Being a business owner is a big responsibility. It is your vision which drives the company forward and tells the workforce why it deserves to exist and be successful. It is your goals which motivate and inspire employees to strive harder. So, you’ve got to have a clear idea about what you want and where you’re going. Otherwise, the business will be without direction.
Now, it isn’t always easy to have a clear plan or vision, even in the short term. At Servcorp, we spend a lot of time working with businesses that are still formulating their identity. These young start-ups make mistakes in the beginning, but they have access to high-end corporate resources, in our virtual facilities. So, the damage is minimal and the lesson is valuable.
Our guide to the importance of planning and preparation will explain why foresight is such an underrated asset for businesses in Singapore.
When you plan things out rigorously, with recorded notes and schedules, the likelihood of success becomes much higher. Part of the reason for this is because writing information down helps to order it within the brain. There is a much better chance that you’ll remember it.
The difference between a great idea and its execution is the plan for how to get from one to the other. So, until you’ve broken down the steps needed to make it a reality, it is nothing but an interesting thought. Human beings are motivated by practical, achievable goals and this is what you’re creating when you map out a project plan.
For businesses particularly, planning is key, because it’s the only way for you – the business owner – to share your vision with the team. The good news is that Singaporeans are very goal oriented. They make great employees because they are what is known as ‘kiasu’ people. This means that they fear losing and will work hard to be the best possible version of themselves.
However, in order to take advantage of the Singaporean work ethic, you first need to find a way to communicate your ideas to the company. Planning and scheduling are the right approach because it formalises information and gives employees a structured set of guidelines to follow. Make sure that everybody understands the objectives of a job or task.
The other big benefit of planning and scheduling for small businesses is that it helps you to track and monitor spending. Get into a habit of writing down the different stages involved in a project and attach cost estimates to each. They don’t have to be 100% accurate to start with but make sure that you pick a reasonable budget.
As time goes on and you get better at project planning, you’ll also get better at coming up with cost estimates. You’ll have greater control over spending, more visibility, and a window into how your capital is being distributed. Alternatively, you could move into one of our serviced or virtual workspaces and benefit from a consolidated monthly premium.
How Preparing for the Worst Gets You Closer to Success
The beauty of careful business planning is that it makes a company unshakeable. If you are prepared for obstacles, you’ll be ready to respond to them proactively, rather than scrambling for a solution. Flexible workspaces are a great asset, in this regard, because they can be changed at the drop of a hat. If our tenants suddenly require different office conditions or resources, we’re going to help them access whatever it is they need.