I have had some interesting discussions with a entrepreneurs the last few days about what I call “business plan paralysis.” Never make the mistake of being a slave to what you have written in your business plan. Just because you present a specific business model in your plan, it is no guarantee that it will actually look anything like what you thought it would once it gets going. You may need to adjust your features or services, change your pricing, change your distribution strategies, alter your staffing plans, widen or narrow your target market, or even make significant changes to your product or service. While the plan may give you a path to launch your business, the market will tell you how to proceed from there.
Successful entrepreneurs are not necessarily that good at crafting the initial business plan. What they are good at is listening to the market and listening to their customers. They will tell you what your business should really look like if you’ll just listen.
Don’t be arrogant and stubborn about your vision. Let it evolve and develop according to the feedback you get from the market.
Don’t assume that you’ll look like a failure or a fool to your customers for having to adjust the direction of your business. The market will be happy that you are better meeting their needs. They will be glad you listened.
Don’t worry about what investors might think about your need to adapt to market information. Keep them informed every step of the way. They will be impressed with your management skills and support you as long as what you are doing will make the business stronger. They want you to make money — not to follow the plan as it was originally written. They expect you to listen to the market and adapt.
In most cases the original opportunity for your business came about due to changes in the market. So continue to listen to the market and it will tell you where to take your business over time.
Change is the one constant in today’s economy.
Stay nimble. Stay flexible. Continue to adapt. And listen!
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