MAY 11, 2017

This blog is part of series of business-focused pieces inspired by the spirit of Columbus Startup Week. As a partner to first generation entrepreneurs, our team aims to share our experience in working with over 150 entrepreneurs and provide a roadmap for entrepreneurs in the early-stages of business.

 

In working with over 150 entrepreneurs over the years we have identified that having a written, executable business plan with clearly defined goals and values can potentially save you from going out of business. Here’s why.

 

A written, strategic business plan is the most often overlooked part of business.

 

You need to (at least) put your ideas down on paper. Even though they may not materialize the way you want them to at this point – that’s okay – it gives you a basis to where you’re going.

 

Your written business plan acts as a framework, forcing you to ask yourself ‘what happened?’ and ‘why?’ when you get off course. This plan then helps you continue to evolve your acumen and business skills around how to grow.

 

Warning: If you’re going to be in business for the sake of being in business, it’s going to be hard.

As a business owner you must have passion for what you do and who you do it for. Your passion as an entrepreneur will speak volumes to your success time and time again, which is why crafting your values around that passion is so integral.

 

This is really hard to do – I get it! – but you need to have well-defined core values and core focus to move forward. As I started my business I had values and passion, but I didn’t know what they were. In my heart I knew what it was, at a very early stage I knew I wanted to be an expert resource for business owners, but I didn’t know how to say that.

 

Something that really helped me was reading business books authored by Jim Collins. I would suggest reading those before you get started, and really using those as a guide in this department.

 

Additionally, you need to have people on your team that are also passionate about your mission. Creating a hiring process around your values and taking the time to get the right people on the bus helps to accelerate your growth plans.

 

If you don’t have passion around your mission, long-term success is going to be a tough putt.

No one gets it right all the time or right out of the gate. That’s a risk you sign up for as an entrepreneur.

 

But, if you have a core focus on what you want to accomplish (cough, cough, a written plan) and you have people around who are passionate about what they’re trying to do for the business, then a failure is one step closer to success.

 

As you fail, you realize that path doesn’t work and go on to the next route. As you grow, you get more wisdom and more information from those failures and you move on to make better decisions. Without a plan you’re really just gambling, with no proof or benchmark around the successes and failures.

 

Your confidence level around planning and innovation as an entrepreneur grows with your business as you continue to grow, try, fail, revise, and try again. Going back to the plan is critical in times of invention to measure what worked, didn’t work, and then consistently revise and work on the plan from there.

There are questions you should be asking yourself as a business owner, but likely aren’t. Gain clarity on the answers you need through our interactive site.