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Business Leadership: Business Planning


Good planning is the cornerstone to developing any profitable business operation. Below we've outlined some principles that must be used in order to assist your concrete business plans:

Be a Leader

In his book, Think and Grow Rich Napoleon Hill lays out steps that we can take in order to plan a lucrative business, or simply getting paid for giving ideas and services. His first step is determining that you are a leader, because leaders are rewarded more than followers:

The follower cannot reasonably expect the compensation for which a leader is entitled, although many followers make the mistake of expecting such pay.

Becoming a leader in your industry is best achieved by first following a leader. The attributes of the leader will rub off on you and you will become a leader in your own right. Be humble and eager to learn from people who have more experience doing what you hope to accomplish. In our studies, we've read that nearly every successful leader took steps to surround themselves with other leaders.

The concept of surrounding yourself with successful and like-minded individuals is similar to changing your environment. Real estate tycoon, Donald Trump suggests:

Go to a place where people are getting rich (like a real estate office or stockbroker's office), join an investment club, or start a study group and meet new friends who also want to grow richer (1).

Organize Business Details

Getting your business off to a good start depends upon detailed organizing. In other words, we must prepare ourselves by learning and becoming acquainted with everything related to your business operations. Benjamin Franklin shared his wisdom on this important step:

By failing to prepare, you are preparing to fail (2).

Preparing yourself goes beyond organizing ideas. Business leaders go through the hassle of doing extensive research (reading) in order to be aware of even the most minute details. Donald Trump reminds us of the value of preparation:

When I started out in business, I spent a great deal of time researching every detail that might be pertinent to the deal I was interested in making. I still do the same today. People often comment on how quickly I operate, but the reason I can move quickly is that I've done the background work first, which no one usually sees. I prepare myself thoroughly, and then when it is time to move ahead, I am ready to sprint (2).

Furthermore, we must actually have a physical (written or typed) plan. Napoleon Hill reminds us:

Reduce your plan to writing. The moment you complete this, you will have definitely given concrete form to the intangible desire (3).

Thus, figure out (in writing) what steps (actions) you're willing to take to get your business going. Next, give yourself a deadline for each activity. Finally, work to reach each goal on time and you'll start to see your larger vision materializing before your eyes.



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