The BizFilings blog covering business tips and trends.
Traits for Success: Plan
Published on Apr 13, 2012
Read 'Traits for Success: Plan' at 'Time to Start Up,' the small business blog by BizFilings.
By Brooke Miller Hall
“Success is neither magical nor mysterious. Success is the natural consequence of consistently applying the basic fundamentals.”
– Jim Rohn, American entrepreneur and author
Studies show that small business owners who are successful share the same few traits.
One of those traits is being future-focused or a good planner, according to the Guardian Life Small Business Research Institute survey of 1,100 small businesses (between 2 and 99 employees).
Ambition, drive and passion are all important. But it’s hard to know if you’re moving in the right direction, or even if you’ve achieved success, without thoughtful goal-setting.
That means having short-term everyday plans for running the business. Some successful entrepreneurs start every morning by writing down a short list of goals for that day, in order of priority.
To help you focus on where you want to go and the best way to get there, consider setting SMART goals, which are Specific, Measurable, Attainable, Relevant and Timely.
In addition, your short-term goals should embody a long-term strategy.
Your long-term plan should map out the course of your business for several years to come. However, a long-term plan is only helpful if you use it. It’s a good idea to measure your objectives and results against long-term goals on a regular basis. Are you where you need to be? Are you taking the best approach? Do your goals need adjusting?
Also update your long-term roadmap whenever your business circumstances change. An out-of-date plan doesn’t do you any good.
With long- and short-term plans in place, you’re better prepared for making decisions like adding or subtracting staff or changing your product/service offerings. And that in turn makes you more likely to succeed.
Stay tuned for upcoming posts on other traits of successful small business owners.
For more information, read our past articles about setting effective goals.