There are 6.5 million businesses that launch every year, but not all of them are successful. Startup failure rates are around 90 percent. That’s likely because the vast majority of aspiring entrepreneurs launch their business with no clear plan. Sure, everyone wants to achieve success, but that’s harder to do when you don’t have a plan in place to reach that success.
Imagine you are planning a trip to a place you’ve never been to before. More than likely, you don’t just leave for your vacation without knowing how you will get there. Likely, you research transportation options, the best hotels within your budget, and things you want to do. It’s essential to have a detailed plan. This ensures the trip is within your budget, and you have all the necessities you need to focus on relaxing and creating memories.
The same is true when building a successful business. Most people starting out have never been an entrepreneur before. If there isn’t a map or plan in place, you might never reach the level of success you need to continue your business.
A good Strategic Plan is a critical foundational pillar of every successful business. It’s so important that I call it the Roadmap to Success.
But what does a Strategic Plan look like? A good Strategic Plan has three components:
Define Success: Society’s definition of success doesn’t matter because success is a relative term. Each person has a different meaning to what success is to them. Each Strategic Plan is unique to each person, and each plan must define success. It’s vital that you take the time to sit down and brainstorm what success means to you – think in terms of finances, time, hobbies, etc.
Identify Roadblocks: You need to identify all of the obstacles that stand between the starting line (where you are now) and the finish line (success defined). Listing out all the potential roadblocks will help you be more prepared and help you navigate your way to success.
Overcoming Obstacles: Now that you have listed out the roadblocks, what tools and strategies will you use to overcome these hurdles, and accomplish your goals?
In addition to the three main components, there’s much more that goes into a Strategic Plan. Here are just a few examples:
Outlining your Vision, Values, Passion, and Mission.
Completing a SWOT (strength, weaknesses, opportunities, threats) analysis.
Defining what sets you apart from your competition.
Creating a Strategic Plan might seem like a daunting task, but it IS achievable, and I can help. I’ve guided countless entrepreneurs through this process using my time-tested methods. Using my Roadmap to Success can help you build a successful business that allows you to focus on your passion.
If you need some help or just want to have a conversation, please schedule some time with me or shoot me an email at kent@kentgustafson.com. I’d love to help you build success.
Schedule a one-on-one call with Kent to create a financial plan with lasting impact.
