Pivot!! Make Your Decisions Quickly

Those of you that know me, or have been following my Business Execution blog, know that I am a big proponent of planning – both strategic and tactical.  So, how can I now be advising you to make your decisions quickly?  Doesn’t that fly-in-the-face of taking the time to think things through and plan?

Let me explain why I don’t think that it does, and why I believe that the speed of your decision making can be an accelerant to the growth of your business.  After all, I am as big a proponent of execution as I am of planning.

Building a Better ‘First-Time Entrepreneur’

This week I talked with an entrepreneur (no names; no pack drill!) who isn’t happy with the speed with which their business is progressing (come to think of it I’m not sure I’ve ever met an entrepreneur who was happy with their speed of business progress [superemotions file=”icon_biggrin.gif” title=”Big Grin”]) – and, actually, my conversations were with more than one such entrepreneur.

This got me thinking about weaknesses exhibited in the businesses of first-time entrepreneurs, specifically during the period before they get to revenue.  My conversation with this individual covered most of the topics that I’ve detailed below; they are ones that commonly come up in conversations with first-time entrepreneurs (I’m sure you can come up with others!!).

Business planning, not business plans

I usually cringe when I hear an entrepreneur or small business owner talking about writing (or worse, being told to write) a business plan.  The reason I cringe is that, too often, what people mean by “business plan” is some 30+ page Word document that no-one will ever read and which will end up as a dusty binder on a bookshelf, or some forgotten bytes on a dusty hard drive.

Would You Want a ‘Fool’ Investing in Your Business?

Recently, in one of the LinkedIn Groups I belong to – Business Owners & Entrepreneurs – Sandra Brevett-Dib posted a link to an article on Forbes.com: ‘Early-Stage Startups Need Friends, Family, and Fools’ by Martin Zwilling.

I posted a comment that, when I talk about the 3Fs, I use the term Fanatics not Fools, because:

“I don’t like the term ‘fools’ when applied to people who are investing in your business – because to me it implies that your business is a foolish one to invest in.  Fanatics are people who love your idea so passionately that they are willing to overlook some things that a ‘professional investor’ may see as dealbreakers.”

That inspired me to talk in more detail here about Fools vs. Fanatics.

Gifts for Your Business?

In many cultures this time of year includes a ritual of gift-giving.

When you think about your business, what gift(s) are you giving to it to make 2012 the best year it can be for your business?  Or, don’t you think your business deserves the same love and attention that you give to your other family members?

Maybe you are starting a new business in the New Year; what gifts will you bestow on your new baby to give it the initial boost it needs as it starts out on the road to success?  And, what gifts – gold? frankincense? myrrh? – might others bring?

Thanksgiving and the Holiday Season 2011

Today is Thanksgiving here in the U.S. Traditionally, it is the start of the year-end holiday season which lasts through the New Year. Many business owners (not those in retail!) see this as a slower time of the year with people distracted by shopping, holiday parties and vacations tacked around the actual holidays. So, if the customer side of your business is slower, maybe it is a good time to spend more time than usual on planning and improving your business.

I want my business to grow. What should I do first?

There’s a lot of advice out there for entrepreneurs and small business owners – “make sure you have a strategic plan”; “write a business plan”; “you need a sales & marketing strategy”; “you have to execute”; “you need a great team”; and on and on.  As with most advice there is usually a kernel of truth (and in many cases more than that) in what is written.  The problem, in my opinion, is that too often the writers make their specific subject – “plan”, “team”, “brand”, “execute”, etc. – seem as though it is the most important aspect of building your business.

I’m starting a business – do I need a ‘Strategic Plan’?

My first reaction on being asked this question was: is this person [superemotions file=”icon_eek.gif” title=”EEK”] crazy? Of course you do!!

But then, on reflection, I realized that this being the (Ameri-) English language we should probably go over some definitions and clarification of what (I think) you need when.