Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Some books on business present even more dismal numbers. Joseph R. Mancuso, one of the mostpopular authors of how-to books for small businesses, states in his book How to Write a WinningBusiness Plan that ''over half of new businesses fail within the first two years of operation—over 90percent fail within the first ten years. A major reason for failure is lack of planning. The best way toenhance your chances of success is to plan and follow through on your planning." 5 Corello andHazelgren state in their book The Complete Book of Business Plans that "about 1 million businesses peryear are started and 80% fail in 5 years." 6In his Small Business Start-Up Guide, Dr. Robert Sullivan cites planning as one of nine steps tobusiness success. He states, "A major reason for business failure is lack of planning. Prepare a strategicplan for your business that clearly defines your mission, your present situation, your strategies, andwhere you want to be in the next three to five years. This plan will be your roadmap to effectivedecision making." 7 These failure statistics strongly support GeorgeFigure 1.2Business failure rate.(Source: U.S. Small Business Administration, 1996.)file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (22 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 7Hewell's statement cited at the beginning of this part: "Those who fail to plan, plan to fail."Many a maxim links success to planning:• On any journey, we must find out where we are before we can plan the first step.—Kathy Boevink• Nothing Happens Unless First a Dream—Carl Sandburg• The future belongs to those who plan for it.—Anonymous• The end justifies the means.—H. Busenbaum (c. 1650)• If you don't know where you are going, how can you expect to get there?—Basil S. Walsh• Even if you are on the right track, you'll get run over if you just sit there.—Will Rogers• Goals determine what you're going to be.—Julius Erving• The very essence of leadership is that you have to have a vision. You can't blow an uncertain trumpet.—Thomas Hesburgh• Begin with the end in mind.—Stephen Covey's Habit #2 of highly effective peopleReferring to the last bullet, Steven Covey says in his popular book The 7 Habits of Highly EffectivePeople," "The extent to which you begin with the end in mind often determines whether or not you areable to create a successful enterprise. Most business failures begin in the first creation, with problemssuch as under-capitalization, misunderstanding of the market, or lack of a business plan." 8Reasons Why Companies Don't PlanEven though we may agree with the value of business planning, most of us still avoid it. Several keyreasons are the following:• I don't have the time.• I don't know where to begin.• I don't know who can help.• It's too expensive to hire a planning expert.• I don't need a plan; I know what I need todo.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (23 of 219)16.02.2005 13:54:23
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Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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