At the beginning of each New Year, the need to prepare for and anticipate growth for your business is essential—but only if you are willing to slow down and invest the time required to plan thoughtfully and thoroughly. Rushed decisions often lead to missed opportunities, while deliberate planning creates a clear path forward. The planning process is time consuming, but it is one of the most critical investments you can make.
In the many years I have spent working with growing business owners on the goals that help them determine their success, I have seen how important it is not only to set those goals, but to take the time to refine, evaluate, and share them with people whose experience and expectations can contribute to that success.
Think and Grow Rich by Napoleon Hill stresses the absolute necessity of having a definite plan for the accomplishment of one’s goals, but goes on to describe the need for “power” to accomplish those goals. Power refers to organized effort, sufficient to enable you to produce the results you want. Where do you find the support that produces that kind of power?
One of the fastest growing trends in business today is strategic alliances. These can range in scope from informal business relationships to more structured contracts or joint ventures. The basic idea is to minimize risk while maximizing your leverage—but even these partnerships require careful planning and intentional alignment to be effective. You can do this through joint production, joint marketing, joint sales/distribution, joint design collaboration, or R&D.
You can find “power” in trade groups and associations where you can keep up to date on industry changes, trends, and competitors. Seeking out people that sell to your same market niche can also help keep you on track for what is working for them that may be of value to you. There are also centers of influence who have direct impact on people in your marketplace, whose interest in you can add strength to well-developed plans.
You are often faced with making decisions and would like to have the insight of other professionals, but may hesitate due to the perceived expense of hiring outside consultants. This is where a Board of Advisors, or your “mastermind” group, can be invaluable. Large companies have used this form of accumulated knowledge and experience for years to address employee, technical, sales, financial, and marketing issues—but their effectiveness depends on the clarity and preparation you bring into those conversations.
In any of these associations, it is essential that you are willing to listen and that you work with people who have your best interest at heart. That means developing a relationship built on trust. You must be willing to make commitments that will produce the growth and success you want, be open to constructive criticism, and contribute as much as you receive.
The Challenge: This month, set aside dedicated, uninterrupted time to carefully review and strengthen your plans. Identify areas that need outside support, and make thoughtful adjustments now to position your business for strong growth into the second quarter.