As An Entrepreneur, How Much Time Do You Devote To Effective Planning?

[Kendy]

Planning is an action word. It has to do with, formulating of a course of action, or of drawing up plans. Planning is very necessary in every works of life. Now, there is a difference between planning and effective planning. I tend to use the adjective 'effective,' this is because a lot of business owners, I have come across who had failed businesses would always say that they planned and would look for one factor to blame the cause of the failure on but looking at it critically, other business men or women are still operating the same business successfully which means that one person did not do an effective planning. An effective planning is efficient and also readily available for useful work. Some potential business owners do not engage in effective planning, they just source for the funds or capital and think that all have been set and when a challenge arises, they start lashing out their frustrations.


Effective planning is in-depth and includes decisive results. Effective planners are those who foreshadow the possible challenges that might arise in the business in the future and they look for ways to being an instant solution in case of any circumstances. For example, in offices or any working environment, we have fire extinguishers. Now, those fire extinguishers are not placed or mounted because anyone is expecting a fire outbreak rather it is mounted for future purposes, just incase something of that nature occurs, people would not start running helter skelter to look for extinguishers to put off the light. As an entrepreneur, how much time do you dedicate to effective planning?

 

[Shaf]

I've seen examples of people who have neglected plans in business and how woefully the business fails, and sadly, I've been a victim of this myself, not once but many times.

When you plan and you plan the plan well, especially before undertaking any necessary step in business, you can see the possibility of success and the chances of failure, you can determine if there are other alternatives that will work well and at a cheaper cost and you can arrange things such that your plan goes flawlessly.

One of my neighbors started a business with excess capital. All she saw was potential profits, but because she did not plan for how to continue sourcing for cheap raw material on a regular basis, her goods became expensive over time and she lost customers.

 

[Rachael]

In my line of business which involves janitorial services. I clean houses, offices and any related sites for a living and this is almost 7months since I started the business. However, this business is still at the growing stage and I had a partner just two months ago because I could not manage it alone with my offline engagements due to the program I am currently undergoing. I am really guilty of this offence because to be candid, I do not dedicate quality time to plan my business. Even with the partner I have, I was under pressure and just opted for anyone that was available without knowing if the person has some level or degree of motivation for the job or if the profits is just the only aim.

Due to this negligence, my business is facing a major decline because while I was away and my partner took over, I still get complaints from clients that the job was not done to their satisfaction and I need to keep on apologizing and at times, I would slash the payment just to make the customers satisfied. The essence of effective planning should never be undermined because this is one of the reason most businesses are at the verge of collapse.

 

[eldavis]

Personally I do not have a specific time in which I use for planning, I feel having a set time would be a form of limitation to myself and I might end up making hasty decisions simply cause am trying to keep up with time. When it comes to planning, I prefer planning early, so I can have enough time to make all the necessary arrangements and changes as well. No need to rush things.