Business Planning Strategy 101

December 4, 2020 0 Comments

Hi EOBAffiliate,


Welcome to Business Planning 101. This is a series that is going to help you, supplement your time here in online business as an Affiliate. You might have had these lessons before and feel it is redundant, but I promise you there many of us who have gone through all sorts of training and we end up not applying the smallest of plans that could help us with our Business. But we have not as we think. This has been done and dusted and there is no reason to look at it, ever again.

That is not the case. I have been contemplating doing this class but have come short till one of my fellow Affiliates reminded me that I used to preach this sermon for many years and this would be a great opportunity to start again.

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Please feel free to comment as we continue, call me out if you feel I am sending you in the wrong direction. There are loads of materials on the topics that we will be covering and some of them contradict each other. There are different schools of thought and different strokes for different folks.

Before we start remember I am sharing this out of my own free will and you are not obligated in any way to what I share with you. Take this as my highly rated opinions (MHRO/myhiro).

Let’s ask a few questions –


  • Who is it for?
  • Why should you have a business plan?
  • What is the purpose of this document that is so highly rated?
  • Where does one use it?
  • When should you have one?
  • How does it benefit the one who beholds it?

This is one of the interrogative tools/formulae we will use to break down some concepts we will be looking at. Next time I will just say, “take time and apply the H5W’s” – please make sure to keep a journal that will help you to keep records of what you will discover during this series. As you will be compiling your plans.

It is important to take time and answer the question this will help in the retention of information. Some of you may feel it is not necessary but it is. So Take time to answer and apply H5w’s, to the question of Business Plan. If you have, you can compare your answers as we continue.

Let’s look at numbers concerning business:

It is estimated that over 50% of business close with in the first five years after starting, mainly because they do not follow their business planning, 30% of businesses without a plan will close within the first two years and a Business Plan increases the chances for a business to survive by 30%. (ExcelentBusinessplans.com)

By the look of things looking at these numbers, you may be let to think you can do without a business plan. Many companies do for a very long time but for a long time, they will not have the tools to propel them any further if they have no records of successes and failures which form part of the planning.

 


 

Basically, planning helps with maintaining a sense of belonging to the business. If you know where you belong you are more inclined to have some kind of order, routines, and systems you follow. For instance, if you belong to a Home:

  • There is a set of rules that you must live by.
  • There are set chores you will have to do.
  • There are set times for those chores to be done, set ways for them to be executed.

All these help the running of a Home but still, there are challenges that will present themselves without warning. We don’t need to worry because a home will have a Mom or a Dad and they will deal with the challenges. Even then, someone has to take charge and lead.

Some smart pants may think the is no plan so that defeats the purpose. Well, the reason those homes are forever shouting and arguing because they are not all equipped to read and understand the document if there should be one. But the plan is also ingrained in the parents from how they were brought up and now they manage their households with that experience.

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Clearly, the physical documents of a Business Plan may become absolute, but the intended use is still evident in skills displayed by those who manage through a set plan in mind. What are these set plans? H5W’s?

  • Plans help keep the Vision alive.
  • Plans help drive the Mission.
  • Plans help you Analyze your past to plan better for the future.
  • Plans help to set Proactive Strategies to avoid failure due to future challenges.
  • Plans help know What to do, Where to it, Who to do it for, When to do it, Why you do it, and How you do it.
  • Plans help to plan for future beneficial spending/investments/ and expansions.
  • Plans help you to remember to improve and grow to plan some more for the future.

This is the business plan Cycle we will be looking at in our Business Planning 101 Series. To keep track of our Development and to keep communication lines healthy Please. Subscribe and live contact information do future Healthy Communication.

I hope this will be a fruit full journey for all of us.

Keep planning it never ends.

Ntlhane

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