Did You Know You Needed This For Your Business?

I decided to start my business coaching company after spending years in psychology and education. I always knew that I wanted my own business.

But the thing is that there are so many different types of businesses out there. So many industries. The two things that I will be sharing with you goes with any and all industries.

And if you’re like me, there are so many business that appeal to your interests and desires that it can be really hard to pick which business you want to have or do.

So maybe you thought about being an independent business owner or an independent consultant or be that entrepreneur to build your company from the ground up.

You thought that you can go with a company that offers products that you know, whether it's health, wellness, make-up, candles, or perfume.

The point is, you probably thought that it might be better to go join one of those companies while still working your full-time gig so you can build something on the side.

But the thing is,  you feel like you were spending a lot of time on that business yet it did not grow how you thought it would.  Or you spent some time creating a website for your new business to showcase the products that the company offers becuase you knew that once you had that website up and running, the money will be flowing in! 

OR

If that's not you,

Maybe this is you…..

You may have decided that while working a full time gig you wanted to create your own company so that you will have something for that day when you retire.

As in when you retire from that organization or that company that's giving your current salary and all your benefits, especially the retirement package that you are dreaming about earning.

So, you put your dreams of having a business on the back burner, yet you don't think it's on the back burner 'cause you're telling yourself that it’s something you're working towards. You have this feeling because you believe that you are doing work on your business.

Let’s be honest, when’s the last time you spent some time on building that business idea. How many times have you said, I will REALLY start tomorrow, but you didn’t.

I gotta a newsflash for you! If you’re waiting on retirement, that day will be here before you know, then what would be your excuse.

You’re probably not working on your business because you’re feeling stuck.

That stuck feeling is connected to that plan that your business needs.

Remember that quote I mentioned at the beginning from Richie Norton who said, “In the end, every startup is different. But in the beginning every startup is the same.”

This is very true!

Here’s why.

When you are now starting out, it doesn't matter if you're independent business owner, independent consultant, solopreneur, entrepreneur, or whatever you want to call yourself.

As long as you're starting your own business, you need to have at least two things in your business to get started especially if you want to last your 1st year not to mention your first 5 years.

So those two things that you need for your business to survive are: 

• A business plan 
• A strategic plan

In case you didn’t know, the 2 are not the same. 

Let me explain why they are different.

Differences between a Business Plan and a Strategic Plan

You see, a business plan is what you need when you initially start your business. You use it to get backing, investors, funding, and/or direct operations for your business.

A business plan provides the structure for the business. So if you’re now starting out, it’s in your best interest to have a business plan. I suggest you work with a coach to help you develop your business plan.

Working with a business coach will help you save tons of money!

But a strategic plan is used to give you that focus and actions to move your business from idea to that point where you envision it being in 1 year, 2 years, 5, years, 10 years, and beyond.

The business plan covers the “who” and the “what” of your business, while the strategic plan covers the “how” and the “when” of your business. So it’s the difference between what do I want to do in my business and how will I do what I want in my business

A business plan is usually for one year, while a strategic plan covers 3 to 5 or more years. The strategic plan also includes objectives or benchmarks for every 6 to 12 months to allow for monitoring progress towards goals.

In the school districts where I worked and in professional organizations where I volunteered, each organization had a strategic plan that spanned over 3 to 5 years. Those years were consistent with what I learned about the change process during my graduate school training. 

 Change is a process and does not happen quickly. It’s a process that can take a few months to years to happen.

So what that means is that starting a business is not for the faint hearted.

If this business idea of yours in going to work, you have to have vision, mission, goals, objectives, actions, a budget, and few other things to move it from an idea into reality and then to stick around for years to come.

In my coaching program, I help clients understand the difference between the business plan and the strategic plan as they relate to their business. Then I facilitate the process of developing the plan that is needed for you to be successful. It’s hard work, but its worth it!

A strategic plan is for those who are serious about growing their businesses and organizations. Implementation of your actions towards your business goals are crucial for your business.

The metrics that you use, and the success of implementation must be included in your strategic plan if you want it to be effective AND if you want a successful business.

So that idea that you are developing on the back-burner should be connected to developing a business plan. 

The quicker you work on that the quicker you can have your business and you probably will not have to wait until you hit your retirement age!

.....Something for you to think about.

If you are ready to start creating your business plan or your strategic plan, download my planning guide so you can begin with the basic elements of each plan.

Thank you for taking the time to read my article. 

Regards,

Dr. Priscilla "Dr. P" Kucer

Solutions+Actions=Results! (SoAR!)