plans

Why Counting Your Chickens Before They Hatch Is A Good Idea

September, 2015

Counting Your Chickens Before They Hatch“Counting your chickens before they hatch” is an idiom that’s thrown around a lot in day to day conversation. Little do people realise its relevance to business strategy. In a nutshell, it means to ‘plan how you’re going to utilize the good results of something, before those results have actually occurred.’

A University study was done in July this year on the failure rate across multiple business industries and the attributed reasons leading to them failing. The number one cause of failure for 46% of those businesses surveyed, was found to be incompetence as a result of lack of planning. This figure certainly should be ringing some alarm bells. (1)

In the graph below you will notice that 55% of service businesses were still operating after four years. Whilst this isn’t the highest statistic, it certainly sheds some light on how easy it is to steer your business down the wrong avenue if your susceptible to leaving your business ‘planning’ to the last minute.

Any uncertainty about your business should be backed up with data and statistics that help you to define and measure what it is you’re uncertain about. As a result, this enables you to make more accurate decisions; and managerial decision making can then utilise this statistical insight to steer your business in the right direction.

You should be making basic plans in advance all the time. Reviewing and refining them on a regular basis will ensure you are as prepared as possible for future success.

If you haven’t already you should be thinking about investing in business planning software. goRoster gives you access to all your past roster data and financial information in order to help you streamline those important business plans. Check out some of the financial features goRoster has to offer over on the features page. 

(1) Business Failure Rate By Industry – www.statisbrain.com/startup-failure-by-industry

Why You Should Care About Preparation

April, 2015

Why you should care about preparation

All of us have had to deal with the concept of ‘preparation’ from the moment we could walk. Whilst the responsibility we had back then was comparatively small relative to todays age, they were still things that in a young child’s mind were rather significant. Things such as making our beds, turning the lights off, hanging up our clothes, helping out with the dishes. These were all primary responsibilities when we were younger.

This turned into getting ready for school on time, attending all of our classes, getting our first jobs and then moving out of the family home. We continue to mindlessly prepare ourselves for these tasks every day – but to us they seem so insignificant compared to running a business, making a good wage, putting a roof over our heads and feeding our families.

Irrespective of the size of the task; the principle remains the same. Better preparation makes for better execution of the task. To ‘prepare’ is typically defined as ‘”make (someone) ready or able to do or deal with something.”

To ready yourself.

To make sure you’re able and ready to deal with something.

I think it’s pretty safe to say that many of us at some time in our lives have felt unprepared for something. However, there are a handful of people that perform really well when they are unprepared. These people work well under pressure. But for the majority of us, that just isn’t the case.

We need to be prepared for anything that may come our way so that whatever happens, our business and our resources are safe. If you prepare for the worst, whatever comes your way will be a walk in the park for you. Because let’s be honest , hiccups and hurdles along the way slow down our business. We lose our momentum, our money, and our intensity within the market.

Ensure you make plans for whatever situation may be thrown at you. Because that’s what makes for a successful business. One that can handle whatever may be thrown at them.

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