This is very good advice. A business plan can help you do things like test your assumptions and ensure that your calculations on projected revenue, expenses and profit are realistic. In 2006, Tim Berry contributed and article to Entrepreneur entitled “15 Reasons You Need a Business Plan” and those reasons are just as relevant today.
What is the One Thing Business Plans Often Ignore?
Yesterday as I sat waiting for my truck to have a tire repaired I watched a scene that really upset me. The owner of the tire shop (a blue collar business owner) was having a discussion with a sales person about online marketing and social media management. The sales women was clearly not a sales professional and I felt she was really pushing the owner to make a decision on marketing that he was not ready to make.
This is a danger that many business owners need to be aware of. Most business owners know that they need to have a website and social media accounts. The issue of course is that they often know nothing about how digital marketing really works and they are susceptible (likely to be harmed by a particular thing) to people who have learned a few buzz words and acronyms that make them sound to the unsuspecting business owner as knowledgeable and creditable.
The Digital Revolution is defined on Wikipedia this way:
“The Digital Revolution is the change from mechanical and analogue electronic technology to digital electronics which began anywhere from the late 1950s to the late 1970s with the adoption and proliferation of digital computers and digital record keeping that continues to the present day.” – Wikipedia
The Internet, Websites, Smart Phones, Social Media, Cloud Based Software, the list goes on and on. The Digital Revolution has affected every area of our life. Recently I was purchasing a new washer and dryer set for our home and I was looking at the WIFI settings. That’s right WIFI settings on a washer and dryer!
Understanding how to leverage digital technology in your business is a critical component of keeping your company on the path of influencing revenue to grow. Failure to execute a digital strategy will result in the businesses failure and that is why this post can change your business and your life.
What do we really need to know about this subject?