By Gino Blefari
This week my travels find me starting Monday at home, completing my WIG calls and participating in meetings. On Tuesday, I had the early morning Berkshire Hathaway Energy call followed by business planning, which I continued Wednesday. Today, I write this post to you as I prepare to attend a wedding in Arizona.
You already know the question I’m going to ask: Did you complete your business plan? In this previous post, I talked about the importance of business planning and why in our 90-day real estate cycle, October 1 is the start of the “new year.” To set yourself up for success in 2023, you must plan NOW.
And while a business plan is important every year, it’s especially important this year as we work through the challenges of an economic downturn. Why? Let’s list the ways:
- In a tougher economic climate, a business plan will keep you focused, preventing any knee-jerk, quick reactions to unforeseen obstacles. It will also help you reduce uncertainty by outlining your next steps, goals and the concrete details (like budget and expenses) of your business.
- It’s a time to evaluate what was working in the past year and what wasn’t (the SWOT Analysis in the Business Planning Essentials is perfect for this).
- Writing down your monthly goals makes it a lot likelier you’ll achieve them. One famous study from Dr. Gail Matthews at Dominican University in California found writing down goals makes it 42% more likely you’ll accomplish those goals.
- Goals should be specific, measurable and actionable – and a business plan ensures yours will be.
- A business plan is like a beacon of light should you find yourself in the shadows of the unknown; it is always there to guide you to a place of success. It’s a proven strategic device you can rely on through roadblocks that may hinder your path to progress.
- During your business planning process, you’ll likely encounter new opportunities for growth that arise organically from your brainstorming and planning sessions.
So, what’s the message? As Sun Tzu once said, “In the midst of chaos there is also opportunity.” Countless businesses started during periods of economic challenge – Netflix (1997); Trader Joes’ (1958); Microsoft (1975); Warby Parker (2010); Revlon (1932); Disney (1923) to name a few – and were able to stand out because they worked hard, met every challenge and planned for success, just like you’re doing right now.