Appeared in the July 12, 2006 in print edition of the Los Angeles Times
Q: I never wrote a business plan, but my company took off without one. Now I’ve hit a rough patch with reduced cash flow and almost no profit. How do I get back on track?
A: The reason a business plan is so important is that it lays out a road map to help navigate through difficult stretches like the one you are experiencing.
It’s never too late to go back and develop a business plan, but if you can’t do that immediately, you should at least write a simple, one-page growth plan, said Ken Keller, a Valencia-based small-business consultant. www.Invest-5-Hours.com
The growth plan should be action-oriented and should set realistic and measurable goals, he said.
“When we hit tough times, the tendency is to spend time wondering ‘What went wrong?’ instead of ‘Where are we going now, and how do we get there?’ ” Keller said. “Plans are great, but execution is more important – and that is where most businesses fail.”
You can find sample action plans online at www.onepagebusinessplan.com.
Your second step, Keller said, should be to find a peer group of fellow business owners “that has accountability as a component of its programs.” He recommends Renaissance Executive Forums, www.executiveforums.com.
The next step he suggests is to make a commitment to improve your business skills through entrepreneurial education. Although you don’t need to take a formal course, you can gain enormous savvy by reading business books and watching DVDs on entrepreneurship. Another avenue is to attend workshops or seminars offered through groups such as the government’s Small Business Development Centers, www.sba.gov/sbdc.
“If we don’t improve as individuals, our businesses won’t improve either,” Keller said. “Sooner or later you will hit a stretch of slow sales, and you will have to deal with it using the same set of tools you have now.”
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