Dream, plan, execute and measure your way to business success!
Entrepreneurship is hard work!
So often these days, we expect things to “just happen”.
What do we mean by this?
Well, the government, our teachers and parents tell us to study hard in order to get a good job and make a lot of money one day.
In the same way, we might think that if we start a new business, we are entitled to clients who will buy what we flog, and, in turn, we will make a lot of money.
The reality is different, and sadly we are seldom taught the realities of life. If we work hard at school, we might be better equipped for a job if there is one available.
If we start a business selling something that makes a difference in others’ lives, we may also make some good money along the way.
But it certainly takes more than entitlement, luck, colour or belief to be successful.
For instance, if we study for a degree, we need to make sure beforehand that it is a subject or profession we are passionate about, and that there are job opportunities in said field.
Similarly, if we want to start a new business, we need to follow some sort of process that ensures a better chance at success and longevity.
At The Springboard Academy, we work to a four-step process: DREAM – PLAN – EXECUTE – MEASURE.
Each of the steps has a number of processes to follow, but if you are diligent as a business owner, it will increase your chances of success.
Over the next few weeks we will look at each step in more detail. But for now, let’s take a brief look at what each step entails.
1. DREAM This step usually starts with an idea of how to satisfy an identified need in the market (your own community is a good start). It would be a great plus if this idea is driven by a desire to make a difference in the lives of the people in your target market.
2. PLAN You need to analyse the need and the market to determine whether there is a commercial case to be made for this idea, and then plan in detail what needs to done and how. This step includes the marketing, operating and financial plans.
3. EXECUTE Once the business plan is completed and the necessary funds secured, the plan must be put into practice. Remember, the plan is the blueprint for your business.
4. MEASURE If you, as the business owner, do not hold yourself accountable for the execution of your business plan, you will never know whether you have achieved your goals.
It is no good to have measured, but not to take corrective actions when needed. You will need to start the process all over again.
Make sure you regularly check that your dream remains the same and keep it real by correcting the plan to fit your actual circumstances. Then, execute the corrected plan and measure the results, all the while implementing the new adjustments.
This process should be followed, even if you have started a business without following these stages.
Don’t hesitate to contact The Springboard Academy for assistance in starting or applying this four-step process.
And look out for next week’s blog post where we look at “Dream”, the first step in the process, in greater detail.
In the meantime, get dreaming!