LESSON 20: Planning; how to reverse engineer your busin Articles

LESSON 20: Planning; how to reverse engineer your business so it is perfectly tailored to your ambition, to deliver the lifestyle you want, and is suited to your personality

 Planning is the process by which you figure out in detail the exact actions you will take with your business to achieve the results you want. A plan is a roadmap to take you from where you are to where you want to be. If you are to succeed in business your very being must […]

20.1 Start at the strategic level, and end up with a budget

 A description of the ideal planning process would run something like this. You start at the high, strategic level and figure out on the big scale approximately what you want to achieve with your business and how you could go about it. As an integral tool in this process you use a planning model. Your […]

20.2 Planning is easier if you have a track record, but can be done for a new business too

 Depending upon where you are in business now, that is, upon your starting point, you may find that the process of formulating your ideas about exactly what you need to do to achieve your objectives may be either definite and clear or vague and fuzzy. If you have an established business then you already have […]

20.3 Step One. What do you want from life?

 This first step may seem like a strange thing to put in a work primarily about finance, but actually it is one of the most important parts of all. Your business is a tool for giving you what you want from life, both tangible and intangible. How can you plan for something when you don’t […]

20.4 Step Two. Put a monetary price on each of your ‘wants’

 Since money is the universal medium of exchange, whatever it is you want you are going to have to pay for it in money, either directly or indirectly. And that applies just as much if you want a lifestyle change, perhaps starting your first business, as in any other situation. So the next step is […]

20.5 Step Three. Get an idea of your timescale

 Get a feeling for how long you are willing to wait before each of the changes you want manifests itself in your life. How patient or impatient are you? Are there any external deadlines or timescales that you have to bow to – for example, are your children growing up? And get a feeling for […]

20.6 Step Four. Enter your planning model

 Now, for the first time, your planning model enters the stage. What you have done up to this point is crucial but is still vague.  To take this process to the next level, to make it concrete, you now need to get down to a much deeper and more precise understanding of what is realistic […]

20.7 Step Five. Bargain with yourself

 This is where you sort it all out. Prioritise. Once you understand what it will take to achieve the things you want, you will inevitably start bargaining with yourself. You will weigh up whether the cost, in terms of effort and so on, is worth the result. This inevitably takes a deal of trial and […]

20.8 Step Six. Commit to your plan, execute it, and stick to it.

 The purpose of developing a plan is to execute it. Thinking, plotting, scheming and developing a course of action are essential precursors to taking worthwhile action – but until you do take action they are no more than an academic exercise. So once you’ve settled upon your plan, act on it, and stick to it, […]