We haven’t stuck to our business plan. Help!

Dear Aunty B,

Seven months ago we had a big party to kick off our new business plan. And you guessed it. Seven months on very little of the plan has been implemented.

We haven’t been standing still. In fact, we launched a new product in a matter of weeks that wasn’t even in the plan that is doing really well! We are also meeting budget.

My issue is that we raised some money off the back of the unimplemented business plan and now I have to report to our new shareholders the results. While there are some ideas in the original business plan that we will get around to doing, our marketplace is changing so fast that a business plan can be out of date the second I write it!

What do I do? What is a good approach to take?

Not flakey,
NSW

Dear Not flakey,

There is a middle line between running very fast at opportunities and having a plan. And that is called having a new plan. A plan keeps you focused. It keeps the team focused. At the heart of the plan is the strong vision and the company’s special capability. Circling that are the opportunities. If you are very clear about your direction, then it should be easy for experienced shareholders to understand why you have grabbed one opportunity ahead of another. Business plans are not locked in stone while budgets are. As long as you are meeting budget you should not have a problem.

And the new plan should be very easy for you to write. Remember, fast growth businesses never adhere rigidly to the finer details in a business plans. But they are very clear about their vision, their competitive advantage and their results. If you take a left instead of a right within those parameters, you can’t go wrong.

Good luck!
Your Aunty B

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