4 Reasons You Shouldn’t Fail to Plan

Have you heard the phrase, "if you fail to plan, you plan to fail?" This phrase is often attributed to Benjamin Franklin, and my friend Matt McPherson brought it up during our conversation on The Wow Factor podcast. Matt's right, you need a plan, whether you're an entrepreneur starting out or a leader who's been around for decades.

A business plan is essential to communicate company goals, to be more efficient with time and resources, and necessary for growth, especially when the plans have to change.

Having a written plan is not fail-proof, but it gives the tools to adapt to the continually changing environment.

Set Goals

One of the reasons for having a well-developed business plan is to identify and set the goals for the company. Looking to the future helps business leaders and investors understand where the company wants to go and how it plans to get there. Additionally, they help everyone on the team to get on the same page.

Efficient Use of Time and Resources

Planning allows time for a company to determine which tasks bring value along with identifying tasks that are not necessary. This will empower management to prioritize projects which will result in efficient use of time and resources.

Adaptable to Change

Several factors contribute to the ever-changing environment in business - technology, customer needs, and competition. When a company has a plan in place, it is better equipped to adapt to these changes.

Grow Business

Planning gives a company a roadmap to grow and expand along with giving management the tools to analyze the company's strengths and weaknesses. Company leaders can determine how to understand their weaknesses and grow in their areas of strength. Planning helps leaders to identify growth opportunities they may not have otherwise seen.

PS: The interview with Matt McPherson is live on Google Play or Apple Podcasts.