Follow Adam Linkedin Twitter Facebook
Email Adam Email
Financial
Jun 30, 2017

What’s Your Plan?

Sponsored Content provided by Adam Shay - Managing Partner, Adam Shay CPA, PLLC

All too often, entrepreneurs get stuck in the weeds of running their business and don't take the time to step back and plan what they want their business and life to look like. They just take their business and life as it comes. 
 
We work with enough entrepreneurs to be able to safely say we are all guilty of that at times. The benefit of taking a step back is that you can come up with a plan… or plans. With a plan comes a greater chance of success and shaping your business and life to be the way you want it to be.
 

How Do You Come Up With A Plan?

  • Time. You have to make time to remove yourself, if only temporarily, from your daily activities, and give yourself thinking time and an opportunity to create your plan. To generate a worthwhile plan will take time. 
  • Write your plan down. You need to jot down your thoughts about where you have been and where you want to be.  Think about your business in terms of success points in 30-60-90 days as a starting point. Then extend out to six and 12 months. While there is some value in high-level plans that go beyond 12 months, realize that the further out a plan is, the less accurate it will be, and the more you will have to revise it as the near-term changes.
  • Establish Key Performance Indicators (KPIs). KPIs are typically three to five items that are simple to track on a regular basis. Identify and establish KPIs that will help you track your progress towards your goals.
  • Share your plan. Share it with some accountability partners. This can be a spouse, a business coach, your CPA or someone else you really trust. Ask them to check in on how you are doing. Knowing you have someone looking over your shoulder really helps keep you on track.
  • Execute your plan. Operate and proceed as you planned to do. Monitor yourself against targets and KPIs. If your plan doesn't play out short-term, don't give up. Continue to fight and make strides towards your plan.
  • Revise your plan. Your plan is going to need revising because it's a living document. As time passes, look at how your plan has changed and update it. 
  • Rinse and repeat. Continue to cycle through steps 4-7 over time.

 
What Is A Good Way To Get Started On A Plan?


Think about your business in the context of these four questions:
 
  1. What are your goals? This question will really drive your plan.
  2. What's working? Evaluate what is working in your business and why, and what you can learn from it.
  3. What's not working? You need to determine where your business is broken. Identifying these items are the first steps in fixing it.
  4. What are your bottle necks? Determining where your bottle necks are will help you identify things you need to fix to execute your plan and achieve results.
The purpose of this article was to highlight the value of creating, implementing, and tracking against a plan. Still not sure where to start or need help? If so, feel free to reach out to us.

Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.

 
 
 

Other Posts from Adam Shay

Adam shay blk 52015121549
Ico insights

INSIGHTS

SPONSORS' CONTENT
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Entrepreneurs Tap into Generous Advice

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Jim ellis headshot 10311631058

Questions to Ask Before Choosing a Digital Agency

Jim Ellis - Signal
Carolinemontgomery4

Business Budgeting

Caroline Montgomery - Adam Shay CPA, PLLC

Trending News

Wish You Were Here? Local Airbnb Rental Lands On The Most Wish Lists For New Hanover County

Cece Nunn - Jun 18, 2019

N.C. Azalea Festival Announces Board

Christina Haley O'Neal - Jun 18, 2019

Luxury Home Sales Reach Record Height In May

Cece Nunn - Jun 17, 2019

Retail Store Benefiting Human Trafficking Survivors Opens Downtown

Johanna Cano - Jun 18, 2019

Scoopin’ Yummies A Sweet Sensation In Carolina Beach

Jessica Maurer - Jun 18, 2019

In The Current Issue

Providers Keep Close Eye On Measles Issue

With the largest measles outbreak in the U.S. in 25 years, area health providers will continue to promote the need for keeping up-to-date on...


MADE: Production Capacity

From power cords to nuclear fuel, manufacturing companies across the Cape Fear region are making a wide range of products. Here’s a recap of...


Aging Office Spaces Get Modern Makeovers

Some investors have turned to older office buildings, renovating them to make them Class-A office spaces that are updated to attract a new r...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018