To be prepared is always preferable over winging it and taking possibly catastrophic risks. Although appreciating preparation and planning to be beneficial, knowing how to be prepared can be difficult.
The question franchise owners often ask me is, ‘How far can we plan ahead before it becomes too far?’
This can be difficult to answer, because ultimately it depends on the nature of the business and how external factors can affect your industry. In spite of this, I would say it is a good idea to know your plans for the next 5, 3 and 1 years. You need to know in which direction you are headed, and map out a way for your business to achieve its objectives.
The advantages of planning
To plan is to find your end goal and understand the process and steps that you need to take to reach it. Planning has many advantages, and helps clarify your vision for your business, but also gives you confidence in your ideas and decision-making. Planning also provides you and your team with structure, clearly defined roles and tasks to follow.
It can help you identify potential problems, and therefore gives you the time to figure out possible solutions before the problem arises, and will be useful when it comes to recruiting and funding.
Start big and work back
When you start the planning process, you first need to identify your long-term objectives for your business. Once you’ve done this, divide it into yearly, quarterly, monthly and weekly goals. This will help you understand what steps you need to take to achieve the results you want. Build a plan that shows how hitting your weekly targets will lead to the results you desire after a year. You’ll also see how reaching your annual goals leads to meeting your long-term objectives. A plan helps break down the process and gives your team clarity on what they need to do.
After knowing what your steps are, you need to plan for common setbacks and challenges that could occur, based on what you’ve faced in the past. Imagine what could set your business back, then prepare for each scenario you’ve created. This will not only help you overcome future challenges, but also give a business owner confidence that they are ready for any unexpected situation.
It is important to set aside some time to review your plan, your goals, and the steps you are taking. Is it working? Are you on track to reach your weekly, monthly, yearly objectives? If not, you need to ask yourself why. Consistent work on your business and continuous development of your plans is the only way to guarantee growth and success.
Ask for help
There is no shame in asking someone more experienced to help you out. Sometimes, it can be the only way to be certain that you are on the right track. Ask someone to check through your goals and help you plan. They may spot something you missed. Business owners often don’t reach high enough, and having a mentor or coach can help give you clarity and assurance that you can aim higher and reach bigger and better results.
Planning ahead can help you analyze any changes that you need to make to achieve your goals. It can also help you reassess your business. Regularly referring to your business plan will remind you what you are aiming for, and help you prepare for the unexpected.
If you haven’t already mapped out a plan for next year and the year after, I recommend you do. Every year ends quicker than expected, and especially during a crisis such as the pandemic, you cannot predict everything that will happen.
