By paying attention to what works, we can translate much of what we understand from sport into a business context. Psychological research demonstrates that difficult, high-level goals prompt superior performance much more successfully than vague ‘do-your-best’ or no goals.
There’s no doubt that one of the main objectives of any entrepreneur is to have their enterprise grow and expand. To achieve this, it is very important to understand the factors that contribute to growth. There is a general consensus that growth in enterprises is a complex process, which is neither linearly continuous nor dependent upon only a limited number of factors.
People may observe high-performing ventures that don’t have business plans and conclude, why bother to plan?
Business planning is a time-consuming exercise and any business has to weigh up the value that is generated from spending time writing a business plan versus simply going out there and trying to sell. This can be particularly beneficial when a venture is launching a product or service in a very uncertain market, where even after carrying out plenty of analysis, uncertainty still...
The results? Many aspire, few achieve. Fewer than 2% of these businesses consistently grew sales and profits by 25% and provided a decent return on capital employed.