Have you ever found yourself in a situation where you simply do something for the sake of being active? You know, like making a business account on every social media account possible, buying a domain with a name you’re not even sure you want, or hiring a bunch of people to work on a project that doesn’t really exist yet.
These kinds of ‘doing for the sake of doing’ actions are not always accompanied by a solid business plan and usually do not return the best results. But doing something is better than doing nothing, right? You don’t want to look like you’re just sitting around doing nothing, do you?
But then again, if you plan too much without taking any action, then this doesn’t really help your business either. This leaves us with the question: planning or doing – what’s best?
This is a common issue that troubles many entrepreneurs and small business owners. Is it better to spend more time planning or more time doing? Well, the short answer is: both.
Both planning and doing are key to a successful business and equally important. You just need to learn to find the right balance between the two. Here are some tips to help you find the right balance.
Set Measurable Milestones
The most efficient way to turn a plan into action is with measurable milestones. Milestones enable you to manage responsibilities, track results, and complete tasks efficiently. They can be short-term or long-term goals.
For each milestone you should:
• Describe the task. What is the aim of the task and how will it be achieved?
• Set a start and due date. When will the milestone commence and when is the deadline?
• Assign a budget. How much money and resources will go into completing the milestone?
• Designate a person in charge. Who will be the go-to person for the milestone?
Having well-defined milestones will keep you focused and motivate you to continue improving your business processes. Focus on planning small and getting things done one step at a time.
Use Business Automation Tools
Business process automation is a huge trend. There’s hardly a business who isn’t automating at least one process. It takes the toll out of idle planning and makes conducting business processes much easier.
You can use business automation tools to automate various menial tasks like marketing, sales, data entry, and even planning. Not to mention, there are numerous benefits of automating your business processes:
• Lower costs
• Less administrative errors
• Higher operational efficiency and productivity
• Faster turnaround times
• More consistent workflows
• Better internal communication
• Greater transparency
Additionally, you can use automation tools to create a result-driven business plan that will take your business to all new heights. With the right amount of planning and doing, of course.
To measure the efficiency of your business plan and strategy it’s important that you monitor the results. Are you satisfied with how well your business strategy is performing? Look at which parts of the workflow are lagging and what you can do to improve them.
Perhaps you’re putting too much stress on the planning stage and less on the implementation – or vice versa. Monitor results to pinpoint your exact business strengths and weaknesses. And follow up on the results.
Everything you do in business should have an objective. Make your results count.
Attend Trade Fairs and Events
Trade fairs, business events, and conferences give you a comprehensive overview of the market and your industry. There’s a lot to gain from the experience:
• Network with industry leaders
• Find ways to solve specific problems
• Evaluate competitors
• Get new ideas for your business
• Follow trends and innovations
What better to optimize your business plan and strategy than to mingle with other professionals, listen to their success stories, and learn about the latest trends in your industry?
Having this kind of insight will give you a much clearer picture of where your business should be headed.
Seek Critical Evaluation
Criticism can be the best motivator for improvement. Sure, getting positive feedback and comments can do a lot for your ego – but in order to really improve your business you should aim for criticism. Namely, critical evaluation will help you identify which parts of your business suck and suggest how you can improve them.
Seek critical comments from industry experts who know what they’re talking about. For all your trademark related questions feel free to reach out. We can give you a critical – yet honest – evaluation about your brand and its trademarks.
Remember to not let criticism pull you down. Instead see it as an opportunity to avoid costly mistakes and build a better, stronger brand.
Refine Your Business Processes
Practice makes perfect. Make it your mission to continuously improve the way you do things. This means it’s okay to get things wrong as long as you learn from your mistakes.
Allow yourself to adjust plans, milestones, and even change your main business direction.
No plan should be set in stone. Rather it should be flexible for improvement whenever new information becomes available. This way, you will always have a competitive edge and hold value among your consumers.
So plan carefully and act accordingly. This is the right balance.