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... failing to plan is planning to fail ...

Planning

Planning

One can rarely find a successful project that does not involve a strong and well-thought-out plan. A business plan is a document which contains a range of information and data referring to the strategic direction of business operations, important operational and financial goals, activities which will be undertaken in order for those goals to be achieved, new initiatives and planned investments, and their impact on business. It is a living document; a basis for comparison; an auto-map that helps us arrive at our destination.

Devising a well-thought-out and comprehensive plan is a difficult and challenging task which needs to be performed in advance. The role of an experienced financial director may in such situations be of vital importance due to his/her set of skills which are different but also complementary to the ones of the business owner.

It is natural for an entrepreneur to be surrounded by people who share his opinions. However, it is also important to have someone on the team whose skills and knowledge are significantly different, one who will be able to ask uncomfortable questions as an objective third party, and bring to the foreground all the inconsistent elements, and argue the failings.

The realization of the plan is even more difficult than the planning thereof. Significant corrections of strategic guidelines are quite frequent and even inevitable in today’s turbulent business environment. Even without strategic changes, merely fulfilling the requirements of the plan comes with its own challenges.

However, regardless of the challenges involved in preparation and implementation, business operations that are based on a realistic, strategically devised, and internally communicated plan of activities, are more organized and more efficient than any other option that does not involve the planning of the business operations.