Been a funny week. First, some crazies promised us they would be raptured and we would be condemned. But, I knew better- the next day was a special one; my relatives (long, long ago) all survived in spite of the desire to kill us all. Then, not one- not two- not three- but four- folks considered chucking it all in (their businesses), feeling overwhelmed. After those talk downs, another dilemna- an impending divorce (over money, not love). [Before I forget, PLEASE read (or re-read) this post about family finances.] And, if that were not enough, we are preparing a new service offering.
And, that is the subject of this post. No, I am not advertising what we are going to provide. I am talking about our process. We seriously considered offering this service about 9 months ago. We did some preliminary market analysis, we examined our capabilities, and we did some internet checking. Everything indicated this could be a winner for us- AND for our potential clients. Then, it’s December. Almost the start of tax season. Even though this product would be best introduced in January, we knew we weren’t ready. No point in rushing it without a plan- one we would follow.
We did a little more research and discussion during tax season (while we argued tax positions for our clients). But, we really did not begin our formal analysis until the end of April. And, now, it’s ready! Our business plan is written (and reviewed). Our marketing plan is part and parcel of the business plan. We have our Key Performance Indicators (a second set to be monitored, in addition to our normal KPI). Our desktops are loaded with the calendars and the second dashboard to make sure we all know what we need to do- and get it done.
What’s the point? The 7 P’s. Proper Planning, Preparations Prevent Piss Poor Performance! A few decades ago, one of our directors reminded us that the difference between us and our primary competitor (a very large multinational) was not the quality of our people (we had better people and more committed people) or our execution; it was the number of commas after our respective gross revenue. We were roughly $ 5 million in sales; they were roughly $ 2 billion in sales. They could afford to make more mistakes than we did. We HAD to be better- have a better plan and execute. It’s a lesson that we learned and know still. So, should you!
Hi Roy,
Thank you very much for your post, it reminds me that I do have a business plan… and that I would really respect and look at it sometimes. For sure I accept and appreciate your piece of advice!
All the best from Majorca
That’s a good part of the problem, Marco.
You probably should go through it, figure out two or three main goals, and track your performance using the traffic light system (red- NOT even close, green- on track, and yellow- uh-oh!)
Thanks for dropping in and commenting!
Come on back, often!
Roy
I like the traffic light system to track performance. Neat idea.
Planning is so important yet it seems to be the step so many entrepreneurs and business skip. Yes, jumping in with both feet counts for something, but make sure you’ve properly planned to aim for the pool and not the concrete next to it.
Michelle recently posted..Bury the Zombie Fear Fabricators
Michelle: I have seen (and been forced to use) all kinds of elaborate instruments. A dashboard and KPI monitoring only work (imho) when they are simple and convey their information instantly.
Thanks for you comments- and I also would want to insure that someone FILLED the pool, first! (Ouch!)
Roy
Hi Roy,
Sometimes I think you read my mind – I swear. This afternoon I was just thinking about the 5P’s Proper Planning Prevents Poor Performance and how I need to sit down and plan everything out. I need to clearly see where I am headed or else I am just setting myself up for disappointment.
I love your 7 P’s more and thanks for the reminder.
Many thanks,
Diana
Diana Simon recently posted..How Inviting Is Your Blog Post
Diana- no reason to worry about the split P soup! But, too many folks seem to forget that planning is great- but without performance (or execution), we are just creating wallpaper with our plans!
Thanks for your comments. And, I will try to tone down my brain waves!
Roy
You know I’m a firm believer in having a plan in place and implementing, tweaking, and moving forward like a maniac! Is that sorta what you meant? LOL
Martha Giffen recently posted..How To Touch A Life One Tweet At A Time
Martha, I have been told (and think you may have an “echolalia” moment right now) that, with one exception, I have two speeds. Off and GTF out of my way! Does that sound familiar?
Thanks for your comment!
Roy
Roy,
The last paragraph of this post is so important. I love when I get an eye opening though from someone. The fact that billion dollar companies can afford to make more mistakes than smaller companies is so important. It got me thinking what million or billion dollar companies I may be competing against. There’s all sorts of competition for the all-mighty dollar.
Thanks! Sherrie
Sherrie Koretke recently posted..The Success Myth Busted
I am so glad that Arthur Lipper’s comments resonate with another, Sherrie. It is among the many lessons that I have gleaned from his advice. Glad to pass it along- so others can use it, as well.
Roy
I love those 7 Ps! 🙂 You are so smart to hold off and not just push a product through, simply because everyone is locked into a certain mindset for the date of the launch. Sometimes we get impatient to just do it after we have spent so much time preparing for the launch.
Of course, you also need to guard against that step-child 8th P – Procrastination. 🙂 Thanks for a good-sense post, Roy.
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Cathy, thanks for adding to the post. Absolutely correct. We need to be ready- but we can’t wait for the absolutely perfect moment, because on this earth, I doubt it will ever appear!
Roy
Love the alliterations. Planning is important but execution matters to.
Planning without execution is like jumping out of a plane with your parachute fully squared on your back- and never pulling the cord!
Thanks for your kind comment, Roberta.
Roy
Roy, I think this process (described in what not to do) shows up in the youtube link I’m putting here. I use this in some of my coaching sessions and as part of a presentation.
It come just after the advert.
http://youtu.be/9GmmAUbfhMU
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Ah, Marty… some people just forget that the shortest distance between two points is a straight line!
Thanks for sharing.
Roy
Wow! You’ve really established yourself as an expert, Roy! =) I love the authoritative way you write and I especially love the 7 Ps. =) It’s a powerful way to remember the bottom line. “Preparation is key” pales in comparison. =P
Samantha Bangayan recently posted..“Hurry- They Haven’t Found Me Yet”
PLENTY of PEOPLE PLAN, PERFORMANCE PROVES PROFITABLE, Samantha- in case you need a 6P.
Thanks for your comments! And, I am so glad you enjoyed the piece. Now, get cracking!
Roy