How to modify the ideal to incorporate reality when making business plans
Are you making plans for your business, but are getting discouraged?One of the main ways that people get discouraged in business planning is when they have a hard time being realistic.Sometimes during business planning, a person needs to modify the ideal to incorporate their reality.There are a couple of ways that you can modify the ideal to incorporate reality when making business plans.Here are a couple of ideas to help you get started:
- What are your legitimate threats? When trying to modify the idea to incorporate reality in your business plan, you need to think about the legitimate threats that exist for your business.Although this is not a fun part of business, you need to think about what threats there are for your business.These threats usually come in the form of competitors, but they do not have to be.Maybe a business threat includes the location for your business or perhaps it includes the amount of business money that it placed in stocks.When trying to incorporate reality into your business plans, you will need to list and assess all of your possible threats to your business.After doing this, you should look and see how your ideal should be modified in connection with these threats.For example, if the stock market plummets, what kinds of things need to be modified in your ideal so that your business can stay afloat?
- What strengths do your competitors have? This is another not-nice reality that businesses often do not like to think about.However, most competitors do have some type of advantage over your company, or you wouldn't really consider them to be competitors, right?You need to take the strengths of your competitors into consideration when thinking about the ideal and reality of your business situation.How will you be able to attack or better these strengths? Be realistic when you are thinking about time and what you will need to do to beat out your competitors.When you are thinking about the strengths of your competitors, you will be able to better modify your ideal because you will be able to realistically envision the difficulties you will have while working against your competitors.
- What weaknesses do you and your competitors have?After thinking about the strengths of your competitors, you should also consider their weaknesses.You should think about these weaknesses in regards to your own business especially.Are you able to overcome the weaknesses of your competitors in your business?Or, are your weaknesses even more fragile than those of your competitors?If this is the case, then you will be better able to modify your ideal to incorporate reality, after realizing how much work you have just to overcome your internal weaknesses.
- Do not aim to high for projected profits.One of the biggest problems for those creating business plans is that they are not able to modify their ideal profit to incorporate reality.This is one of the biggest problems because business plans often are targeted to work off of the projected profit over time, and if you never reach that ideal profit, you're in a lot of trouble!Instead, you need to be realistic when thinking about projected profits for your business.Look at the statistics and see how much you have been able to earn over time.Make your projected profits somewhere in line with the trends that you see indicated through these statistics.If you do this, then you will be better able to modify your ideal to incorporate the reality of what the statistics tell you!