Business Outline Plan / Free Business Planning Guide

PART VII: THE USE OF TIME TARGETS

A business outline plan is helpful in preparing your business planning strategy. In addition, time management is a critical leadership skill. Here you'll learn the importance of using Time Targets in your business plan.

"Leaders know the value of time. They seize and leverage every moment of it.”

Leaders building a business plan are mostly focused on how the business will perform in the first year during the start up phase. The business outline plan, however, requires you to think, and plan, further into the future.

"Avoid idleness laziness and procrastination. Never put off till tomorrow what you can do today."

The first 12 months of a new business is highly intense and requires 100% of the owner’s attention. Assuming the business survives the first year, it is in year two through year five that will be the real test.

All business owners earn their stripes as they lead their organization through a few economic cycles. An economic cycle will typically come full circle within three to five years.

The economy will go up and down. The volatility of the market will in some way impact your business. Business owners need to plan ahead and prepare their business to survive the hard times.

The following provides a complete summary of a business outline plan life cycle:

  • Year 1 – The start up year. An idea turns into a business plan.
  • Year 2-5 – The first growth cycle. Product line and market-share is well established.
  • Year 5-10 – The next level. Business is solid and it’s time to expand the number of locations or consider additional revenue streams.
  • Year 10-30 – Business is reputable and stable. Subject to becoming obsolete from energetic start ups. Owners plan to cash in for retirement.
  • Retirement – Owners either sell or identify a solid succession plan to ensure leadership for the organization.

By their very nature, some business owners manage their time more effectively than others. However, if you are in business, or aspire to start up a new business, you must understand that your ability to leverage your time in a productive way will directly relate to your bottom line results.

See examples of a business outline plan and notice the use of Time Targets, by reviewing these free sample business plans.

Business Lesson Plan #15 / Effectively Time Management

"You will never find time for anything. If you want time you must make it.”
- Charles Buxton

Successful leaders are typically great protectors of their time. They seek out ways to get rid of time wasting activities that only use up that which cannot be replaced - time.

Only those who have learned the value of time can appreciate its importance, and effectively guard against those who would encroach upon their time. There are many who will thoughtlessly take up time if you allow it.

One of the most valuable assets of a businessman is the power to compel those with whom he does business to be brief and to the point.

Effective time managers have a marvelous instinct for measuring and sizing up those they come in contact with. They can quickly find out what the individual wants and is fast to assist the individual in getting to the key point.

"Great leaders accomplish more by doing the right thing at the right time."

Good time managers never allow people to steal their time. While they may make themselves readily available to people so that they never miss out on a good opportunity; they will not suffer those who would simply “drop in” and waste the precious minutes of a busy man.

Leaders who maximize their waking hours are committed to making their words count; they are known for their directness and being clear and concise in their communications.

These prompt, sharp and sometimes pointed executives can often times offend people who are more used to dragging out the day with niceties. However, the gift of the gab is traded for the prize of profits as the executive’s time achieves greater results; they simply get more done.

Notable time managers of the past were also great business planners. Although they were detailed, the sections within their plan were as brief and succinct as possible. Great examples of a clear and concise business outline plan can be found at Bplans.com.


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Next Business Plan Resource Chapters

» PART VIII - The Funding Request

» PART IX - The Financials

» Balance Sheet Review


"Management is easy. Leadership is about getting 110% out of every personal and busines relationship for the benefit of all parties involved."

- Unknown








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