A Good Business Plan Will Reveal Your Experience Gaps

August 10, 2010 by Frank Goley, Business Consultant

A good Business Planning Process will show (or should show) exactly where you are lacking in experience for your business whether you are a start up, growth company or mature stage organization. Why is this important?

ü If you want funding, you need to show you have the right team in place to implement your business model.

ü If you want to grow your company’s profits, you need a capable team who can develop and implement the Marketing Plan.

ü Experienced and talented personnel are the number one reason why a company will succeed, not the product or service.

ü A company that has plateaued needs new blood to reinvent its Strategic Plan and develop markets to sustain the company.

ü A good CFO goes along way toward understanding what company numbers and financials are telling a business. Many businesses lack this experience and are behind the ball on identifying potential problems and negative trends.

ü A Business Plan will provide an objective assessment of a company’s experience base. This process will identify where a company needs help for what they are trying to achieve in the business plan. With out this process, a company is just guessing about who they need to be successful.

ü Forces a company’s founders and owners to evaluate their skills in running a company and carrying out the business plan. Are they the best people for the job?

ü Helps a company determine if they have the right mix of people to handle the responsibilities assigned for major milestone objectives. Are you strategically aligned?

The Fix

The sooner you implement an objective assessment of your people’s experience, the faster you can own up to your gaps in experience. Then you can devise a plan to deal with these gaps. Do you need to bring in more people or will a strategic alliance fill the gaps?

A Good Team Finds Success

No matter what a company faces, if it has a good team in place, more than likely, it will find a way to succeed no matter the obstacles. Don’t wait until it is too late to shore up your gaps, or plan for future gaps as your company grows and evolves.

Today’s Video is on…Should You Be a Leader?

Posted in Business Planning.

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- “Frank, I reviewed the information you provided regarding business turnarounds. I was impressed by the level of detail and the elements that dealt with the leadership qualities of the business turnaround consultant and team. I have reviewed a great deal of literature on the topic and have interviewed a number of turnaround experts. Few have addressed the level of detail that you have provided and none have addressed the requisite qualities of the turnaround team. Thanks again for providing this information!” -- Dan Anderson, MBA, CBA, Director, Small Business Development Center, Helena, MT [more testimonials]
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