One of my current roles is an exciting project helping mentor some of the most innovative young technology businesses in the UK on their next steps. This mostly revolves around proposition development, sales and marketing process and inevitably given the stage of business raising finance.
One key thing that appears lacking to most on a first meeting is understanding the importance of an action plan. And not necessarily for the reasons you might expect. Yes, a plan, detailing actions to take to commercialise the product might seem logical as a means of structuring your own thoughts and time.
Having a plan matters
What is lost on many people I meet is the importance of a plan to also convince investors and potential team members you hope to recruit that this business can make it, in what, after all, is a tough market in which to succeed.
[And I don’t mean a business plan btw, I really do mean action plan. A logical set of positive actions, ordered by priority and timing, against which to hold the founder or team accountable for success]
Building an action plan IS achievable
Building such a plan is not hard work. It just requires you
- to be objective (and not put off those decisions that have to be made)
- decisive (what order do I REALLY need to make decisions in)
- and structured (have I covered all bases, do I really know what I am trying to sell and to which custome. Why would they buy from me?).
Easier said than done, but I am a firm believer in action planning your way to results.