How Prepared Is Your Business for Growth?
When it comes to growing your business, knowing where to even start can sometimes be the hardest step. One easily identifiable step is having a plan. So on a scale of one to ten, how does your business rank for growth preparedness?
- Executive decisions are made by the hour. It’s hard to know what will pop up by the end of the day.
- There are a couple of goals for each day, but a lot still comes up unplanned.
- Most of the day is scheduled with the rest open to changes.
- Daily targets are met with time left to prepare the following day’s objectives.
- Weekly tasks are outlined in successive order. Only a handful of occurrences are unaccounted for.
- Monthly missions are met with random tasks only occurring on a small daily scale.
- Quarterly objectives are planned months in advance with flexibility to account for unexpected snags.
- Yearly objectives are planned months in advance, with regular checks to ensure targets are on track.
- Yearly action-plans are made months in advance with variables identified and back up plans created.
- Ten-year goals are made with little or no unintentional occurrences.
Clearly, you’re not at 10 – and if you think you are, then you might want to take a closer look at your assessment. No matter how strategic your planning may be, there will always be variables. To successfully scale your business, you need a certain level of flexibility to take the necessary steps and get back on track when things go awry.
Holding on to a plan while the course completely changes is like holding on to a cinder block while on a sinking ship. On the other hand, changing course to ride out every single wave and losing focus of your destination is like sailing without a compass or even identifying which is the North Star (hint: it’s that big bright one ahead).
No matter where you’re at in your planning stage, be sure to keep your long-term plans, with regular re-assessments and a healthy attitude toward change so you can survive the daily challenges of growing your company.
David Chase, Managing Partner at Advanced CFO, has experience in small to medium private companies and large public companies as a senior operational and financial leader. With nearly 20 years in finance, a CFO of multiple entities and divisional EVP experience, Dave has a breadth of experience. Dave has led or been instrumental in raising multiple rounds of equity and debt in excess of $0.5 billion.