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8 Steps To Help You Plan for Business Success, a How-To Guide

Antifragile

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

Screen Shot 2022-10-20 at 6.22.52 AM.png



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
 
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mikecarlooch

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
@Antifragile this is exactly what I was looking for.

I know there's a ton of frameworks to follow and it's easy to get distracted by them, but I'll stay disciplined with this way of thinking that you put here.

Thanks for this awesome thread!
 

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Andy Black

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
Nice.

Too many people don't start because they're busy planning for the white water stage... worrying about how to deal with loads of customers when they haven't made a sale yet.

I think a lot of it's down to the business model / offer too. I could scale a consulting service with people, processes, and technology. Or I could change the business model and not sell a consulting service but sell a productised service or product.
 
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NeoDialectic

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Nice.

Too many people don't start because they're busy planning for the white water stage... worrying about how to deal with loads of customers when they haven't made a sale yet.

I think a lot of it's down to the business model / offer too. I could scale a consulting service with people, processes, and technology. Or I could change the business model and not sell a consulting service but sell a productised service or product.
Yep. That's why I have your Just Start and You Know Enough Threads on Speed Dial to whip out in posts haha. Or if I sense the failure to start is just fear of letting down customers or being overwhelmed or not ready, I throw in mine.
 

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Yep. That's why I have your Just Start and You Know Enough Threads on Speed Dial to whip out in posts haha. Or if I sense the failure to start is just fear of letting down customers or being overwhelmed or not ready, I throw in mine.
Nice thread of yours. I just replied.

Have you listened to "Who have you helped?" I'd be curious what you thought of that.
 

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Nice thread of yours. I just replied.

Have you listened to "Who have you helped?" I'd be curious what you thought of that.
Dang Andy, now I'm beating myself up for sleeping on this!

I generally don't listen to videos unless I'm specifically on YT listening to podcasts or searching for something specific, so I saw this thread of yours but skipped it since it revolved around a video.

Consulting has always been in the back of @fastlane_dad and I's mind. The few sessions we have done by happenstance were invaluable to us getting in the mind of aspiring entrepreneurs and what kind of help they needed. It was also pretty great being able to help with actionable steps since we knew the situation and weren't just discussing generalities like in a thread. But it was kind of put to the side. This may have been the kick in the butt I needed to get the ball rolling again.
 
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Dang Andy, now I'm beating myself up for sleeping on this!

I generally don't listen to videos unless I'm specifically on YT listening to podcasts or searching for something specific, so I saw this thread of yours but skipped it since it revolved around a video.

Consulting has always been in the back of @fastlane_dad and I's mind. The few sessions we have done by happenstance were invaluable to us getting in the mind of aspiring entrepreneurs and what kind of help they needed. It was also pretty great being able to help with actionable steps since we knew the situation and weren't just discussing generalities like in a thread. But it was kind of put to the side. This may have been the kick in the butt I needed to get the ball rolling again.
Ooo, interesting. I love consulting, possibly too much.

Would love it if you posted your takeaways in that thread.
 

NeoDialectic

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.

Great thread. We would always talk about our vision and have an idea in our heads. But we mainly only wrote down tasks that needed to be done TODAY (that actually get done over the next weeks).

Our type of businesses let us get away with that. I imagine your business requires some very long term planning, considering how long of a cycle each deal may be.

What would your framework in that context actually look like? A piece of paper with a general outline and vague goals at each of the phases? Longer?

Ooo, interesting. I love consulting, possibly too much.

Would love it if you posted your takeaways in that thread.
Done! Also will be sending you a PM.
 

Antifragile

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What would your framework in that context actually look like? A piece of paper with a general outline and vague goals at each of the phases? Longer?

Thank you for this prompt. I wish it was that simple...

7-P: Proper Prior Planning Prevents Piss Poor Performance.

I've planned and executed on different parts of my business strategy for over a decade. The framework above has been with me since the very early days, I think I read "Predictable Success" back in 2013 or around that time. Since then I've exhausted Moleskine Notebooks (yes, plural) in planning and planning some more. Then those were converted to binders, with typed parts of plans. I've always had business partners, those plans would be pitched, refined, revised, revised some more. Then we execute, see flaws, try again, pivot, hand write more, type up more, email partners, meet in boardrooms. You get the idea. I love planning before executing!

I believe failing to plan is planning to fail.


The end result? Binders full of Planning each part of what influences our business with ideas, successes and failures.

Moreover, our planning changes every year as we achieve our objectives. But the framework stays the same.

I realize this is now very theoretical and I am not willing to scan and post my actual plans. But let me do an illustration of evolution of planning through an example:

Start up phase
  • Office space. Cheap and cheerful but useful for small growth.
  • Servers. Cheapest but still reliable storage - cloud. Even at this stage, how you store files and then access them is super important. You want the filing system to work 10 years from now, not have to change it and have chaos!
  • Furniture. Bought old used stuff. No money, easy choice.
  • Employees. First hire is ... 2nd hire is...
  • First RE deal. Priority! What makes financial sense, cannot lose $ is key, keep it small. Just get it done, it's "sales" for us.
  • Funding. etc.
Each of the above is pages and pages of planning, discussing, deciding, executing etc.
The key here is that if I got a call with a line on a new site (to us that is "sales", see my other AMA on RE thread for details on why), drop everything and prioritize sales. Why? Because we are in the Early Struggle phase.

Years later phase
  • Office space. Where do employees commute from? Is our location convenient for them? Do we meet the needs of the business (open areas, closed offices, private spaces etc.)? Do we have sufficient amenities for staff (gym, end of trip facilities, food etc.)?
  • Servers. How do we protect our data from hacks, from bad actor employees etc.?
  • Furniture. Upgraded all who wanted to standing desks to help with ergonomics.
  • Employees. Many changes since the start up phase... optimizing for growth. Systems are key here. Attracting better quality staff because we are bigger, we have a reputation, we have systems that help them learn, grow, succeed etc.
  • Deals. Have a pipeline, focus on opportunistic buys. Larger scale per transaction. Same amount of work but bigger payout with larger scale of land.
  • And so on...
Priority is systems, not a sale at this stage, we are white water into predictable success.

As the company gets bigger, priorities change.

A $10M sales company is vastly different from $100M sales company and again vastly different from larger numbers.


Is this what you were asking? Hope it's helpful to someone reading. It's a difficult question without actually showing you in person what is probably thousands of pages of planning! And it doesn't stop. I keep writing my ideas, how I plan to execute on them, what I need. I reflect back on what went well before, any major completes and so on. It is a never-ending process for me.

And I repeat, it is not your typical academic rigid "Business Plan" showing a hockey stick chart for profits and being totally F*cking worthless in the real life. It is all ACTIONABLE.
 
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NeoDialectic

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Is this what you were asking? Hope it's helpful to someone reading. It's a difficult question without actually showing you in person what is probably thousands of pages of planning! And it doesn't stop. I keep writing my ideas, how I plan to execute on them, what I need. I reflect back on what went well before, any major completes and so on. It is a never-ending process for me.

And I repeat, it is not your typical academic rigid "Business Plan" showing a hockey stick chart for profits and being totally F*cking worthless in the real life. It is all ACTIONABLE.
It is exactly what I was asking about and it definitely clarified some things for me.

I think it turns out that we do similar types of planning! I just never considered it planning because we never really kept journals or binders with it. All of our "planning" was done either on a whiteboard and/or scrap piece of paper on my desk which eventually got reorganized into a new scrap piece of paper when enough things were crossed out. The white board contained general outlines and included everyones tasks. The piece of paper on my desk would generally be focused on my tasks and could be more detailed.

For example...If we needed an office space we would write office space on the whiteboard, then have a bunch of bullet points underneath. The task would be delegated to one of us. Then when we found a space, it would be wiped off the white board and never thought of again. At any one time there may be 10 things on the white board, and 15 things on my piece of paper.

I have absolutely no doubts in my mind that your way is better for long term growth and a business where each sale has a long life cycle. I imagine our white board would be hectic if I had to have pieces of property on there for years at a time, haha.

I have another question for you.

A big thing I see with people that are really good at organize planning is that they actually just love the planning part and forget to actually do! It seems like you do a good job of knowing when it's time to put the paper, pen, binders and graphs down, and to pick up the shovel to go do things. Has this always been natural to you or was there an event that either pressured you to up your organization game or up your action game?
 

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A big thing I see with people that are really good at organize planning is that they actually just love the planning part and forget to actually do! It seems like you do a good job of knowing when it's time to put the paper, pen, binders and graphs down, and to pick up the shovel to go do things.

I’ve seen this a lot from others. Especially my staff over the years. Most people either hate planning and are like a ship without a rudder subject to the currents… or start planning so much they never get anything off the ground!

Has this always been natural to you or was there an event that either pressured you to up your organization game or up your action game?

I’ve always been action focused. Planning came after… I was taught to do that through my profession. It’s been life changing.

And over the last 15+ or so years, I’ve been both planning and acting.

My rule is: for any complex task/project, spend at least 1/3 of your time planning, and as much as 1/2 of the time. Then execute on that plan as quickly as possible. (Oversimplification, I know… but it typically holds).

I wont share my actual business specific pages, but as an example will show a few random pages of notes, thoughts… illustration will show that it’s a very time consuming process. And it’s worth doing.
[edit: changed my mind, don’t want to share my hand written notes… feels too personal for the general internet, sorry]

And a page you’ll recognize by the image already used in this thread, from one of my binders …
33EB5413-DBD7-428B-96E3-C0D7E0253ACE.jpeg
 
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NeoDialectic

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I’ve seen this a lot from others. Especially my staff over the years. Most people either hate planning and are like a ship without a rudder subject to the currents… or start planning so much they never get anything off the ground!

I’ve always been action focused. Planning came after… I was taught to do that through my profession. It’s been life changing.
Focusing on this..... Was there a FTE type watershed moment that made you focus on your planning? Was it a slow progression from rudimentary planning to eventually having great planning. In other words just adapting to the specific needs of your situation at the time.

If you were to go back to your X year old self before you focused on planning as much... Is there anything you could have showed or said that would have motivated you to start planning better? Would you even think that you should have planned better at the time, or were you planning the correct amount for your goals at the time?

Let me know if my questions are too personally intrusive! Some background on why I am going down this line of questioning: I think that most people, including myself, will see your thread and immediately agree with "All else being equal, meticulous planning is much better than less meticulous planning". Yet, I used a whiteboard with scraps of paper before and a variation of that is still what's going on today. My reason is that since my time is zero-sum, I would have to steal time from some other activity to do it. It is difficult for me to judge if that is actually true for my situation or if I'm just making an excuse to not do hard things. So I am just exploring what it was that initiated your improvement.
 
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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
Very informative thank you for sharing this very relatable post. I got to the white water phase and totally can resonate with the fact that, it too was harder for me than the early start up phase. Primarily due to mismanagement of my own energy levels and burning out.
 

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Focusing on this..... Was there a FTE type watershed moment that made you focus on your planning? Was it a slow progression from rudimentary planning to eventually having great planning. In other words just adapting to the specific needs of your situation at the time.

I failed 3 or so business startups in my 20s... and ended up in debt, with a well paying job and side hustles... I felt the gradual pressure that whatever I was doing wasn't working. I was not happy. Something had to change! A friend of mine at the same time built up a team of 70 people around the world for his business. I called him and asked for help. He was semi-retired living abroad! F*ck, I was jealous and not even that happy for him. What the hell did he know that I didn't?! Lucky he was generous and told me that I needed a vision and an actionable plan ... so I did what you'd expect me to do - nothing! (You are getting me to really open up here, ha-ha).

There was no watershed moment. There was a realization (gradual) that some of my dreams in life were scary large even for my own mind. This is the danger of sharing big dreams with others, most people will not believe it's possible and before you know it, you start accepting the majority opinion. But there is even a greater risk, if you never had big dreams... what chance do you have?

Then I ended up working for a RE development company and learned how projects are planned and executed.

Today, my planning is almost the same as it was over 15 years ago. But I use different tools, instead of a paper notepad, I take notes on my phone in a "Drafts" app. Other than that, it is still the same.

If I have an idea (say from reading one of your posts here on the FLF), I will always write it down into my notes. I will revisit my ideas and thoughts and try to formulate them into something a little more coherent and actionable for my current situation. That's how all my long term plans get born. They start rudimentary and then filtered (90% of ideas written are garbage, throw them out).

What I am trying to explain is that it takes a long while for the plan to go from rudimentary (brain-dumping) to great (actionable = great), sometimes it takes years.

If you were to go back to your X year old self before you focused on planning as much... Is there anything you could have showed or said that would have motivated you to start planning better? Would you even think that you should have planned better at the time, or were you planning the correct amount for your goals at the time?

This is a truly amazing question. Thank you for asking.

I am a bit stubborn, so I doubt anything I would say to my 20 year old dummy self would have mattered. Back then I thought I knew a lot (ha-ha-ha!). I needed to screw up a few times, get smacked on the head to learn that I needed better approach.

Let me know if my questions are too personally intrusive!

No worries, fire away any questions you like. I am very good at ignoring things I don't want to do or answer :).

Some background on why I am going down this line of questioning: I think that most people, including myself, will see your thread and immediately agree with "All else being equal, meticulous planning is much better than less meticulous planning". Yet, I used a whiteboard with scraps of paper before and a variation of that is still what's going on today. My reason is that since my time is zero-sum, I would have to steal time from some other activity to do it. It is difficult for me to judge if that is actually true for my situation or if I'm just making an excuse to not do hard things. So I am just exploring what it was that initiated your improvement.

I'd like to push back on time being zero-sum. I believe that each person will need to find their golden middle where more planning is producing and not costing you.

Let me explain... what if I can test my idea during the planning stage? I've found that during deep thinking, that state of "flow", I often see things I wouldn't see any other way. I see opportunities as much as I see waste. But I don't see it with just scraps of paper (not yet), I start to see after enough time was spent on planning. It can be a huge time saver!

Personal example: we started a side-hustle of junk removal. The business was struggling but staying afloat. During my deep thinking and planning moments, I wrote down:
- who's the best at junk removal?
- Brian!
- What does he know I don't?
- I don't know.
- Can I ask him? Who knows him?
- Mike does.
Action: ask Mike to introduce me to Brian.

I then met Brian Scudamore CEO of the 1-800-GOT-JUNK?. It took 30 minutes of us sitting in the room together for me to realize our main problem and since then, our business has been re-branded, changed direction and has been profitable every year.

You can also say that I am an idiot and that smarter people can do the same low level thinking I described with meeting Brian with just a white board and scrap paper. You may also be right. But I think it's not so simple... that the time I spent planning before meeting Brian made that 30 minutes ridiculously useful. And that the most efficient way to deep thinking is to think on paper, to plan.

Lastly, the idea of neat binders are there to have something I feel good sharing as my vision with my business partners! That part is not necessary unless you want to present as if you were presenting to a Fortune 500 company Board of Directors. You may find that a waste of time, shouldn't your partners be OK with white board and scraps of paper? Maybe. But my plan for life is to be able to pitch to anyone in the world, this was just good and low risk practice. I've gained great experience in presenting ideas on paper that I now use often. :)

Look forward to your thoughts! This has been interesting to write.
 

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Tagging @Kak here because I recall he had an episode on CEO time. Time to think etc. I view planning as that time, an investment that pays me, not a cost.

Kyle, which episode was that? Do you mind posting a link here? Thanks.
 
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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
It is ge
Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
it's a good job you did. Thanks for the informative information.
 

MJ DeMarco

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-plannin

Interesting, your "system" is very similar to GoalSumo.com, the goal application we've been working on in which goals are segmented into smaller, actionable time silos. Before anyone asks, we're still is in pre-beta but people can pre-register for it and get a notification when it is ready to go.

Upgraded to GOLD!
 

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Interesting, your "system" is very similar to GoalSumo.com, the goal application we've been working on in which goals are segmented into smaller, actionable time silos. Before anyone asks, we're still is in pre-beta but people can pre-register for it and get a notification when it is ready to go.

Upgraded to GOLD!

Thank you for the GOLD upgrade.

I am very interested and signed up for GoalSumo.com. I swear, I felt there was a void in the market for people who don't know how to plan. This absolutely can be solved with software! I've been training my teams at the office for over a decade on how to plan and some took to it, others washed out. But one thing I saw is that no one was a "natural", it was a learned skill, like any other skill.
 
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NeoDialectic

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I failed 3 or so business startups in my 20s... and ended up in debt, with a well paying job and side hustles... I felt the gradual pressure that whatever I was doing wasn't working. I was not happy. Something had to change! A friend of mine at the same time built up a team of 70 people around the world for his business. I called him and asked for help. He was semi-retired living abroad! F*ck, I was jealous and not even that happy for him. What the hell did he know that I didn't?! Lucky he was generous and told me that I needed a vision and an actionable plan ... so I did what you'd expect me to do - nothing! (You are getting me to really open up here, ha-ha).

There was no watershed moment. There was a realization (gradual) that some of my dreams in life were scary large even for my own mind. This is the danger of sharing big dreams with others, most people will not believe it's possible and before you know it, you start accepting the majority opinion. But there is even a greater risk, if you never had big dreams... what chance do you have?

Then I ended up working for a RE development company and learned how projects are planned and executed.

Today, my planning is almost the same as it was over 15 years ago. But I use different tools, instead of a paper notepad, I take notes on my phone in a "Drafts" app. Other than that, it is still the same.

If I have an idea (say from reading one of your posts here on the FLF), I will always write it down into my notes. I will revisit my ideas and thoughts and try to formulate them into something a little more coherent and actionable for my current situation. That's how all my long term plans get born. They start rudimentary and then filtered (90% of ideas written are garbage, throw them out).

What I am trying to explain is that it takes a long while for the plan to go from rudimentary (brain-dumping) to great (actionable = great), sometimes it takes years.

This is a truly amazing question. Thank you for asking.

I am a bit stubborn, so I doubt anything I would say to my 20 year old dummy self would have mattered. Back then I thought I knew a lot (ha-ha-ha!). I needed to screw up a few times, get smacked on the head to learn that I needed better approach.
Touching and very relatable! I think your journey harbors alot of invaluable insights. Why is it sometimes so difficult to convey wisdom onto those that haven't yet earned it through their own struggle (like our own young selves!). Some form of that question haunts me every time I reassess my own strategies and every time I sit down to write a thread with advice. Sometimes I start thinking the most valuable advice would be giving no advice at all but encouraging a specific type of journey that forces the adaptation - rather than conveying what the adaptation is with hollow words.

No worries, fire away any questions you like. I am very good at ignoring things I don't want to do or answer :).



I'd like to push back on time being zero-sum. I believe that each person will need to find their golden middle where more planning is producing and not costing you.

Let me explain... what if I can test my idea during the planning stage? I've found that during deep thinking, that state of "flow", I often see things I wouldn't see any other way. I see opportunities as much as I see waste. But I don't see it with just scraps of paper (not yet), I start to see after enough time was spent on planning. It can be a huge time saver!

Personal example: we started a side-hustle of junk removal. The business was struggling but staying afloat. During my deep thinking and planning moments, I wrote down:
- who's the best at junk removal?
- Brian!
- What does he know I don't?
- I don't know.
- Can I ask him? Who knows him?
- Mike does.
Action: ask Mike to introduce me to Brian.

I then met Brian Scudamore CEO of the 1-800-GOT-JUNK?. It took 30 minutes of us sitting in the room together for me to realize our main problem and since then, our business has been re-branded, changed direction and has been profitable every year.

You can also say that I am an idiot and that smarter people can do the same low level thinking I described with meeting Brian with just a white board and scrap paper. You may also be right. But I think it's not so simple... that the time I spent planning before meeting Brian made that 30 minutes ridiculously useful. And that the most efficient way to deep thinking is to think on paper, to plan.

Lastly, the idea of neat binders are there to have something I feel good sharing as my vision with my business partners! That part is not necessary unless you want to present as if you were presenting to a Fortune 500 company Board of Directors. You may find that a waste of time, shouldn't your partners be OK with white board and scraps of paper? Maybe. But my plan for life is to be able to pitch to anyone in the world, this was just good and low risk practice. I've gained great experience in presenting ideas on paper that I now use often. :)

Look forward to your thoughts! This has been interesting to write.
I agree with everything you have said here. I think I've been unclear in my thoughts and my focus should have been on the neat binders. Not whether they are a good thing. In a vacuum, neat binders with records > scraps of paper. Rather whether it is something worth instituting even when my businesses or goals are different than yours (I'm not in the pitching business). Just thinking out loud!
 

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Sometimes I start thinking the most valuable advice would be giving no advice at all but encouraging a specific type of journey that forces the adaptation - rather than conveying what the adaptation is with hollow words.

You can read 100 books on swimming, but to become a swimmer one has to jump in the pool. :)
 

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Tagging @Kak here because I recall he had an episode on CEO time. Time to think etc. I view planning as that time, an investment that pays me, not a cost.

Kyle, which episode was that? Do you mind posting a link here? Thanks.
Ha! Episode 10… That was a long long time ago. Before the fancy mics and knowing what I was doing. :rofl:
 
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"A lot of people talk about expecting the best but preparing for the worst, but I think that’s a seductively misleading concept. There’s never just one “worst.” Almost always there’s a whole spectrum of bad possibilities. The only thing that would really qualify as the worst would be not having a plan for how to cope." (Chris Hadfield, An Astronaut's Guide to Life on Earth)
 

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"A lot of people talk about expecting the best but preparing for the worst, but I think that’s a seductively misleading concept. There’s never just one “worst.” Almost always there’s a whole spectrum of bad possibilities. The only thing that would really qualify as the worst would be not having a plan for how to cope." (Chris Hadfield, An Astronaut's Guide to Life on Earth)
Most of your examples focus on the stages where someone already has some kind of idea, goal, or direction. I think a big hurdle for many throughout the journey is finding the idea, goal, or direction.

Sometimes the direction could come more naturally. It was bold and courageous to take the plunge, but by the time you made plans for your business, it was in some ways a natural next step. You've been doing many aspects of the business already for years but for someone else.

I think many people are starting from "I've been to high school, have no specialized experience, and have no idea what I want to do with my life".

The most powerful advice for them may be of the general life and mindset variety. But could you suggest some kind of planning infrastructure that could help them figure out what they should do?

For me, this is a whiteboard with all the possible ideas that come to mind and then under each idea I would have a few steps that would help explore the ideas and familiarize myself with them. What additions or changes could you suggest to improve chances of success?
 

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could you suggest some kind of planning infrastructure that could help them figure out what they should do?

I've been fortunate enough to be invited to my alma mater and other local business schools to speak to students. Students ask me this very question every time. This and whether good grades matter, not sure which one is more popular.

Here is what I tell them:

Have you ever gotten a compliment where you felt it was just common sense? For example, you do something and people look at you "how did you come up with that, that's brilliant, I wish I thought of that" while you are thinking "isn't it obvious? It's seems like this is the only right thing to do and not even that impressive".

Search your memory for those examples. These are clues to your natural talent. Something you are already doing better than others. Spend less time on things you suck at and more time on things that can make you excellent. (To clarify, if you don't know basic finance, learn it. But you don't need to become a CFA).

Some people find errors in documents easy. Others notice marketing that is effective. Many have amazing social skills and can read the room. Some are so introverted they know a lot of trivia. Whatever it is - get excellent at it.

Do not overthink how to "monetize" skills yet, plenty of time to do that later.

That's why I tell people, if you don't know what to do - get a job. Why? Why not? This whole "I am an entrepreneur, I hate jobs" works for those who really are entrepreneurs. If you are 20 and have no business, you are just someone who aspires to be an entrepreneur! I personally hated being broke, so getting paid was great. Better yet, I picked up skills like running teams, hiring people, financing with banks, property management etc. Things that later allowed to start a business and be profitable quickly (year 1). Hate jobs? As long as you find a way to get paid and cover your basic needs - that's totally ok (might even be better!). What I oppose to is people living in mom's basement pretending to be someone they are not. Face your reality and start there.

Future is unknowable. No amount of "Business Plan" in your 20s will work out the way you write them. Don't waste your time. Instead, focus on marginal improvements and be alert for opportunities.

Opportunities come all the time. They are all around us. We typically either aren't good enough to take advantage of them or are blind to them. By knowing your natural talent, you'll know when to stand up and say "hey, I can do this way better than most. It'll help so and so... " and then do it.

That art/science aspect of it all.

Lastly - think on paper. Always. Period. Read this again: THINK ON PAPER.

The stuff that worked out best for me, were things I doodled in my notebooks. Why does it work? Probably because we humans actively notice things we own or want. You buy a new phone, watch, car, bag, shoes... whatever, and suddenly you see it everywhere. By thinking on paper, you'll see opportunities better.
 
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I've been fortunate enough to be invited to my alma mater and other local business schools to speak to students. Students ask me this very question every time. This and whether good grades matter, not sure which one is more popular.

Here is what I tell them:

Have you ever gotten a compliment where you felt it was just common sense? For example, you do something and people look at you "how did you come up with that, that's brilliant, I wish I thought of that" while you are thinking "isn't it obvious? It's seems like this is the only right thing to do and not even that impressive".

Search your memory for those examples. These are clues to your natural talent. Something you are already doing better than others. Spend less time on things you suck at and more time on things that can make you excellent. (To clarify, if you don't know basic finance, learn it. But you don't need to become a CFA).

Some people find errors in documents easy. Others notice marketing that is effective. Many have amazing social skills and can read the room. Some are so introverted they know a lot of trivia. Whatever it is - get excellent at it.

Do not overthink how to "monetize" skills yet, plenty of time to do that later.

That's why I tell people, if you don't know what to do - get a job. Why? Why not? This whole "I am an entrepreneur, I hate jobs" works for those who really are entrepreneurs. If you are 20 and have no business, you are just someone who aspires to be an entrepreneur! I personally hated being broke, so getting paid was great. Better yet, I picked up skills like running teams, hiring people, financing with banks, property management etc. Things that later allowed to start a business and be profitable quickly (year 1). Hate jobs? As long as you find a way to get paid and cover your basic needs - that's totally ok (might even be better!). What I oppose to is people living in mom's basement pretending to be someone they are not. Face your reality and start there.

Future is unknowable. No amount of "Business Plan" in your 20s will work out the way you write them. Don't waste your time. Instead, focus on marginal improvements and be alert for opportunities.

Opportunities come all the time. They are all around us. We typically either aren't good enough to take advantage of them or are blind to them. By knowing your natural talent, you'll know when to stand up and say "hey, I can do this way better than most. It'll help so and so... " and then do it.

That art/science aspect of it all.

Lastly - think on paper. Always. Period. Read this again: THINK ON PAPER.

The stuff that worked out best for me, were things I doodled in my notebooks. Why does it work? Probably because we humans actively notice things we own or want. You buy a new phone, watch, car, bag, shoes... whatever, and suddenly you see it everywhere. By thinking on paper, you'll see opportunities better.
Awesome advice.

Thank you
 

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Planning is essential to the success of any business.
But what exactly should you be planning for? And how do you know if you're over-planning?


There is no one way, but it is better to have a method than not. Before we go on, I lied in the title - there are no 8 steps, there never are the 8 steps. That the most important thing to realize in business, you are the leader, you are solving problems that have not yet been solved there can never be 8 or 37 steps on how to get it right and become mega rich. With that out of the way...

Based on a request from @mikecarlooch - my thoughts from personal experience, hope you find them helpful.


How-to?

The first step
is to break down your goals into three distinct phases: startup, growth, and maturity. Each phase has its own unique challenges and opportunities, so your planning should be tailored to fit.
  • Startup phase: The focus during this phase is on getting the business off the ground. You'll need to establish your brand, build awareness, and acquire customers. This is also the time to put together a solid foundation for future growth.
  • Growth phase: Once your business is up and running, the focus shifts to growth. This is when you'll need to scale your operations, expand into new markets, and drive revenue.
  • Maturity phase: In this final phase, your goal is to maintain and sustain your current level of success. You'll need to focus on efficiency, profitability, and cash flow.

The key to success in any phase is to have a clear and achievable goal. Without a goal, you'll simply be spinning your wheels without making any progress. So ask yourself: what do you want to achieve in each phase?

Once you know your goals, you can start putting together a plan of action. But beware of over-planning. It's important to strike a balance between being prepared and being flexible. Over-planning can lead to stagnation, while too much flexibility can lead to chaos.

That's great but again, how?

The best way to find that balance is to start with a basic framework and then tweak it as you go. Do some research, make a few calculations, and then take things one step at a time. The goal is to get the ball rolling and then make adjustments as you go.

Personal example, I found The Predictable Success Lifecycle helpful to visualize (credit to Les McKeown)

View attachment 45596



Rephrasing it as I understood it many years ago and applied to my own businesses:
  1. Early struggle is all about getting sales. You cannot overthink this phase, you are the CEO and the Janitor of your company. You do most of the work because you have not made your first sale and you have no money to hire people (yet). The focus is on sales. You need to get cash-inflow. You need your revenues. Your plan must be focused around getting sales.
  2. Fun is when you can't believe your own "luck", you got sales, you are doing well and earning a living. It is "fun" in contrast to the Early Struggle. ;) Think about it as restaurant owner who is also a chef. Finally customers showed up! Finally you have profits. You just don't have scale and you can stay here (typically solo-entrepreneurs can be very happy with what they make here) and have fun with your business.
  3. White water is where your systems are insufficient to accommodate for your growth. This is what I think @mikecarlooch was realizing with his video business. If he gets just 30 more clients, he won't be able to handle the work. Mike, your planning on how to get out from "white water" is focused more on systems than on sales. You must borrow, steal, invent systems to handle volume now - you are scaling your business. Imagine white water rafting, rapid speed of water makes it hard but if you have technique - it'll get you where you want to go. At this stage you must focus on systems more than on sales. You plan how to handle volume of work. It is just as hard, if not harder than "early struggle" phase.
Once you figure it out, that's what Les calls "Predictable Success". And then we know, corporate bureaucracy starts kicking in and we have a whole set of new problems, but that is beyond what I wanted to start with this thread.

The most important thing to remember is that there's no one-size-fits-all approach to business planning. What works for one company might not work for another. So find what works for you and stick with it. With a little trial and error, you'll eventually find the perfect formula for success.
very helpful advice. I copied this almost word for word on my notebook just in case
 
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I know you were hating on @Kak in the “freelance” thread. This thread is my counter to you. Thanks to @kima for the bump!

Think bigger. Yes, you can start and succeed at building something bigger than a solo project. With scale some problems are replacing smaller problems.

Peace of mind doesn’t go with building a business. If you start weak, maybe you don’t have what it takes. And that’s just fine.

We need more big thinking, not less. And by we, I mean the whole world!
 

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@BizyDad @Fox

I know you were hating on @Kak in the “freelance” thread. This thread is my counter to you. Thanks to @kima for the bump!

Think bigger. Yes, you can start and succeed at building something bigger than a solo project. With scale some problems are replacing smaller problems.

Peace of mind doesn’t go with building a business. If you start weak, maybe you don’t have what it takes. And that’s just fine.

We need more big thinking, not less. And by we, I mean the whole world!

Personally, I was not hating on @Kak in the freelance thread. I (we) were hating on his needlessly hating on an entire industry. I can't seem to quote a locked thread, so here's my screenshot.

1678141689277.png
Let me know if this is sufficient or if I need to break out the sock puppet, k? ;):rofl:

Everyone starts somewhere. Just because you started as an employee in hotel, I am not going to recommend that everyone start as an employee in hotels. But I'm not going to dump on the entire hotel industry either.

You guys act like you first steps in business were a mistake. You act like the you that you were then were capable of being the you that you are now. That's wishful thinking. That's revisionist history. And I said what I said in that thread, I don't need to continue the debate to another thread.

Thanks for the tag. This thread at first glance sounds positive and encouraging in tone, so I doubt I'll have any issues with it. I'll read it later.
 

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