About this Video
Do you have a business plan and budget in place? If not, there are compelling reasons to start that process. Findings from our 2011 State of the Business Owner research report show:
- While only 42% of businesses surveyed had a written description of the desired future state of their business, those that did grew 50% faster than their peers, were more optimistic about the future, were 30% larger and their owners took home 25% more in compensation
- Business owners that use their balance sheet and income statement to make decisions earned 60% more than their peers and their businesses were 45% larger.
- Business owners that tracked business metrics at least monthly earned 60% more than their peers, and their business were 80% larger.
- Having a plan and budget for next year is important. However, plans and budgets need to be dynamic to change with business conditions. The process that ties the high level vision and objectives to the execution of the details is what allows the entrepreneur's vision to be captured by the manager and executed by the technician.
In this video we will address:
- Where to start? What are the questions you need to ask before you begin?
- What are the foundational elements you need to create the process rather than just the end results?
- How to effectively tie high level vision and planning directly to execution details
The budgeting and planning process is almost always a mix of pain and exhilaration, but it is also a process that forces you out of your day-to-day activities and into a strategic view. And from this place you can look to the next year with a clearer picture of where you are, where you’re going, how you’re going to get there and how you’re going to measure your progress. If you have that, you are well on your way to having your business inside of you.