Guest Post – 4 Tips for Refocusing Your Business Plan
No matter how great your business plan was when you came up with it, your business will change the longer you run it. Your decision to refocus your business plan might be driven by finances, passion, or something else entirely — but when you’re ready to change that focus, make sure you’re tackling the right obstacles.
Business owners hang on to current business models for numerous reasons, and one of those reasons is fear. Whether you worry that a new focus will cause your business strife or you’re uncertain of the current economic climate in your industry, you need to tackle those fears.
Look at why you’re afraid: Are your business’s finances where they need to be? Is your list of clients too short? Are you failing to represent part of your brand? Once you’re honest with yourself, you can create a plan to tackle these fears.
Your current business plan is just a plan — and as we all know, plans never work out exactly as we think they will. Look for weaknesses in your business as it is now. These issues may be places where you as CEO aren’t doing so hot, spots where you’re failing to make money, or maintenance issues like an outdated website. Select three that seem like the biggest, then make fixing those issues part of your refocusing.
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Once you’ve identified your fears and found your weaknesses, you need a clear path to fixing them. Sitting there looking at a list of “cons” isn’t very inspiring, so it’s time to make a list of strengths that you and your business possess. These strengths will help you fix the problems you’re having in your business.
Take Canadian entrepreneur Daryl Katz as an example: When Katz wanted to move his business focus away from pharmaceuticals, he looked to one of his biggest interests — hockey. By purchasing the Edmonton Oilers, he created a new business plan to combine entertainment, real estate, and his love of sports. You may not have the capital to buy a sports team, but your current strengths and passions are a great place to start formulating your new business plan.
Chances are that you’ve put off a few big questions related to your business. Whether you’re wondering about moving to a new building, creating a new position, or making a deal with a business partner, it’s time to face those questions. Give yourself a deadline — Forbes recommends somewhere between six and 18 months — and start doing heavy research into the questions. Finally tackling what’s been in the back of your mind will give you insight into where your next steps should go and how you should take them.
No business is static. Even the largest companies rebrand and change all the time, and you can, too. Breathe some new life into your business, chase a passion you have always had, or pursue your business’s most successful avenue thoroughly.