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How to find the time to think and plan

May 6, 2011 by  
Filed under Business Strategy

[WisP level=”not_logged_in”]Many businesses are seasonal and so some months are busier than others. During the quieter periods, rather than panicking and desperately trying to drum up business when customers are not buying, you can use this time to focus on thinking and planning for development of your business. …


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[WisP level=”Business_Cookery_Resources”]
Many businesses are seasonal and so some months are busier than others. During the quieter periods, rather than panicking and desperately trying to drum up business when customers are not buying, you can use this time to focus on thinking and planning for development of your business.

Pay attention to how you proceed with this process

The book The E-Myth Revisited points out a common mistake made by business owners during planning activities. That is, they tend to work in their business rather than work on their business.

You can avoid this mistake, starting with setting aside a half day or even a full day to focus on review and planning. Go back over the past three to six months and answer these questions:

     

  • What has worked well and should continue?
  • What has not worked well and should be eliminated?
  • What are my business goals?

This last question is particularly important, because goals inevitably change over time. One of the best ways to evaluate your goals and related business activities is to use Brian Tracy’s concept of Zero Based Thinking.

For every goal and activity, ask yourself the following:

Knowing what I now know, would I get into this business, job, or situation again?If you answer yes, continue doing what you’re doing and look for ways to make improvements. However, if you answer no, get out of what you’re doing as quickly as possible and start over again with a clean slate.

Critical decisions to make

As you work through the evaluative process, it is critical to make certain decisions along the way. These include setting financial targets; determining what you need to continue doing; determining what you need to stop doing; and identify whom you need to connect with in order to reach your goals.

Regardless of where you are in your business development, I highly recommend obtaining The E-Myth Revisited as a valuable business resource.[/WisP]

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