Hundreds of Oklahoma residents start new businesses every year. Unfortunately, almost half of these endeavors will close within five years of opening. Planning and execution strategies are essential for long-term success.
The power of planning
Most entrepreneurial efforts begin with an idea. Some small business owners are trying to turn their passions into profit. Others are looking to fulfill an unmet need in the marketplace.
Before holding a grand opening, successful entrepreneurs do a great deal of business planning and research. They understand the nature of the local market and the demand for their products or services. Some aspects to consider include:
- Start-up and annual costs
- Potential market size and outreach strategies
- Current competition in the marketplace
- Organizational structure and staffing
- Legal requirements
Mission, vision and values statements are popular planning tools. In setting out the organization’s purpose, a business owner will begin to differentiate it from competitors. These statements also give employees a deeper understanding of the company culture.
Execution and effort
Hours of planning will not matter if there is no clear execution strategy. The planning phase involves thinking in broad strokes about reaching a goal. The execution phase requires doing the work to make it happen.
Sustained effort is the power that brings success to a business. There will always be bumps in the road and unexpected problems. A commitment to working through difficulties can push the team through a stressful startup period.
Measuring results is another part of an intentional execution strategy. A smart business owner will work to learn what difference their effort has made.
Entrepreneurs must be flexible enough to revise their plans if the results do not match expectations. Success in the marketplace means adapting to changing conditions and new information.
Starting a new business is an exciting challenge. Channeling that energy into planning and execution strategies will help drive your business toward success.