Email Adam Email
Financial
Jun 30, 2017

What’s Your Plan?

Sponsored Content provided by Adam Shay - Director of VCFO Services, Red Bike Advisors

All too often, entrepreneurs get stuck in the weeds of running their business and don't take the time to step back and plan what they want their business and life to look like. They just take their business and life as it comes. 
 
We work with enough entrepreneurs to be able to safely say we are all guilty of that at times. The benefit of taking a step back is that you can come up with a plan… or plans. With a plan comes a greater chance of success and shaping your business and life to be the way you want it to be.
 

How Do You Come Up With A Plan?

  • Time. You have to make time to remove yourself, if only temporarily, from your daily activities, and give yourself thinking time and an opportunity to create your plan. To generate a worthwhile plan will take time. 
  • Write your plan down. You need to jot down your thoughts about where you have been and where you want to be.  Think about your business in terms of success points in 30-60-90 days as a starting point. Then extend out to six and 12 months. While there is some value in high-level plans that go beyond 12 months, realize that the further out a plan is, the less accurate it will be, and the more you will have to revise it as the near-term changes.
  • Establish Key Performance Indicators (KPIs). KPIs are typically three to five items that are simple to track on a regular basis. Identify and establish KPIs that will help you track your progress towards your goals.
  • Share your plan. Share it with some accountability partners. This can be a spouse, a business coach, your CPA or someone else you really trust. Ask them to check in on how you are doing. Knowing you have someone looking over your shoulder really helps keep you on track.
  • Execute your plan. Operate and proceed as you planned to do. Monitor yourself against targets and KPIs. If your plan doesn't play out short-term, don't give up. Continue to fight and make strides towards your plan.
  • Revise your plan. Your plan is going to need revising because it's a living document. As time passes, look at how your plan has changed and update it. 
  • Rinse and repeat. Continue to cycle through steps 4-7 over time.

 
What Is A Good Way To Get Started On A Plan?


Think about your business in the context of these four questions:
 
  1. What are your goals? This question will really drive your plan.
  2. What's working? Evaluate what is working in your business and why, and what you can learn from it.
  3. What's not working? You need to determine where your business is broken. Identifying these items are the first steps in fixing it.
  4. What are your bottle necks? Determining where your bottle necks are will help you identify things you need to fix to execute your plan and achieve results.
The purpose of this article was to highlight the value of creating, implementing, and tracking against a plan. Still not sure where to start or need help? If so, feel free to reach out to us.

Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.

 
 
 

Other Posts from Adam Shay

Redbikeadvisors block[55]
Ico insights

INSIGHTS

SPONSORS' CONTENT
Whalinheadshot11

A Commitment to Care and Community in Our Coastal Region 

Laurie Whalin - Novant Health
Berry31

What Might Be The Missing Ingredient In Your Success?

John Berry - C12 Business Forums
Untitleddesign 632515822

A Life in Music: Naomi Amos Inspires Through Every Note

Lisa Polanski - Porters Neck Village

Trending News

Former Walk On's Space Changes Hands For $3M

Emma Dill - Jun 2, 2026

Novant, UNC Health Prepare Competing Bids For Hospital Beds

Cierra Noffke - Jun 1, 2026

Wilmington Venture Platform Strikes Strategic $1.3M Deal

Cierra Noffke - Jun 2, 2026

Endowment Announces Four New Youth Grants

Staff Reports - Jun 2, 2026

Thomas Construction Group Hires Clarke, Drose

Staff Reports - Jun 2, 2026

In The Current Issue

CEA Chambers Of Commerce Winners Announced

As part of the Coastal Entrepreneur Awards program, area chambers of commerce share their top picks....


CEA Healthcare Winner: Medication Dispenser Aids Older Adults

For older adults, sorting and taking prescribed medications forces them to rely on their own aging and often deteriorating eyesight and memo...


Turtle Rescue Plans Expansion

"We underwent a strategic plan in 2021. Jean was an integral part of that. The organization was transitioning from a founder-led organizati...

Book On Business

The 2026 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season