26 Jan 2020, 10:31 — 4 min read
Background: On the occasion of India's 71st Republic Day, Sridhar Narayanaswamy shares that much like the constitution is the guiding light for a country, a business plan becomes a blueprint for success of an enterprise.
What do we do when we want to build our own home? We do not rush to buy the bricks and cement. We create a plan or otherwise called blueprint. It is called so, because the printout comes out in the colour blue. This document becomes the base for any engineer or contractor to follow. We now know that our home will come up according to how we envisioned it. After all, we are likely to live in it for many years.
May be, after a few years, we look to build an extra room or the first floor. We go back to the same blueprint, make some amendments and give the work to a contractor.
All because we want to live happily ever after in our home.
Now apply the same logic to your business. You wish to start a business. You have the money and the idea. But it is foolhardy to jump in hoping to succeed. We need to prepare a business plan first. But in order to do that we need a business model and you may read my article written almost three years ago on the subject of business model canvas.
A business plan not only allows us to steer our business in the right direction but also guards us against pitfalls, competition, and other dangers that lurk on the way to success.
A business plan gives guidance on what to do when and how. Saves us the blood pressure and heartaches. As I say often, an entrepreneur does not take risks, s/he learns how to manage risks. Having a good business plan is one such tool to manage risks. I have heard many saying, I know my product I know my customers I can sell. Who cares about a plan? Well, I can only wish them good luck. A business plan not only allows us to steer our business in the right direction but also guards us against pitfalls, competition, and other dangers that lurk on the way to success.
Today we are celebrating our Republic Day. This is the day when our constitution came into force. We got our independence in 1947 but it took about three years to draft the constitution which otherwise can also be termed as the blueprint or plan to run our newly independent country that had many challenges to overcome. Yes, we have done well and much better than many other countries in these years, though we still have miles to go. The constitution drafted by our learned leaders, has helped us in this journey. Good governance has been achieved by the guidelines thoughtfully included in our constitution.
No doubt, there have been quite a few amendments in our constitution, but these were more as course corrections as we grew.
Now I hope you will agree what is a blueprint for success. Greetings to all on this happy occasion of Republic Day.
Also read: SPIN: A flexible approach to problem solving
Image source: shutterstock.com
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Posted bySridhar Narayanaswamy
Managing partner of Innovatus Systems, founded by him on January 1, 2013. Sridhar is a result oriented professional with over four decades in the Information Technology &...