Dr. Troubleshooter
By Roger Fritz
Every business has problems. But entrepreneurial survivors solvetheir business's problems as they arise, and grow by convertingthose solutions into future opportunities.
Dr. Roger Fritz has more than 40 years of experience as aneducator, manager, corporate executive, university president,small-business consultant, and author of 28 business and managementbooks.
This month in Dr. Troubleshooter's waiting room, we discoverthe importance of planning.
Problem: Too often, you have the feeling that you'reflying by the seat of your pants or working day to day without anywell-conceived idea of what you ought to be doing. As a result, youoften feel that you're doing things to keep busy, but notactually making progress toward your long-range goals.
Diagnosis: From the very beginning, your business needs awell-defined plan, designed to keep you on course and prevent youfrom straying too far afield. Good intentions don't get the jobdone. Like a road map, a solid business plan will help guide youwhere you want to go. A business plan actually serves five keyfunctions:
* It communicates your ideas, research and plans.
* It provides essential information for potential sources offunding, such as prospective partners or bankers.
* It provides the framework on which to build your business.
* It provides a yardstick for measuring your company'sprogress.
* It provides a way to evaluate change, not only in your business,but in your industry, your market and yourself.
Prescription: Prepare a detailed business plan, whichentails:
1. Defining your goals. Be brief. Be specific. Make sure theyare measurable.
2. Collecting all of the relevant data. Get input from internaland external sources. Tap customers, suppliers, bankers andadvisors. Consult the library, applicable trade associations, thechamber of commerce, colleges and universities.
3. Developing the plan. Select and train new employees asneeded. Acquire new equipment if necessary. Form new businessrelationships. Determine how to finance the plan.
4. Implementing the plan. Set your plan in motion by delegatingkey assignments. Revise your plan as needed.
Excerpted with permission from Roger Fritz's The SmallBusiness Troubleshooter: 152 Solutions to the Problems Faced byEvery Growing Company (Career Press, $16.99, 630-420-7673).
