Margaret Kronfeld worked in the corporate world in Auckland, New Zealand for over 30 years. During that time, she has assisted many large businesses such as BK Enterprises in business planning, staff development, budgeting, and more. Kronfeld helped many of the companies she worked for see real results in their bottom lines due to her diligence and expertise in designing business strategies and project management tools. She has three keys for formulating a business plan that any new entrepreneur can use:
- Don’t ignore your competition. The competition should be an ever-present force driving your business plans. Margaret Kronfeld always adjusted her business strategies on behalf of the companies she has worked for to what their competitors were doing in the same industry. Other company’s actions will always affect what you have to do to respond. Don’t take them out of your business plan.
- Plan for the short term, envision the long term. Most entrepreneurs think of their business plan as the long term goals for their company. This is a major element, but, as Margaret Kronfeld knows, envisioning what long term success looks like and planning how to get there can’t be the only strategic plan for your business. Make sure you have your short term goals properly defined and actionable as well.
- Sell your business, don’t oversell it. Sometimes entrepreneurs and other business leaders can make promises they can’t keep by trying to make their business sound more viable. Stick to your main selling points and don’t oversell them.