As a Business Grows, How Does the Role of the Entrepreneur Change?
The role of the entrepreneur changes within a successful business in 3 distinct ways
I had a conversation with a gentleman a few years ago…two conversations, actually, about 3 years apart. He was telling me that he had taken his company about as far as he knew how to go with it, and that he needed guidance in order to determine what the next steps for his company should be. We talked about his company at great length. During the conversation, I learned that he has 5 strategic plans that are in binders sitting on a shelf in his office. It was great work done by great consultants, but because they are on his bookshelf, they are of no value to him.
I wish I could say that was the exception to the rule, but I’ve seen this happen again and again. In my own work, I recall building a plan for one of our clients, and his question was, “you are going to help us implement this, right?” I confirmed with him that I would, of course. While it can be a learning process for some, the investment in your company’s strategic planning must result in tangible ROI for the company.
Obviously, having a company come in and build a strategic plan, or building your own strategic plan and doing nothing with, it is a rather obvious waste of time. As a busy leader, you can’t afford to waste your time. For instance, below are five ways you (or someone you know) may have wasted time with strategic planning:
Other obstacles such as lack of recourses, not “minding the store,” not adjusting the plan as market forces change, not have regular check-ins and accountability for implementation, etc., will all result in failure to implement your company’s strategic plan. Those obstacles and more are generally related to the 5 items listed above.
Always keep in mind that your strategic plan must create value for your company and must give it marketplace advantage. If you consider a strategy game like chess or checkers, the goal is to win. Strategic planning in business is the same. The goal is to gain a strategic advantage so that your company can win.
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The role of the entrepreneur changes within a successful business in 3 distinct ways
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