Recently some clients and non clients have come to me with ideas for a new businesses. new manager challenging teamSome are brilliant, some less so. One thing I recommend to all prospective entrepreneurs is that they go through a business planning process. To your average Entrepreneur, this can sound like a pain worse than death. After all, the idea is burning brightly in their heads, its all they can think about, they are consumed by it, they have thought it through and can see no downside – it’s like being in love for the first time.

So my suggestion of a business plan is like bringing your mother along on your first date with the love of your life – questioning your every move, looking over your shoulder, admonishing you for every wrong move, not liking your date because they are fearful for you. But they only want the best for you – same as a business plan. Enough of the analogy…

Here’s why you need to take the time to do the plan – And I mean a proper plan where you will test all your business acumen, where you will have to think things through and where your judgement will be questions.

1. If you go through the plan properly, you will be asked to cover all the eventualities in the business. You may not have all the answers, but they will be highlighted to you.

2. You will be forced to think long term – 1,3 and 5 year because that’s what being in business is all about

3. You will be forced to think of the people you will need, the skills you require and the source of these skills.

4. This is a business, so you will be forced to look at the financials. If they do not make sense at this stage, they will not make sense when you have sunk all your money into the project.

5. You will be forced to think of your target market – who will buy your product and will they buy it again and again.

6. you will be forced to think of your marketing strategy. getting a new business off the ground, be it global, national or local, requires a strategy and it requires a continuous commitment. Who will do this and what will you pay for the privilege .

Any time you spend on your plan will be time well spent. Yes it may cost you some money but it will cost you loads more if you do not know where you are going.

Take the first step today and give me a call on 087 222 0720 – for a business plan that Rocks

About the author,

Hi I’m Derek O’Dwyer. I have been an ActionCOACH for the last 18 years. I live in Clare and work with businesses around Ireland to take their business to the next level. I am passionate about business and providing help and advice. In the past 18 years I have worked with over 400 business owners helping them and their business. I adapt my coaching depending on what you and your business need. I find that each coaching relationship is different but as long as we understand that we have a common objective with timescales, positive things happen quickly. I am a firm believer i the concept of “what you can measure you can manage” and “what you measure you can improve”. Key performance indicators and accountability form the bedrock of my coaching platforms. If making more money from your business, working less hours in your business and having a great team running your business then it’s worth having a discussion with me. If you are willing to implement changes I will be there to help every step of the way. In terms of personal accolades and recognition I have been awarded ActionCOACH of the year in Ireland every year for the last ten years In 2019 I was inducted into the ActionCOACH Global Hall Of Fame I was global Rookie Coach of The Year in 2002 having achieved remarkable success as the first ActionCOACH in Europe. Many of my clients have also received awards from their peers for their business improvements.