Why Is It So Important To Have A Vision For Your Business, Along With a Plan?

It's hard to believe that, when you had something such as an exclusive license for gambling in the New York/ New Jersey area, that you would squander that opportunity, but that is exactly what has happened in Atlantic City, NJ. For almost a century, this resort town was a destination for the well-off to get away from the stresses of the "big city", but with the rise of the plane and automobile, the city's appeal due to it's distant location versus other detinations waned. In the 1980's, it was decided to bring casino gambling to Atlantic City to revive it's fortunes and once again, make it a destination as well as feed the tax coffers of New Jersey.

That was fine as long as there was no competition. As gambling revenues sprang up in New York and Pennsylvania, Atlantic City was financially impacted. Rather than planning for this, the competition was ignored and life went on. There was NO PLAN to deal with the issues of competition and declining revenue.

Only two-and-a-half weeks away from a November 3 deadline to come up with a five-year plan to shore up its finances and avoid a state takeover, Atlantic City and its representatives are still struggling to meet the demands of state officials in Trenton, who say the beleaguered seaside city isn’t doing enough to balance its budget in the face of declining tax revenues. In May, amid full-blown fiscal crisis, lawmakers in Trenton gave Atlantic City officials 150 days to present them with a five-year strategy to stabilize its finances and plug a $44 million budget hole or accept a state takeover of its government. Guardian and other city leaders have spent the past several months crafting that plan, but they haven’t always diligently followed the state’s wishes.

So what do the problems of AC have to do with the average business owner?

AC can't seem to get it's act together because it doesn't have a real long term plan in place....a hard look at WHERE THEY ARE as compared to WHERE THEY WANT TO BE. As a business owner, for you to help your business get to where you want it to be, you should have a plan in place. More importantly, you should have a VISION of what you want the business to look like and how you see yourself at that time.

Will it happen overnight? Probably not. You need to:

  • See your vision
  • Craft your plan to achieve that vision.
  • Control your costs.
  • Build a team that shares that vision
  • Follow through on your plan, not put things off until later.

Many business owners focus on trying to simply control costs and wind up spending more time working IN their business rather tahn working ON their business.

Need help with some or all of these bullet points? Uncertain as to how to proceed?

Using a business coach can help. A business coach can help you to see your vision as well as help you to craft your plan to achieve it, then hold you accountable to reaching the milestones you set along the way.

Every high-performing athlete has a coach. Maybe it's time to get one for your business? Give me a call at 908-910-5569 for a free 30 minute no cost, no obligation discussion to see if coaching is right for you.

--Coach Mark

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