Planning for success is absolutely intrinsic to growing your business and managing it. A comprehensive plan needs to be in place any time a company is thinking of radically changing or growing their business structure, and without a plan a company will soon fail.
Planning Failures
One popular tour agency experienced a sudden surge in their internet-related sales despite being primarily a local tourism agency. After three months of high sales they expanded their offices substantially, hiring on 20 more employees and expanding their office space. They did not have a plan, merely projections of the potential numbers. Unfortunately, they later found that their increase had been due to a popular internet tourist site having been down. They had no exit strategy for their new staff and expanded space, and quickly lost everything.
Planning Successes
Another clothing manufacturer experienced a similar boom in their online sales, but market research that they conducted showed that it was due to a new trend and the fact that school was about to begin. They created a cautious but comprehensive plan for slow growth based on this knowledge and were able to implement it successfully, along with having countermeasures should the success of their products wane.
For more information about planning for success contact Kim Miller-Hershon at SuccessCore.
Interesting article Kim and something I need help with to be honest!
In the past I would be inclined to be like the ‘local tourism agency’, a big surge in sales would have driven me to get very excited and expand quickly!
You’re right though, a more measured approach with market research is definately the way forward.
Look forward to some more great articles.
Cheers
Jon