourself the Questions
Begin with putting yourself on the questionnaire seat and ask “the hard questions.” Then think through well defined answers. You can do this in a collaborative environment, or by yourself. You need to know things like “what is my vision, ““why am I an entrepreneur,” “how do I define success,” and so on. If you are really committed to the exercise, retain a professional business coach to assist you.
Once you are ask a hundred plus hard questions, you will know much more about your entrepreneurial vision and resources than you did before, with more insight and understanding. Clear defined answers to the questionnaire-seat inquiries in a supportive environment, will help make you more strategic, and guide you on the journey.