Creating a business plan is easy. With a tool like Upmetrics, you can put together a detailed business plan in just a few hours, but success comes down to executing all those strategies.
Let me say this out loud: โEXECUTION IS THE HARDEST PART.โ
You can have the best business plan in the world, the perfect target market, and a pile of cash, yet still fail without the right execution strategy.
Iโm no expertโIโve made my share of mistakes, and you should too. But itโs always better to learn from others’ mistakes rather than repeating them yourself.
Hereโs what Iโve learned about executing a business plan. Feel free to borrow any pointers you like.
1. Perfection kills execution
Fact: A perfect business plan doesnโt exist. Excessive planning often leads to inaction. You shouldnโt wait too long, hoping for the perfect moment.
Instead, get started right away. The goal isnโt to skip planning entirely but to create a quick plan that allows you to launch your Minimum Viable Product (MVP), test the market, and gather user feedback.
Perfectionism is the bane of innovation. Even major corporations have things that donโt work perfectly. You can always improve along the wayโso donโt overthink it.
2. Talk to your early customers
After you initially launch your MVP, speak with the early users or even potential customers to ensure youโre actually solving a real-life problem.
To this very day, we constantly interact with our users to learn more about their experienceโthe good, the bad, and where we need to improve. This feedback loop has been pivotal in making Upmetrics an easy-to-use business planning platform.
What if you donโt have customers just yet?
Try reaching out to people that you think will need your product/service and ask if you can help. Make hundreds of cold calls, send cold emails, and connect on LinkedInโthe goal is to identify the best ways to reach your customers.
You wonโt know whatโd work unless you try.
3. Get a mentor (or consultant)
Itโs always great to have someone guide youโsomeone who has walked the same path before. Mentors can offer insights and help you consider things you might otherwise overlook.
Networking can help you find industry experts, technical specialists, and others who have tackled similar challenges. Organizations like SCORE.org can even connect you with Fortune 100 mentors or specialists in your field.
4. Slow, steady growth >> instant success
โSlow and steady wins the race.โ โ (Courtesy: The Hare & The Tortoise)
Even with a detailed plan, youโre still building a foundation. Scaling too fast without a strong foundation often leads to burnout and operational challenges.
Your execution strategy should be to focus on consistent, sustainable growth rather than overnight success. Even if you secure an investment or get a loan, stay grounded and stick with your plan.
5. Plan A wonโt work most of the time, be prepared
Plans are good but realize that they change, and will. So you need to be flexible with your plan and strategies. Entrepreneurship is a journey full of surprises and a lot of things wonโt go as planned.
Solution? Leave room for change, and adapt to align with market demands.
Be willing to adjust pricing, reanalyze your go-to-market strategy, or even pivot your offering entirely. The one thing that should remain constant is your determinationโeverything else is negotiable.
For example, after growing exponentially for 4โ5 years, Upmetrics hit a plateau. To break through, we expanded our offerings, introduced new features, and started offering business planning servicesโand it paid off.
6. Record your journey
Record your journey and keep track of your progress. Entrepreneurship is a rollercoasterโfull of wins, setbacks, and valuable lessons. If you donโt document your journey, you risk losing insights that could help you make better decisions in the future.
- Keep journals.
- Keep a list of ideas.
- Keep notebooks.
- Keep emails.
To track business performance, use a planning tool like Upmetrics. The Plan vs. Actual Analysis feature helps ensure youโre moving in the right direction.
7. Connect with other entrepreneurs
Joining SaaSBoomi, a SaaS startup community, has been the best decision I made in my entrepreneurial journey. Being around like-minded people opens doors to collaborations, advice, and motivation.
Plus, theyโre walking the same path as you, so theyโre the best people who can easily resonate with your challenges, struggles, and wins. Theyโre the best people to go to for suggestions.
How would you connect?
- Join relevant entrepreneur groups on LinkedIn, Facebook
- Attend networking events,
- Engage in online communities.
Well, thatโs all about it. Plan is good on paper, and execution in action. At this point, thereโs not much left to sayโyou have the plan, now itโs time to take action.
If you have any questions or need support along the way, our team is always here to help.
If youโre still struggling with your business plan, we can help. You can either use Upmetrics AI or consult experts for their advice. Compare both and see what works best for you!
Until the next time,
Happy Business Planning ๐
