I absolutely hate talking about the ‘enemy’, however this phrase is cliché and truth! While the big picture is always or usually where most people focus, set the goals and aim their dreams. The smaller details are overlooked and under-valued, however it is in the details where things fall apart, where hopes are destroyed, dreams deferred, businesses loss and entrepreneurs become employees again.
I’m not a fan of the seminars that hype people up, about the potential of what they could owe by bragging on how they made money. They talk about mindset, overcoming fears and stepping out to accomplish goals. ALL OF THOSE THINGS ARE IMPORTANT, however, after a person steps out, I’m the detailed, business savvy, person waiting to hear the pitfalls to avoid. Most of these ‘hyped’ motivational talks mention a team in passing while focusing on the success or the outcomes of their ventures. Don’t get me wrong, because owning your own business does require one to speak to your ‘state of mind’, to broaden perspectives and your ideals on entrepreneurship. ALL OF THOSE IDEALS, CONCEPTS AND EVEN THE ENCOURAGEMENT found at these seminars IS NECESSARY because too often the fears of ‘what if’ prevent most from trying. HOWEVER, as an entrepreneur, just once I would like to attend a seminar that provided more detailed information that ensured people that there are steps to the process! I guess that’s my job. Mike Murdock says; “You will only be remembered for two things: the problems you solve, or the ones you create.”
― Mike Murdock
For me, promising or dangling a great future without information that I think is essential like: steps, process, warnings; is cruel and unusual. So it is essential that I become part of the solution.
Obtaining the long-term goal of success as an entrepreneur is a series of short-term goals to be reached and steps to be taken. The focus for this article is on The Business Plan.
While many entrepreneurs will pay some to write their business plan, which sidebar: (isn’t a bad idea) the benefit is an eloquently stated plan of action that can impress the bankers and/or other potential investors. However the disadvantages of not writing the business plan is that the entrepreneur isn’t attached to it meaning he or she doesn’t have or gain the opportunity to think about the details! It is in the details that businesses fail. Sell the product, make money are the general goals of the business. However, the details to making the general business happen include:
- How much do you charge?
- How do you bill or receive payments?
- Who is your target market?
- What methods will you use to reach your target market?
- Working Capital, how much is enough?
- Budgeting and Forecasting
- When to hire?
- Who to hire?
- Payroll?
- How much to pay?
- When to pay?
- Payroll cost?
- Handbooks for employees?
- Where are you benchmarks for increasing the business?
- How much does it cost to do what you do?
- Do you incorporate the business?
- Your salary as the entrepreneur?
This list could really go on and on, all of these details are crucial not just for the business plan but to ensure that the entrepreneur who is assuming the responsibility of and for these tasks is not just aware of these items; but has reasonable and effectively considered them all as well as having a plan in place to address as many scenarios as possible! Pick any one of these details to overlook and/or ignore could mean the disruption and destruction of a business that took years to create!
When the motivational speakers talk about; their ‘team’ it is these areas that a team becomes important! One person can never do it all! The owner cannot and will not be an expert in every area either! Any successful entrepreneur begins solo but quickly adopts the (becoming a business or corporation) pyramid method of building to become stable and profitable. If a person operates solo he or she can only work 24 hours and that includes your time to rest and rejuvenate, however, employing others increases the ability for one to be profitable at his or her endeavors.
It is much more difficult to think about or plan while one is in the midst of an increase or a growing business and if he or she hasn’t even entertained the thought of how to handle growth, decisions made will be reckless and quick. The cost of not paying attention to details is #PRICELESS and not in a good way!
The devil is in the details and if you want your business to grow; you better get yourself into those details!
Build Your Team!
