The Fountain of Youth

 

Does it sometimes seem like ages ago that you started your company, or took the job you’re in?  Do you think that you’re so old as a business that making big changes or even small ones could hurt you?  Or maybe it’s the opposite.  Maybe you’re still new to the game, only 2-3 years or even less.  Are you afraid that people misjudge your business because it’s so young?

We all face our mortality on a daily basis.  We get carded to buy alcohol and feel flattered we look so young.  Or maybe we start needing reading glasses and begin to feel old.  But we don’t face our business mortality, in fact we hide from it.  We do everything we can to either look older or appear fresh and young.  We ignore cracks in the walls and our business plan.  The problem is that just like a crack in a building, a crack in your business plan is only going to get bigger and harder to fix with time.

So what can we do to fight this? Simple, just treat your business as you do yourself. That’s right, you heard me, it’s time to put your business on a diet and give it a makeover.  Or maybe it’s time for some soul searching and a spiritual quest.  Basically it’s time to pull out your business plan, blow off the dust and start over.  Oh and if you can’t find your business plan or never wrote one, you need to look at the small business administration website for a little help.

Start at the beginning with your mission statement, are you living up to it? Maybe it’s changed over the years.  Or maybe it’s not a good mission at all and you need to refocus on better efforts.  Go through the summary of your business and see if it still describes all that you do.  You might have added services, dropped off programs, or even changed your idea of a potential customer.  Go back and do new research on your ideal demographic based on your revised plan.  You may find that your odds have improved or your focus should shift.  With Census data just being released this is a great time to find local information on just about every demographic you can think of.

What you’re going to end up doing is rewriting your business plan.  And that new plan will not only help your business move ahead of the competition but it will give you a new focus and energy to get the necessary work done.  If you aren’t updating your company as it grows and changes, you’re like an office that uses typewriters and stores everything in triplicate.  Depending on what you find, it may be a good time to go on a diet and focus on the health of your business.  Or you may find that you are on track to have a real impact in your community and decide to take on a full time charity sponsorship.  Whatever the case, you can’t know until you face the fact that young or old, your business is aging and you don’t want to get left behind.

 

Related articles

• Guide to Writing a Business Plan (thinkup.waldenu.edu)
• About Small Business Planning & Securing Capital (thinkup.waldenu.edu)
• How To Become A Better Business Plan Writer (businessinsider.com)
• The Function of Business Planning (cash-bandit.com)
• The 7 Sections of a Business Plan (gabrielcatalano.com)