“Planning is not just for the military, it's essential for entrepreneurs to thrive in business.” - Chris Mackey

Introduction:

Hey there! I'm thrilled that you've taken the time to stop by today because we're diving into one of my favourite topics about entrepreneurship – the business plan.

I hope my enthusiasm shines through as I share this valuable information with you.

You see, I've noticed that many business owners either don't have a business plan at all or have one but never revisit it. And that's a big mistake.

The golden nugget of having a business plan lies in the fact that it contains the strategies that you know will work for your business.

Yet, we often get caught up in the day-to-day tactics, neglecting the strategic aspect.

1. Setting up the year for success

This is a new year, and it's time to shift our mindset.

Let's start thinking differently about the value of our existing business plans or the importance of creating one. So, let's explore the good and the bad of having a business plan.

2. Hurdle to overcome

The first downside is that without a plan, all your strategies are in disarray.

It's like trying to navigate a maze blindfolded.

Secondly, your financial health becomes precarious.

And finally, there's a significant likelihood that your business will fail if you don't get your strategic focus right.

3. The flip side

On the flip side, having a written business plan offers numerous benefits.

It provides clarity, giving you a clear direction to steer your business towards success. Additionally, a well-written plan increases your chances of accessing capital.

In fact, I recently spoke to a business lender who emphasised that having a business coach and a solid plan significantly boosts the likelihood of securing a loan.

Lastly, a business plan acts as an operational roadmap, guiding you and your team towards your goals.

4. My story

Now, let me share a personal story that highlights the importance of planning.

Back in 2003, I attended an executive leadership program where I met Major O'Farrell, a seasoned soldier.

His mission was to teach me the value of planning.

In the military, meticulous planning is crucial because lives are at stake. While in business, we may only risk losing money or market share, the stakes are undeniably higher.

Major O'Farrell's wisdom completely transformed my perspective on planning, and I've become a massive advocate for it ever since.

Conclusion

To sum it up, a written business plan offers clarity, helps secure capital, and provides benchmarks to gauge your progress.

It's a powerful tool that every entrepreneur should have in their arsenal.

If you share my passion for planning, I invite you to book a call with me. I

'm putting together a small group of like-minded entrepreneurs for a business planning workshop. If this piques your interest, let's connect, and I'll walk you through all the details.

Remember, whether you already have a plan or need to create one, take action. Your business's success depends on it. Wishing you an awesome week ahead!

Bye for now.

Chris