Business Planning or Not- the Need for a Halfway House. I was having a discussion the other week with a highly experienced colleague who was also a business owner about the need for detailed, dynamic business planning. We agreed in practice, there were roughly two schools: those who planned meticulously and those who planned rarely. This divide relates to the problem of dynamics or frequent change in business and markets. If you plan too much, too inflexibly, then you have to constantly update and review, which can be costly. On the other hand, if you hardly plan, then you are ‘closer to the ground’ and can react easily to such dynamics or changes. Personally, I believe and have practised a halfway house approach for many years now. A succinct, dynamic, relatively brief plan, which is reviewed regularly, say monthly or quarterly strikes the balance. The key is to plan, act and then take the feedback to refine and constantly improve the plan and the business. This practice makes both the plan and the business dynamic. It makes the business capable of reacting and being just ahead in some cases of the fast pace of change- crucial for the global markets of today. If you are struggling in this area, please feel free to contact us to discuss. Kind regards Lee M. Spano, Private Investor & Creatness CEO Further insights and resources at creatness
Posted on: Mon, 29 Jul 2013 06:25:26 +0000
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