Recently, a self-styled entrepreneur came to our office to ask me a question. He was referred to AYTL by an acquaintance who had built a successful SME (small business enterprise) and had used me as a mentor. The problem he explained was that his business idea had not taken off as he had believed it should. Before throwing in the towel, he wanted to know what he had done or not done that caused the idea to fail. He believed that he fit the criteria as laid out in Blog 11 – ‘JUST DO IT’ and could not understand where he went wrong.
After a brief discussion it was clear where he erred. No initial BUSINESS PLAN!
If one is planning a journey by car, one first ensures that the vehicle is in good working order and that the driver has been properly trained and licensed in the operation of the vehicle. Then one either consults a map or GPS and follows the instructions to reach the destination. Even if small detours are made along the way, consulting the map or GPS will bring one back on course. In the case of the young entrepreneur there was no ‘path’ laid out initially. The individual just started the business and made decisions as it went along – many of which caused the business to go off track and eventually falter.
Enough said—how does one make a business plan? I could spell out all the details here, however there are numerous web sites and software that can do it in far greater detail. My suggestion is to Google Enterprise Toronto and attend one of their ‘Business Plan Boot Camp’ (the next one comes up January 13, 2015). In just a few hours you will gain all the basics and you will be able to create your personalized business plan for your office.
If you are still puzzled and need help, we are here to assist. Over the years, AYTL has produced numerous business plans for a wide variety of different businesses. Remember, if you have a toothache you go to a dentist. Even medical professionals from other disciplines go to a specialist. So if you have a particular talent and you are not a ‘numbers’ person, use a pro—-call us at 416.488.1801!
And by-the-way: The errant entrepreneur showed his resilience and common sense in asking for help and direction. AYTL was able to key in on his successes and eliminate his faults and he is now showing headway and getting back on track.