Leadership Thought #466 – Do You Have A Plan?

I am regularly surprised by how many business owners/leaders operate without a plan.

Operating Without a Plan

They simply make it up as they go along. I suppose that if you don’t know where you’re going, any road will take you there. I sometimes wonder if this mindset is purposeful. It’s hard to hold someone, including yourself, accountable if there are no clear markers for success. You can also apply any excuse available to explain why the business isn’t more successful.

Unfocused Effort Leads to Frustration

Without a plan, your business is like a tumbleweed blowing in the wind. You are uncertain about its final destination, and the path it takes to reach there is determined by external factors. Unfocused effort consistently leads to frustration, miscommunication, wasted resources, poor financial decision-making, unnecessary stress, and suboptimal results.

What Leaders Need to Plan For

As a leader, you need to plan for the following:

• How will you stay informed about industry trends and changes?
• How will your business compete in your market in both the short and long term?
• How will you stay connected to your existing clients and anticipate/meet their needs?
• Who will you target with your marketing and sales efforts, and how will you achieve this?
• What defines financial success, and how will you manage these outcomes?
• How will you manage the natural risks inherent to your business/industry?
• How will you manage growth while maintaining consistent, effective operations?
• How will you attract and retain the talent required to staff your business?
• How will you plan for contingencies should you exceed or fall below your business expectations?

Leadership is challenging work.

You Are Paid to Think

You are paid to think, not just to perform. Your people look to you for focus and direction. Without a clear plan of action, they will fill in the gaps haphazardly. And, each person will have their own definition of what’s important. Don’t be surprised if their perspective differs from what you want. The first person you need to hold accountable is yourself. Success is rarely ever an accident. You need to have a plan for where you want to go to have a decent chance of getting there.