Plan for a Successful Business
To tell you the truth right off the bat; it’s impossible to determine whether a business will be successful before it starts. There are way too many internal and external factors that go into the business from its conception stages to its execution to decisively make that kind of conclusion. That said, there are definitely ways to plan for a successful business to not only increase the chances that it will succeed as initially conceived but to help it evolve and possibly succeed in a different form.
Everyone on the internet will tell you to write a business plan, but there’s more to planning for a successful business than writing a business plan and that’s what we’ll look into here:
1. Create a road map
Yes, you still have to write a business plan. Entrepreneurship is a journey; and much like a road trip to a foreign destination requires you to have a map, so a successful business requires you to have a plan. This road map is where you’ll input important information about your business like:
- Your business’ goals
- The products of services you’ll be providing
- Financial projections
- How you will organize and manage your business
- A market analysis
Among other things.
2. Dedicate a Lot of Time to Iterative Research
Modern day businesses are evolving rapidly to keep up with market needs while simultaneously exploring new niches. Whenever a new product pops up in the market, a dozen more similar products show up seemingly out of nowhere and in no time. In order to keep up with competitors and with the market, you need to do iterative research so that your business can evolve accordingly.
Businesses that refuse to keep up with their competitors in meeting market needs end up failing. You can have a significant edge if this is a core part of your business all the way from the beginning when you conceive it. Even market giants are not immune to this phenomenon. Perfect examples of this include Kodak and Nokia.
3. Keep the Drive Alive
Chances are that you were driven to start your business by passion or a goal you needed to achieve. Plenty of businesses have a short lifespans because their drive dies long before they evolve into anything worthwhile. You need to keep the things that led you to embark on the treacherous entrepreneurial journey alive. You can do this by:
- Constantly reminding yourself of your goals.
- Constantly evolving the business to suit both the customers and your passion.
- Delegating work that takes too much of your time unnecessarily.
4. Know the Business Inside Out
This is perhaps the most jarring thing you need to do. When I say know the business inside out, I don’t mean that you need to understand how the dc motors that run the conveyor belts in the factory that manufactures your products work. Well, that would be cool but that’s not what I mean. What I mean is that you need to understand who your customers are, why they buy your product, how much they’re willing to pay for it, etcetera.
The more you know about your business before and after you start it, the easier it will be for you to understand what works, what doesn’t work and what you should change at what time to achieve your business goals. It’s one of the hallmarks of successful entrepreneurship.