When I started my business five years ago, I wrote a business plan. I was reflecting the world at that time and place. As a new entrepreneur I was ready to take on the world.
From my little corner of the world, I did take on the world, and I did a damn good job! To make sure I validated myself, at the end of every year I would go out for dinner with friend. We would discuss our business successes and failures. We would all congratulate each other on the little castles we were building. Then come January 2nd, I would start building a new wing onto my castle, ready to show off for next year.
What I wasn’t doing was pulling out the old business plan and updating it every year. As far as I was concerned, writing a business plan was the entrance exam to owning my own business. One thinks a business plan only needs to be prepared once, never needing to be looked at again. We all tell ourselves, “I am in the middle of running my business. I don’t have time for all that work again.” Wrong… Wrong! SO WRONG!!
As time had passed, the business and I had evolved. Together we have been successful, but not in the same places where five years ago I thought we would find success. It is said “Perspective is everything.” Today (at the end of my forth year), I am rewriting my business plan. What I thought of as my little castle is now showing signs of being a lot more like a fortress. A fortress is not what I wanted to build. By reassessing what I have, I can stop putting up walls in the wrong places. Instead, I can put in the proper supports for the larger castle…
As painful as it is, take the time, dust off the business plan and rewrite. Looking at my old plan, I found that I was truly amazed at the progress I have made.
If nothing else, revisiting your business plan will help you grow from a ‘risk taking’ Entrepreneur to a forward thinking CEO.
Rebecca B. Sargeant
The Recruiters’ Coach