Most MSP business owners that I’ve talked to have been more technician than business person, especially starting out. This was an area that I really struggled with in my business. I basically just did the next thing in front of me which was NOT the way to operate.
The solution to this problem is a business plan. I’m not talking about a 23 page plan to get a loan from the SBA or a bank, but a plan on a page or two to help orient the direction of your company. I’m talking about a 1-2 page business plan that is one part plan and one part dashboard. It sets the “North Star” for your business. I didn’t have anything resembling a business plan back when I started. This is an area where you should do as I say, and not as I did.
Business plan options
Use the plan to capture your financial targets, goals for your company, and strategies for how you will meet the targets and accomplish the goals. It really doesn’t need to be that complicated.
You don’t need to make your own unless you want to. EOS has their V/TO (Vision Traction Organizer), and I even created one for my peer groups at Pax8.
One thing that these documents have in common is they don’t take a ton of time to fill out. Each plan can probably be completed in a half day.
Executing your business plan
It’s one thing to fill out the plan, it’s a whole other kettle of fish to execute your plan. Even if you just fill out the plan and never touch it again, you will be closer to hitting the goals and targets you set. Your brain tries to prove itself right. If you come up with an idea that you think is solid and write it down, your brain will work behind the scenes to bring you closer to the idea.
I’m writing this in November, so it’s a natural time to work on your business plan. It doesn’t matter when you do the planning activity though. So, if you happen to read this in the summer, work on planning the second half of the year. The idea here is even a mediocre plan is better than no plan when it comes to your business, so get started.
Shameless Plug
I’m happy to share my planning templates I developed for Pax8. Connect with me on LinkedIn, and I can hook you up. So far I’ve created a top level business plan, an alignment plan to align other departments with the overall business plan, and a sales plan for sales leaders/departments.
Now, go out and get some planning done. Thanks for coming on this ramble with me and I hope to see you on the next one.