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In an interesting discussion thread here at OPEN Forum the moderator asked “do you update your business plan?”

The comments were revealing — one comment in particular. The commenter responded by describing how early on in his business he was advised to create a business plan for investors, but he didn’t want to spend hours on that exercise, stating: “I couldn’t see 40 hours of writing a business plan on assumption (typical entrepreneurs view) when the whole plan could change in a month and then how do you tell the investors the plan you made the deal on has changed?”

However, he says that later on he came to realize he needed planning of sorts in his business as it grew larger, stating:

“I learned when you get bigger you need some sort of plan for your own execution or else you just can get mixed up, simply. Maybe not a full BP by the book but something. I do have my BP in my head but it should be written down like all told me to do. If I did everything right I would modify my written plan once a month. Once a year is not nearly enough and writing it will bring about new ideas yet.” Read entire article.

Posted in Planning & Strategy

An age-old chestnut in business centers on the railroads during the rise of the automobile: Even as roads, cars, and 18-wheelers undercut rail’s dominance of the transportation industry, railroad executives comforted themselves by claiming dominance of the “trains business.” Goodyear, Ford, Mack – these new companies weren’t competitors. Instead, they were a new industry, similar perhaps, but heck, none of them made trains.Had the barons of rail seen themselves in the transportation industry, rather than the train industry, the great rail companies of the 19th century would still be household names. (Quick, can you name one now? Yeah, me either…)

So what does this have to do with your business? Well, we’re in the midst of a similar shift, but with a major twist. Today, I’ll assert, no matter what business you think you’re in – be it making widgets or providing a service, you’re now in the media business, plain and simple. Those that recognize this shift will succeed, those that ignore it will atrophy and eventually become irrelevant.

Now, what do I mean by the media business? Well, let’s start where all good businesses start: with the customer. Your customer’s media habits have changed dramatically in the past ten years. More likely than not, your customers spend nearly 15 hours a week online – it’s where they play, communicate, interact with services, and shop and research major purchases. In short, your customer has developed a major new media habit. The question is: Has your business? Read entire article.

Posted in Planning & Strategy, Sales & Marketing