I love travelling and planning our road trips, and whilst we've not been able to actually travel over the last year, I've managed my frustrations by planning a trip on my bucket list...Ireland's Atlantic Coast.
I've also been planning and writing my Blog content (yes...I'm a planner by nature!), and whilst writing it got me to thinking about the similarities between business and holiday planning. I wonder how many people spend more time planning their annual holiday than they do putting in place plans for their business.
What's your Vision?
You probably wouldn't plan a road trip without knowing where you want to go, i.e your Vision, and you would most probably have a plan of how you are going to get there. However, many businesses still operate without a clear vision, direction and plan of what they want to achieve.
Research your journey
Research is key to successful business planning and travel planning. Good research means you get the most out of the experience or are aware of potential challenges to avoid. For business success research is key to understand the market, competition, customers etc. Analysing that research means that you can determine strategies and action plans to make the most of opportunities and minimise any threats the business may encounter.
How are you going to get there? What are you going to do to achieve your Vision?
OK, some people like to fly by the seat of their pants when they travel... but I like to know where I'm heading and the steps along the way. In business a clear action plan and strategies will be your roadmap to get you to where you want to be.
Setting a Financial Plan/Budget
Whilst often holiday financing isn't generally set out in a financial plan (no, even I don't do that!), most people have a budget in mind, and manage their finances across the duration of their stay, so they don't run out of cash. In business, financial and cashflow planning is crucial, without a regular review of financials a business can very quickly get into trouble. Good financial and cashflow planning make the business journey much more enjoyable!
Timeline and feasibility
What do you want to see on your trip and it is feasible in your timeframe, do you need to modify your plans to do everything you want to do? Through good business planning you may identify something that isn't feasible or you have to take a different route to get there.
Reflect on our journey
Whilst travel makes memories and is often our reward for success, it's important in business to continue reflect on our journey, celebrate our successes and use that experience to model our future plans and direction.
So in summary, if you are struggling to see the value in spending some quality time business planning, perhaps reflect on how a few hours planning could set your business up for a more successful journey.
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