BUSINESS Commit to creating a business plan

Whatever you can do, or dream you can do, begin it


Why the act of creating a business plan is more important than the plan itself

Back Pocket
Brid Conroy

Surprisingly there are a couple of strange things, that come with being an accountant. Like at dinner parties. ‘What do you do for a living?’ they’ll ask, and then I watch as their eyes glaze over.
In my youth, I fought vigourously to defend the rights of all my fellow bean counters to be considered interesting. Now I just smile and silently give thanks for what my chosen career has given me in knowledge beyond the numbers.
For example, I spent many an hour developing the art of business planning. For any business to succeed it must plan what it is going to do. That makes sense. Anyone who has applied for any kind of funding, whether a loan from the bank or a government grant, will of course know this. A ‘Business Plan’ is always requested.
There are many formats for a business plan. Just Google it and a host of templates will come up. Mayo County Enterprise Board and Teasgasc, for example, also have templates and mentors who can help you. Whichever way you go, you are essentially being asked to predict what your business, which doesn’t yet exist, is going to look like and how much money it will make. Easy eh?
Not so easy. I believe a lot of fantastic ideas are nipped in the bud because they don’t get past this process. I myself have nearly lost the will to live while helping to prepare some of them. What I have discovered, though, is that the predictions you make are really not the most important thing.
The act of preparing and going through this process is what matters. It focuses the mind on what it is you want to do and how you are going to get there. It shows commitment to your idea, you are prepared to put your neck on the line and spend the time working it all out, if only on paper to start with. It shows accountability in that it shows you are willing to put some kind of estimate on the costs needed to run your business and how much income you think you can achieve.
Focus, commitment and accountability, all of these values are essential for success in whatever venture one chooses in life. The economy and the competition? Sure they need to be considered, but it’s your commitment that will make something happen.
I’ll leave you with this famous quote from Johann Wolfgang von Goethe (1749-1832) “Until one is committed, there is hesitancy, the chance to draw back … Whatever you can do, or dream you can do, begin it. Boldness has genius, power, and magic in it. Begin it now.”