Actions without purpose are meaningless!

April 18, 2022

1 link, 1 thought, and 1 tweet.

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1 Link To Make you Act

Transitioning from technician to business owner can be a complicated change, but thinking through an action plan will lead to a business that works.

1 Thought - The foundation of a business

If you are a founder or a CEO without a business plan or think that business plans are only for startups, read below 👇

Most founders and CEOs think of business plans from an investment perspective, i.e. if they want to invest in an idea or business they will ask for it, forgetting they need one for themselves.

There are many types of business plans, each serves a goal and purpose.

The externally focused business plan is for seeking investment, and the internally focused business plan is the foundation of the business on which you base ALL of your business decisions.

These internally focused business plans can be business development plans, marketing business plans, operational business plans, and so on. Depending on the current challenge the business is facing.

Here are the sections of your business plan that we have developed and used at Makman and our business coaching clients.

Values

The first section is your company values. Values are what's important for the team and what you based your decisions upon. We use the "Built to last" framework of Jim Collins and have recently started using @YourFlock which automates the process and uses AI.

Purpose

Your Purpose section is something that touches the heart, it is what makes you wake up early not what makes you awake late at night, it should be inspiring with societal impact.

Vision

The vision statement is where you will be in the future that you formulate in the present tense, it is like a time machine that you ride to describe your future.

Mission

A mission statement section is how you will achieve this, what habits and rituals would make your business and team unique that if you keep doing you will reach there. 👣

Goals

Your goals section is where you break down your vision into broad directions e.g. growth, scaling, etc. and you will break your goals further into the objectives section and then a key results section and thus the famous OKR system.

It's a roots and branches relationship. From top to bottom, if this tree is of good seeds, in good soil and properly watered and fed, it will scale rapidly and bring in the best branches and fruit.

Likewise, the relationship left to right is means and ends, your goals (ends) without action plans (means) are wishes, and your action plans without goals are meaningless.

The business plan values & purpose touches the heart; Goals, objectives, strategies, tactics, and initiatives touch the brain, and capabilities are the muscles: People, process, and technology, which you measure with KPIs and metrics.

That's a wrap!

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1 Tweet - The importance of Business Plans

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- Luqman