How planning can and will impact the success of your company
Apple bought Beats by Dre…AT&T bought Dish Network…Facebook is after WhatsApp. Which question is more important – the what, as in what did they buy or the why?
Well, more than likely, these were part of their plan to perhaps gain more market share, expand their capabilities or offerings, purchase some new technology or knowledge or some other strategic initiative to increase shareholder value. In the case of these businesses, they have their board of directors and stockholders that are holding them accountable for achieving or exceeding the company’s strategic goals. No acquisition is done in a corner or without some type of planning.
As small business owners, while we aren’t beholding to our stockholders, at least to the extent of larger companies, we should have some type of accountability to ensure that we are creating and following through with the strategic initiatives that the company requires. This could be – should be – people who would be willing to have a stake in the success of your business and will be committed to making sure you don’t drop the ball.
How planning for your company based on the Four Percenter’s Framework can help you build an extraordinary business.
The end of the year is always an interesting time for many people. While some might feel that it is just another day, perhaps others feel that it is another opportunity for a party, there are those who, perhaps look at it as a mile marker.
As a business owner, many times, we will look at the past year in terms of what we didn’t accomplish, what opportunities we missed and what we would like to do differently in the future.
The question is: what do you focus on to improve? Are there specific strategic initiatives you will be pursuing, or will you plan to do more “patching” of issues that have popped up at your company. Will you focus on band aids, or getting to the root cause of whatever challenges are keeping your company from progressing.