Wednesday, February 20, 2013

When to Act Without a Business Plan

Runners line up at the starting line of a race waiting for that starter pistol to go off. If they start too soon it throws all the runners off. Hesitate after the starter pistol is fired and you could lose the lead.

Now apply this analogy to making a business decision.

Are you waiting too long after the "starter pistol" goes off or did you start running before it was time? The most effective business boss is someone who is decisive and gets the ball rolling by acting quickly rather than waiting for everything to line up perfectly.

Being decisive is not about being reckless. All of your decisions should be well informed.

When is it a good time to act in starting your business?

Renting Space

Every business needs a work space even if you're just starting out working from home. When your business takes off and you're ready to expand you'll need more space. If you are investing in a franchise business than location is key. You need to put together a list of requirements to make your business a success.

How many parking spaces will you need for staff and customers? Is foot traffic important to your business? Do you foresee expanding in the near future? How much space can you effectively use? What is your budget for renting space?

Once you have definitive answers and you find a space don't waste time; sign the lease.
It might need some cosmetic improvements or better air conditioning but if a majority of your requirements are meant secure the space before it gets away from you.

Hiring Staff

If you are interviewing for a staff position and have 12 applicants, interview all twelve applicants. Maybe the first person to come through your office is the one you'll ultimately hire but you deserve to hear from everyone.

Once you've completed all interviews, make that offer. Just because you've found the perfect match for your company doesn't mean some other business isn't interested in the same person. After all, if they are the best they will be in demand.

On the plus side, we're living in an age where instant communication can happen any time of the day or night through texts and e-mails. You should have all of those contact information for any applicant.

Marketing Campaigns

Your marketing strategy will be crucial to determining the success of your business. You should be presented with many options along with a clear understanding of the potential return on your investment. After you’re presented with the plans it's vital to put them into action ASAP.

You don't want to waste time mulling over plans when there are sales to be made and customers to attract. 

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