Failure to Plan = Planning to Fail

One would be surprised by the number of business people in Barbados, who do not grasp the critical importance of a well thought-out business plan or even a marketing plan, heck they don’t even have a business model drafted. I have had clients who are experienced (over a decade) in business, yet forcefully proclaim they have no need for a business plan, as they are not currently seeking a loan. I swear it happened.

Business plans, though helpful to investors, have a far greater purpose. They are primarily useful for effective thinking, planning and formally noting these plans through documentation, which can be shared to give employees and stakeholders a clearer understanding of the vision and how to maintain a sensible path towards its achievement. There are several purposes of a business plans, including funding. However, their value lies in assisting business owners thoroughly and carefully map out their goals for success. They help mitigate the wasting of time and other precious resources. If the right questions are asked and research is done, a forward thinking plan can help a business leader navigate around human resource allocation mistakes, as well as adverse market conditions.

A very bright idea can be quickly extinguished or fall flat without the correct business planning and strategic thought, as opportunities for growth and efficient expenditure on elements that could assist growth capitalization can be missed.

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About Gregory
Gregory Hughes is a Customer Experience Management (CXM) consultant and Marketing Counselor with international experience. He is the founder and executive consultant of Global Corporate Strategists (GCS), which has worked with some of the leading Caribbean businesses and tech startups in the areas of retail, travel, hospitality and advertising among others. GCS is a business consulting firm specializing in the highest level of CXM and Strategic Marketing services for their clients. He lives in St. Michael Barbados, on the Southwestern coast of the beautiful Caribbean isle. Contact them for a consultative review at info@globalcorporatestrategists.com