Maybe because we will be putting actions to our business knowledge or ideas that have been growing in our minds.
I’ll Title this as: “Planning a business, Organizing for action and Incorporation.
These have been my personal secret tools. They are:
MISSION – The driver
METHODS- The process
MEANS- The Resources
MATERIALS – matter
MEN – Supporters
MONEY- Action Fuel
Before l continue with the topic, I’ll like to take us through the 7M’s that we would need in order to have a successful ride as we seek to plan,organise and set out for action. Taking a closer look at my structural progression. You will observe that money is the last on the layout. Meaning you don’t need money first to embark on any fruitful venture Writing a business plan:
A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date. Sometimes we might want to ask that, Why do I need a business plan?
*It is to understand how a business plan can assist in guiding the success of your business.
Before writing your business plan Three (3) things to consider includes researching YOUR IDEA, YOUR COMPETITORS and THE MARKET PLACE. This is to aid your relevance and you can always run back to your “drawing board” anytime you’re faced with a challenge.
Let me break the processes down. I see a business manager as a Pilot. So it won’t be out of place to address us Valuexpilots because the basis of business & enterprising is for Value Exchange, Expansion and Exportation and that’s our aim here.
Planning is the function of a Pilot (maybe business starter or owner)that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that a pilot be aware of environmental conditions he would face and forecast future conditions. It also requires that the business pilot be of course a good decision maker. Planning is a process consisting of several steps. The process begins with environmental scanning which simply means that planners must be aware of the critical contingencies that the business is likely to face in terms of economic conditions, their competitors, and their customers. So business manager must then attempt to forecast future conditions. These forecasts form the basis for planning. Business Pilots must establish objectives, which are statements of what needs to be achieved and when. Planners must then identify alternative courses of action for achieving objectives. After evaluating the various alternatives, planners must make decisions about the best courses of action for achieving objectives. They must then formulate necessary steps and ensure effective implementation of plans. Finally, pilots must constantly evaluate the success of their plans and take corrective action when necessary.
I was telling a friend l visited at his office that You can’t build something on Nothing. You must have a plan. Not only an idea… It must be developed into a plan that outsiders can see and key into it.
Planning is divided into three levels namely:
STRATEGIC PLANNING involves analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the business and then determining how to position the business to compete effectively in their environment. Strategic planning has a long time frame, often three years or more. Strategic planning generally includes the entire organization and includes formulation of objectives. Strategic planning is often based on the business mission( remember it was at the top of the 7-M ) which is its fundamental reason for existence. A business pilot must often conducts strategic planning.
TACTICAL PLANNING is intermediate-range (one to three years) planning that is designed to develop relatively concrete and specific means to implement the strategic plan. You could consider handling this too or your subordinates should often engage in tactical planning.
OPERATIONAL PLANNING generally assumes the existence of organisation-wide or subunit goals and objectives and specifies ways to achieve them. Operational planning is short-range (less than a year) planning that is designed to develop specific action steps that support the strategic and tactical plans.
I’ll want us to picture this Valuex Network as a virtual business. It is because it is a value exchange, export and expansion platform. Part of what we have been seeing and are still going to see are all as a results of good planning. The Pilot having sat down to draw out a mission and made it plain and clear have successfully planted it in our minds and we are all running,contributing and doing one thing or the other to make it grow. That ushers in the next segments which is Organizing and Incorporating. Before I continue. ..
I want to say we have Bankers, lawyers, Doctors, Engineers, architect, Chemist, Linguist, Accountants, Marketing officers, Insurance officers, Economist, Computer Scientists and Technologist, Professional sport people, Agriculturist, Vertinary doctor, Pastors,mathematicians, microbiologist, Biochemist, communicators, Information scientists, Surveyors, fashion designers, markup artists,Teachers, Lecturer to be (P.hd students) & many more professions I can’t remember.
The bottom line is that at one point in our lives we might be faced with the need to establish a business. Those making that decision to startup or join a business now are infact making the best decision.
ORGANIZING FOR ACTION.
Let me ask this.
“Have you set clear, written goals for your future and made plans to accomplish them?”
A resent research from Harvard Business School came up with this.
And that is:
Only 3% of business people worldwide have written goals and plans; 13% have non-written goals and 84% had no specific goals at all.
Ten years down the line.
It was projected that 13% of the class who have goals would be earning, on average, twice as much as the 84% who have no goals. And the 3% who have clear, written goals will be earning, on average, ten times as much as the other 97% put together.
Can you see???
While organizing for action we have to:
*Have an Action plan
This process will help you focus your ideas and decide what steps you need to take to achieve your aim.
Tell your friends/relative or even the world about your goals this is to provide support when the going gets tough. Doing this will not put you under pressure as presumed, rather you will be on your toes. You’ll not want to be embarrassed if you have to tell them you have given up! Mix with positive business mentors who will encourage you. Fortunate for us we have good hands here in our hub ready to pull you up .
In business, this cannot be over emphasized. Do urgent and important task as far as your business is concerned. Efficiency & Effectiveness are not the same; Effective people focus on the important tasks.
Consider potential problems and how to overcome them. Have a contingency plan. If things don’t work out,map several paths to your goals and build flexibility into your planning.
*Remind yourself of your goals
Revisiting your goals will spur you more and invigorate you. Don’t worry about the order at this stage. Arrange your steps in a logical order, break every large steps into smaller components. Focus on one step at a time.
Give yourself a small treat for completing each step. The bigger the step, the bigger the reward! List the benefits you’ll gain by reaching your goals. Above all work towards reaching it.
*Review your progress
Revise plans as appropriate. Map out several routes to your goal. Again and again have a contingency plan.
Does anyone really know how business works?
Rewind back to when u were a baby. ..
Did you go to school to learn how to walk?
After several attempt and several fall, we learnt how to stand on our own….then we started to move the first leg.
We moved we fell but we mastered the act of balancing until we unconsciously knew how to walk with both legs. Same Principle applies to business. .. You need to consider if your plans are attainable and what would happen if you failed to achieve your goals. Try to map out several paths to your goal, then if one becomes blocked another is available: build flexibility into your planning. People tend to strongly underestimate how long a project will take, especially if working in a group because they tend to visualise everything going to plan with no problems. Think about the type of problems you might encounter at each step. What are the barriers in the way of achieving your goal? What you would do to overcome these. Concentrate 10% on the problem and 90% on the solution. Try to turn every problem into a challenge and every challenge into an opportunity.
Review your progress. Keep a diary or blog of your daily activities and record your progress as things happen: this keeps your plan as concrete as possible. A good time to start your review is about two weeks after you have begun. Review how far you have got towards your objective, identify any mistakes you made and what you can learn from them, look at any new ideas or opportunities that may have presented themselves and then revise your plan to incorporate these.
Mix with positive people who will encourage you to keep going! Tell your friends or relatives about your goals. They will provide support when going gets tough and will also give you an incentive to keep going as you’ll feel embarrassed if you have to tell them you’ve given up!
A Journey of a thousand miles begin with a single step- Lao Tzu
Action generates the impetus for further actions: if you want something done quickly, give it to a busy person.
What is incorporation?
In business sense it is simply the act of forming a corporation. Many are unaware of what Incorporation does to business. Infact, the moment you think incorporation ,the higher your business gets projected. Technically, Incorporation adds two or more competitive advantage to get a solid business advantage. The best way businesses can expand in Africa is incorporation. This comes with lots of advantages which includes:
(Production and manufacturing)
(buying and selling, merchandizing)
(securing capital, money, funds etc)
(Safeguarding business, insurance,lives, equipments etc)
(Providing financial information, statements, balance sheets)
(Better planning, organising and leading)
FACILITATOR: Victor Enamudu Pythagoras
COMPILED BY: Explanet Information Management Department