Each Of The Following Causes A Cash Flow Problem Except Why Do Owner-Managed Businesses Fail to Plan?

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Why Do Owner-Managed Businesses Fail to Plan?

Lack of planning causes a number of problems for owner-managed businesses. Business owners manage bank account balances and then wonder why they have cash flow problems. Owners jump into a project, forgetting about marketing for a while, and then wonder what happened to sales when the project ends. Owners initiate a business by carrying all the dross, causing the business to succeed with hard work and a range of talents, they don’t delegate and train, and then they wonder why they don’t have time and their business has no value without their participation. These are just a few examples of the many well-known problems that arise from failure to plan.

The number of owner-managed businesses in this country and the difficulty these businesses have in maintaining long-term survival point to the need for strategic planning to be used by these businesses. Companies that engage in strategic planning have a much better success rate – both for current owners and for successors to those owners.

So, if the need and benefit are so clear, what is it about strategic planning that makes it so difficult for the owner-manager to practice? There are a number of suspects: failure to prioritize and allocate time for planning, failure to survey and communicate with the business group (owners, managers, and employees) to develop a wise plan, fear of losing control (perhaps the most prevalent reason owner-managers do not train and delegate) and managerial skills to execute the plan through effective monitoring and review of employees. These and other critical questions can be addressed to make the valuable strategic planning process accessible and useful to owner-managed businesses.

It happens one owner at a time. You know an owner gets it when the owner responds to a crisis by saying, “I need to review the plan to see why we didn’t anticipate this and then revise the plan” instead of saying “I’m the only one who can save this situation and I have to get to work.”

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